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The pullback in gold continues to play out since the post-election period. The precious metal is now down for a fifth straight day in what is already easily its worst weekly showing so far this year. It has more or less been a case of waiting for said pullback to reach some key technical levels on the charts. And we're just about there already in trading today.

The 100-day moving average (red line) is the key technical focus right now and that is seen at roughly $2,543. The last time gold actually had a brush against the key level was all the way back in February. And the last time that gold traded back below either that or its 200-day moving average (blue line) was all the way back in October last year.

That underscores the breathtaking momentum that has been in play for gold all through this year so far.

As such, this makes the 100-day moving average an even more important technical juncture now. A break there will not only signify a break in the bullish bias in gold. However, it could set off another wave of selling that leads to an even bigger pullback.

Traders love key levels like these and USD/JPY is a good example of that when it broke its own 100-day moving average back in late July as well. The drop there of course owed to a myriad of other factors but the technical consideration certainly exacerbated things. And it could also be the case for gold when we get there in the sessions ahead.

I'm still an advocate for gold in the bigger picture of things. However, I would say dip buyers will need to be patient to let this correction run its course before coming back in. From earlier this week: Gold pullback might prove to be timely for dip buyers

Fundamental Overview

The US CPI yesterday came in line with expectations leading to a bit of a “sell the fact” reaction in the US Dollar.

The bullish momentum picked up a bit later though as Fed’s Logan delivered a hawkish comment saying that “models show that Fed funds could be very close to neutral” basically implying a lot more cautious approach on rate cuts in 2025.

The market is viewing all of this in light of the recent US election as Trump’s policies are likely to spur growth and potentially keep inflation above target for longer, making the Fed’s job of bringing inflation back to target a bit harder.

USDJPY Technical Analysis – Daily Timeframe

On the daily chart, we can see that USDJPY finally extended the rally into new highs helped by a hawkish comment from Fed’s Logan. There’s no strong technical resistance now at least until the 160.00 handle.

If we get a pullback, the buyers will likely lean on the trendline with a defined risk below it to position for a rally into the 160.00 handle. The sellers, on the other hand, will want to see the price breaking lower to start targeting a drop back into the 152.00 support.

USDJPY Technical Analysis – 4 hour Timeframe

On the 4 hour chart, we can see that we have a minor upward trendline defining the current bullish momentum. If we get a pullback, the buyers will likely lean on it to position for new highs, while the sellers will look for a break lower to target a break below the major trendline.

USDJPY Technical Analysis – 1 hour Timeframe

On the 1 hour chart, there’s not much else we can add as from a risk management perspective, the buyers will have a better setup around the trendline, while the sellers are better to wait for a technical break lower instead of trying to catch the top. The red lines define the average daily range for today.

Upcoming Catalysts

Today we have the US PPI and the US Jobless Claims figures. Tomorrow, we conclude the week with the US Retail Sales data.

See the video below

Fundamental Overview

The US CPI yesterday came in line with expectations leading to a bit of a “sell the fact” reaction in the US Dollar.

The bullish momentum picked up a bit later though as Fed’s Logan delivered a hawkish comment saying that “models show that Fed funds could be very close to neutral” basically implying a lot more cautious approach on rate cuts in 2025.

The market is viewing all of this in light of the recent US election as Trump’s policies are likely to spur growth and potentially keep inflation above target for longer, making the Fed’s job of bringing inflation back to target a bit harder.

AUDUSD Technical Analysis – Daily Timeframe

On the daily chart, we can see that AUDUSD broke through the recent low around the 0.6537 level and extended the drop into the 0.6460 level as the US Dollar restarted its run on stronger US data. The natural target should be around the 0.6362 level.

From a risk management perspective, the sellers will have a better risk to reward setup around the trendline. The buyers, on the other hand, will want to see the price breaking higher to start targeting a rally into the top of the yearly range around the 0.69 handle.

AUDUSD Technical Analysis – 4 hour Timeframe

On the 4 hour chart, we can see that we have another minor downward trendline defining the current bearish momentum. If we were to get a pullback, the sellers will likely lean on the trendline with a defined risk above it to position for a drop into new lows. The buyers, on the other hand, will want to see the price breaking higher to start targeting a bigger pullback into the major trendline.

AUDUSD Technical Analysis – 1 hour Timeframe

On the 1 hour chart, there’s not much more we can add although we can see that we have a minor resistance zone around the 0.65 handle. If the price gets there, we can expect the sellers to pile in for move lower, while the buyers will look for a break higher. The red lines define the average daily range for today.

Upcoming Catalysts

Today we have the US PPI and the US Jobless Claims figures. Tomorrow, we conclude the week with the US Retail Sales data.

For more details please see attached the Request for pre-qualification.

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BISHKEK, 20 July 2016 - A series of three-day training courses for police investigators on investigating murders which were committed with the use of explosives, firearms and cold arms are being held from 14 July until 6 August 2016 in Bishkek, Balykchy and Osh cities by the OSCE Centre in Bishkek, Kyrgyzstan’s Interior Ministry and the Kyrgyz State Judicial Academy.

Some 150 officers will be trained during the courses, which will see them acquire knowledge and skills on techniques for crime scene screening, searches, questioning of suspects and witnesses, and other methods of investigation. Forensic expertise will also be covered.

“Investigative authorities have important law enforcement functions. The outcome of their work forms the basis for the consideration of criminal cases in court, the imposition of just punishments, and the fair administration of justice,” said Pavel Khalashnyuk, acting Head of the OSCE Centre’s Police Matters Programme. “The investigation of serious crimes requires high professionalism and the guarantee of mandatory enforcement.”

The courses are being organized as part of the OSCE Centre’s project on combating organized crime.

BISHKEK, 20 July 2016 - A series of three-day training courses for police investigators on investigating murders which were committed with the use of explosives, firearms and cold arms are being held from 14 July until 6 August 2016 in Bishkek, Balykchy and Osh cities by the OSCE Centre in Bishkek, Kyrgyzstan’s Interior Ministry and the Kyrgyz State Judicial Academy.

Some 150 officers will be trained during the courses, which will see them acquire knowledge and skills on techniques for crime scene screening, searches, questioning of suspects and witnesses, and other methods of investigation. Forensic expertise will also be covered.

“Investigative authorities have important law enforcement functions. The outcome of their work forms the basis for the consideration of criminal cases in court, the imposition of just punishments, and the fair administration of justice,” said Pavel Khalashnyuk, acting Head of the OSCE Centre’s Police Matters Programme. “The investigation of serious crimes requires high professionalism and the guarantee of mandatory enforcement.”

The courses are being organized as part of the OSCE Centre’s project on combating organized crime.

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• OSCE Centre in Bishkek supports summer school on topical issues of police reform
• OSCE Centre in Bishkek hands over Mobile Police Reception vehicle to police in Issyk-Kul to boost public security
• OSCE Centre in Bishkek trains defence lawyers and prosecutors on right to liberty and freedom from arbitrary arrest or detention

Cheapest I believe by a long way. Similar price to the xe75 set

I've been eyeing these for a while. Not an all-time low (which was $349 back in Sep 2023) however this is the lowest it's been in a year.

Unsure if these will get even cheaper during Black Friday deals, but personally I'm in no rush and I'll probably wait it out and see before pulling the trigger. Great price for those who want to grab a pair now.

The Technics AZ80s are pretty underrated IMO - been watching many "middle end" earbud reviews (the real top of the line stuff is in a whole other league) and these are very competitive against all the other big name earbuds out there (Bose QC2, Sony XM5, Jabra Elite, Nothing Ear, AirPods Pro if you are on iOS, etc.).

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