Daily Market Report by GulfBrokers 2020-2021

[syamfx2020]

Asian and European stock markets started the new week on a positive tone after Shanghai aims to essentially end its lockdown from Wednesday. Meanwhile, the trading was subdued on Monday as US stock and bond markets is closed due to the Memorial Day holiday. The main attraction for this week is the employment figures scheduled to be released in the US and OPEC+ meeting outcome.

On the earnings front, the companies due to release their results will be the GameStop, Chewy, Salesforce and HP will be among those reporting earnings this week.

GOLD

The safe-haven metal ended flat last week. Gold fell on Monday as risk appetite was boosted by the plan China to ease coronavirus curbs, but prices held above the key $1,850 per ounce level amid hopes that inflation may have peaked and will eventually convince Fed officials to slow the pace of tightening in the second half of the year.



Last week the gold price traded in a range of $1840 to $1870. In case of a bearish breakout below $1840 then the new downside levels to watch are $1832 and $1826. On the other side, a break above $1870 will open $1886/95.

DOLLAR INDEX

The US dollar index started the new week on a bearish note. The currency pair extended the pullback last week following the release of FOMC meeting minutes. The minutes indicated the Federal Reserve could be less aggressive than initially expected. The US dollar is likely to see high volatility this week as US NFP and ISM PMI numbers will be posted.



This week, the last month's low at 101.35 is the immediate support level, followed by the 101. If the pair breaks and close below 101 the slump will quickly extend toward the 100 marks. On the other upper side, the immediate resistance is at 101.80 and any break will drag the metal to 102 and 102.40 levels.

EURUSD

EURUSD hit a fresh monthly high of 1.0778 on Monday as the Euro traders took advantage of the weaker US dollar. While the currency pair retreated back to below 1.0750 after the German inflation rate rises more than expected. Germany's annual inflation rate accelerated to 7.9% in May from 7.4 percent in April. The main attraction for Euro this week is the eurozone inflation and the German employment report on Tuesday.



On a weekly time, frame, the overall movement remained bullish for the Euro. If the bullish momentum continues then the next upside level is to watch at 1.0810 and 1.0860. On the downside, any meaningful pullback now seems to find some support near the 1.0700 zones, below which the slide could further get extended towards the 1.0650 regions.

DOW JONES

Major stock indices and Dow Jones closed in positive territory for a third straight session on Friday boosted by the growing optimism that the Federal Reserve will be able to tighten monetary policy without tipping the economy into recession. The recent strong rebound is also supported by the robust earnings results. While considering the strong rebound, this week the Dow is expected to be extra volatile as the US will release Non-farm Payroll data this week.



Technically the current price action signals suggest that a short term bullish trend remains intact. On the upper side, if the bullish momentum continues the key resistance areas to watch are 33,600/800 and 34,200. On the downside, 33,000 is the immediate support level, followed by 32,900. If the index breaks below 32,900, the slump will quickly extend toward the 32,700 and 500 mark.

Read more - https://gulfbrokers.com/en/weekly-review-gold-usd-eurusd-and-dow-jones-32

 

[syamfx2020]

The Dollar Index, which tracks the greenback against a basket of six other currencies slightly recovered after the three-week sharp fall from the high 0f 105 to Monday’s low of 101.32. Moving ahead to the North American session the USD traders should closely monitor the updates from the meeting between US President Joe Biden and Federal Reserve Chair Jerome Powell. President Biden and Fed Powell are scheduled to meet at the White House at 1.15 PM ET on Tuesday, as per the latest report Treasury Secretary Janet Yellen is also attending the meeting with Powell and Biden.

EQUITIES

US futures trades slightly lower on Tuesday as the investors waited to hear from the FED chair Powell and US president Biden, to try and understand how the Fed and US government respond to higher inflation.

OIL

Crude oil futures extended the gains. The overall momentum remains bullish in the last 4 days after China has started to eradicate lockdown restrictions in Shanghai. On the other hand, the European Union leaders reached an agreement to ban 90% of Russian crude by the end of 2022.

CURRENCIES

In the currency market, the EURUSD eased after hitting the fresh monthly high of 1.0778 on Monday, the focus shifted to Eurozone inflation data. While the Japanese yen regain momentum against the US dollar supported by stronger-than-expected Japanese macro-economic data.

GOLD

The precious metal rebounded back to above $1855 on Tuesday morning. While we are heading to the final trading hours of this month the metal is expected to be extra volatile today. The key technical levels to watch are $1840 and $1870.

Economic Outlook

On the data front, Switzerland’s gross domestic product grew 0.5 percent in the last quarter, compared to the market expectations of a 0.3 percent increase. Meanwhile, French gross domestic product unexpectedly contracted by 0.2% in the last quarter.

Moving ahead today, the important events to watch:

Eurozone – CPI: GMT – 09.00

Canada – GDP: GMT – 12.30

US – Consumer confidence: GMT – 14.00

Coronavirus update:

Worldwide, more than 528 million people have been confirmed infected and more than 6.28 million have died. The United States has confirmed over 83.9 million cases and has had more than 1000,400 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: For Euro, the resistance for the pair remains above 1.0780, any break over targets 1.0810/30. On the other side, the immediate support is near 1.0700 and any break will drag the euro to 1.0660/40 levels.



The important levels to watch for today: Support- 1.0700 and 1.0660 Resistance- 1.0780 and 1.0840.

GOLD: For today, $1840 is the key support area to watch, any break below this level will open $1830/26 minimum. On the flip side, the bullish breakout of $1870 is likely to push the metal into a new trading zone, which may offer further buying opportunities until $1888/95.



The important levels to watch for today: Support- 1840 and 1830 Resistance- 1870 and 1888.

Quote of the day - People who succeed in the stock market also accept periodic losses, setbacks, and unexpected occurrences. Calamitous drops do not scare them out of the game. – Peter Lynch.

Read more - https://gulfbrokers.com/en/daily-market-report-502

 

[syamfx2020]

Crude oil prices jumped to a nearly 3-month high to end the month after the European Union leaders reached on Monday to ban 90% of Russian crude by the end of 2022. The US WTI crude futures surged above $118 on Tuesday and Brent crude futures for July traded above $122.

“The sanctions will immediately impact 75% of Russian oil imports. And by the end of the year, 90% of the Russian oil imported in Europe will be banned," - President of the European Council Charles Michel tweeted.

Meanwhile, the crude oil prices also received additional buying pressure after China has started to eradicate lockdown restrictions in Shanghai. Shanghai authorities said they would take major steps Wednesday toward reopening after a two-month COVID-19 lockdown. The country’s capital Beijing on Tuesday further eased restrictions in some districts.

Moving ahead, this week the oil traders and investors waiting for the OPEC decision, the Organization of the Petroleum Exporting Countries and non-members including Russia meet on Thursday to discuss production plans. The market participants expect the OPEC+ is going to stick to its plan to increase its July output target by some 430,000 barrels per day.

Read more- https://gulfbrokers.com/en/crude-oil-prices-jump-to-nearly-3-month-high

 

[syamfx2020]

Germany reported weaker-than-expected retail sales data on Wednesday. Retail sales in Germany plunged 5.4% in April, the biggest drop in a year and lower than market forecasts of a 0.2% decline. Sales in German retail plummeted in April due to a record fall in food sales. Meanwhile, the Euro trades near the session highs against the US dollar supported by better-than-expected manufacturing PMI data from the Eurozone and Germany.

EQUITIES

Global stocks erased early gains and pointed to a negative start to a new month amid concerns about renewed inflation worries. While the US president Joe Biden said on Tuesday that Federal Reserve Chairman Jerome Powell and the central bank will get control of record inflation.

OIL

Crude oil futures slightly regain upside momentum on Wednesday following a sharp intraday reversal on Tuesday. Moving ahead, this week the oil traders and investors waiting for the OPEC decision and crude inventories report from IEA and API.

CURRENCIES

In the currency market, the US dollar is up for the second consecutive day supported by upbeat US macroeconomic data. However, the overall momentum remains mixed after the currency pair experienced a sharp slide in the last two weeks. Moving ahead to the North American session, the USD traders should closely watch the release of the latest US ISM manufacturing data. The ISM PMI for May is expected to be 54.5 versus 55.4 previously.

GOLD

The precious metal remains under pressure on Wednesday driven by rising US Treasury yields and hawkish comments from Fed Governor Christopher Waller. “I support tightening policy by another 50 basis points for several meetings, in particular, I am not taking 50 basis-point hikes off the table until I see inflation coming down closer to our 2% target,” – Waller said on Monday.

Economic Outlook

On the data front, the US reported better-than-expected US Chicago Purchasing Managers’ Index and CB Consumer Confidence numbers on Tuesday. Chicago purchasing managers' index (PMI) gained 3.9 points to 60.3, compared to the market expectation of 55.0.

Moving ahead today, the important events to watch:

US – ISM manufacturing PMI: GMT – 14.00

US – JOLTS job openings: GMT – 14.00

Canada – BOC interest rate decision and statement: GMT – 14.00

Coronavirus update:

Worldwide, more than 528 million people have been confirmed infected and more than 6.28 million have died. The United States has confirmed over 83.9 million cases and has had more than 1000,400 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: For today, If the bullish momentum continues then the next upside level is to watch at 1.0750 and 1.0780. On the other hand, the next immediate support prevails at 1.0680, further breakout of 1.0680 can lead the pair towards 1.0640 levels.



The important levels to watch for today: Support- 1.0700 and 1.0680 Resistance- 1.0750 and 1.0780.

GOLD: On the daily time frame, the gold is currently supported at $1820, and the resistance is around $1845. On the upper side, the long-term buyers should wait for a daily close above the $1870.



The important levels to watch for today: Support- 1826 and 1820 Resistance- 1840 and 1845.

Quote of the day - Focus, patience, wise discernment, non-attachment —the skills you acquire in meditation and the skills you need to thrive in trading are one and the same. Yvan Byeaje.

Read more - https://gulfbrokers.com/en/daily-market-report-503

 

[syamfx2020]

Shares of the online pet supplier Chewy (NYSE: CHWY) jumped more than 20% in the extended trading session on Wednesday after the company reported stronger-than-expected Q1 financial results. Chewy’s revenue increased 14%, to $2.43 billion, from $2.14 billion in the year-ago quarter.

• Earnings per share (EPS) $0.4 vs. -$0.13 expected
• Revenue $2.43 billion vs. $2.42 billion expected

“Fiscal year 2022 is off to a good start as we drove solid 14 percent top-line growth and delivered sequential improvements in gross margin and profitability,” Chewy CEO, Sumit Singh said.

“Inflationary pressures and supply-chain disruptions are expected to persist and the consumer’s post-pandemic behavior continues to evolve.” – Chewy said.

Chewy now forecasts $10.2 billion to $10.4 billion in revenue this year and the online pet store expects second-quarter revenue in the range of $2.43-2.46 billion.

The chewy stock closed at $23.49 on Wednesday but the stock increased as high as $30 in after-hours trading after the earnings announcement. However, the stock is still down nearly 50% for the year and the stock has dropped by more than 63% over the past 12-months.

Read more - https://gulfbrokers.com/en/chewy-surprises-investors-with-q1-results-stock-up-25

 

[syamfx2020]

Wall Street slide on Wednesday and ended lower despite the release of stronger-than-expected ISM manufacturing PMI data, the bearish sentiment is driven by an aggressive Federal Reserve stance on inflation. The ISM manufacturing PMI came in at 56.1 for May, up from 55.4 in the previous month. While the number of job openings decreased from 11.855m in March to 11.4m in April, according to the US Department of Labor's JOLTS survey.

EQUITIES

US futures slightly regain upside momentum on Thursday morning, but the upside was capped because investors were cautious of US NFP data. On the other hand, the European shares rebounded while Asian shares ended flat.

OIL

Crude oil futures traded near the session lows ahead of the OPEC+ meeting outcome. Meanwhile, the API crude inventory data showed the US crude inventories declined 1.181 million barrels in the week ended May 27th, 2022, after a 0.567 million barrels rise in the previous week.

CURRENCIES

In the currency market, the US dollar climbed to a fresh weekly high on Wednesday after it struggled for a couple of days to find buyers. Moving ahead, the investors and traders across the globe waiting for the result of the US employment on Friday to get a clear picture of the greenback's long term direction.

GOLD

The precious metal recovered from the previous session's losses. Moving ahead to the North American session the gold traders should closely monitor the release of ADP employment data and weekly jobless claims.

Economic Outlook

On the data front, the Bank of Canada increased its benchmark interest rate by 50 basis points to 1.5 per cent.

“The war has increased uncertainty and is putting further upward pressure on prices for energy and agricultural commodities” – BOC said. “With consumer spending in Canada remaining robust and exports anticipated to strengthen, growth in the second quarter is expected to be solid” – the central bank added.

Moving ahead today, the important events to watch:

US – ADP employment report: GMT – 12.15

US – Jobless claims: GMT – 12.30

US – EIA crude inventories: GMT – 15.00

Coronavirus update:

Worldwide, more than 528 million people have been confirmed infected and more than 6.28 million have died. The United States has confirmed over 83.9 million cases and has had more than 1000,400 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: For Euro, the first nearest support level is located at 1.0630. In case it breaks below this level, it will head towards the next support level which is located near 1.0600. On the upside, 1.0750 will act as an immediate and strong hurdle while 1.0780 will be a critical resistance zone because above this, bulls are likely to dominate.



The important levels to watch for today: Support- 1.0630 and 1.0600 Resistance- 1.0700 and 1.0750.

GOLD: For today, the resistance for metal is around $1870, any break over targets $1882/88. On the downside, any meaningful pullback now seems to find some support near the $1840 zones, below which the slide could further get extended towards the $1835/30 region.



The important levels to watch for today: Support- 1840 and 1830 Resistance- 1862 and 1870.

Quote of the day - “The trick is not to learn to trust your gut feelings, but rather to discipline yourself to ignore them. Stand by your stocks as long as the fundamental story of the company hasn’t changed.” ― Peter Lynch.

Read more - https://gulfbrokers.com/en/daily-market-report-504

 

[syamfx2020]

Today, all eyes are on the US non-farm payroll report later. The US Bureau of Labor Statistics (BLS) will release the May jobs report today at 12.30 GMT. The market participants are anticipating 325,000 new nonfarm jobs in May, the unemployment rate is expected to tick down to 3.5%.

Leading indicators point to a weak number, especially after a poor ADP employment report was released on Thursday. The ADP data showed private-sector payrolls rose by 128,000, which was far less than the gain of 299,000 expected. While the recent US factory activity data showed the ISM manufacturing PMI inched up to 56.1 in May from 55.4 in April.

EQUITIES

Wall Street managed to close higher despite the release of weak US economic data supported by robust earnings results and commodity prices rally. Shares of the cloud-based cybersecurity company Okta (NASDAQ: OKTA) bounced 18% in extended trading on Thursday after the company reported better-than-expected first-quarter earnings results.

OIL

Crude oil prices ended higher on Thursday boosted by the strong crude oil inventory data and the recent OPEC meeting outcome. The EIA data showed a higher-than-expected 5.1 million barrels draw in US crude inventories last week. Meanwhile, the OPEC+ group decided to add 648,000 barrels per day to the market in July, up from the 432,000 bpd increases in recent months. “The meeting highlighted the importance of stable and balanced markets for both crude oil and refined products,” – OPEC+ said.

CURRENCIES

In the currency market, the Greenback, in terms of the US Dollar Index (DXY) retreated back to below 101.70 driven by disappointing US ADP employment and factory order numbers. The EURUSD trades near the session high on Friday despite the release of weak services PMI data from Germany and the Eurozone.

GOLD

The price of an ounce of gold trades steady above the $1860 area on Friday ahead of the US employment report. The strong bullish momentum was supported by the weak US dollar and rising inflation fears.

Economic Outlook

On the data front, U.S. labor market data showed weekly initial jobless claims fell to 200K from 210K expected and 211K previously. US Factory orders dropped to 0.3 percent in April, down from 1.8 percent in March, compared to the market prediction of a 0.7 percent increase.

Moving ahead today, the important events to watch:

US – Non-farm payrolls: GMT – 12.30

US – ISM services PMI: GMT – 14.00

Coronavirus update:

Worldwide, more than 528 million people have been confirmed infected and more than 6.28 million have died. The United States has confirmed over 83.9 million cases and has had more than 1000,400 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: For today, If the upside momentum continues then the next upside level is to watch at 1.0780 and 1.0810. On the downside, any meaningful pullback now seems to find some support near the 1.0700 zones, below which the slide could further get extended towards the 1.0680/70 regions.



The important levels to watch for today: Support- 1.0700 and 1.0680 Resistance- 1.0780 and 1.0810.

GOLD: The metal needs to stay above 1870; otherwise. 1850/45 may be visible soon. On the upper side, 1875 the key resistance zones to watch, if the pair breaks and close above this area then the next supply level to watch is around 1888/95.



The important levels to watch for today: Support- 1855 and 1848 Resistance- 1875 and 1882.

Quote of the day - A trading philosophy is something that cannot just be transferred from one person to another; it’s something that you have to acquire yourself through time and effort - Richard Driehaus.

Read more - https://gulfbrokers.com/en/daily-market-report-505

 

[syamfx2020]

Global stocks and crude oil futures trade higher on Monday while the upside momentum is limited as investors remain concerned about rising inflation globally and tensions in Ukraine. This week, the main event on the calendar for monetary policy is the June European Central Bank rate decision and the RBA decision. On the other hand, this week all eyes will be turning to the US inflation data which will give us the latest insight into whether inflation continues to rise further upside.

On the earnings front, the companies due to release their results will be the Nio and Stitch Fix will be among those reporting earnings this week.

GOLD

The safe-haven metal reached a fresh 3-week high of $1873 last week but the metal ended lower on Friday after the better-than-expected US NFP data reinforced the Fed’s stronger rate hike cycle. Fundamentally the metal is expected to be extra volatile this week due to a busy economic calendar and all eyes remain on Friday‘s US CPI data.

This week the metal has key resistance at $1875 breaking above this resistance level then expect the market to zoom up to $1888 and $1895. On the downside, $1830 remains the crucial support area to watch, any break below this level will open doors to $1818/10.

DOLLAR INDEX

The US dollar index retreated back to below 102 on Monday after the index failed to extend Friday’s rebound. The biggest driver for the greenback this week is the latest US CPI data which is set to be released on Friday. The expected trading range for the DXY this week is between 100.60 support and 103 resistance.

The Index remained in a range above 102 last week, and the initial bias remains neutral for the upcoming week. The key resistance is located for the pair around 102.80, a break above this level will confirm a possible move to 103.40/90. On the downside, any meaningful pullback now seems to find some support near the 101.50 zones, below which the slide could further get extended towards the 100.80/60 regions.

EURUSD

The Euro started the new week on a bullish note ahead of the highly anticipated European central bank meeting on Thursday. The key topic of discussion at this week's ECB meeting going to be the current inflation pressures. The currency pair ended slightly lower during the last week, driven by weak retail economic data from Germany and the Eurozone area.

Technically, the overall momentum remains bullish supported by recent dollar weakness. On the downside, the immediate support will be the same as last week's low at 1.0630, below which the slide could further get extended towards 1.0600 and then 1.0570. On the flip side, the immediate resistance is seen at 1.0780 any break above this level will open a minimum of 1.0830/70.

DOW JONES

The Dow Jones ended in negative territory on Friday after the US employment report failed to impress investors. The employment data showed the US economy added 390,000 jobs in May, above market estimates while the unemployment rate was unchanged at 3.6% vs 3.5% expected. Moving ahead to the new week, the Dow traders should monitor the latest developments surrounding the Russia-Ukraine war and the US inflation report.

For this week, considering heavy volatility there are chances the Dow can rally back to above the key resistance of 33,500. On the downside, the decline is more extensive, and it will be hard to rule out a run towards 35,500 and 32,300 if the index breaks below 32,750.

Check out the original source of the article - https://gulfbrokers.com/en/weekly-review-gold-usd-eurusd-and-dow-jones-33

 

[syamfx2020]

The Reserve Bank of Australia increased the interest rate for a second consecutive month. The RBA has lifted its official cash rate by another 0.5% taking it to 0.85% on Tuesday, the largest hike since 2000.

“Today's increase in interest rates by the Board is a further step in the withdrawal of the extraordinary monetary support that was put in place to help the Australian economy during the pandemic” – RBA said.

"Given the current inflation pressures in the economy, and the still very low level of interest rates, the Board decided to move by 50 basis points today” - RBA Governor Philip Lowe said. "The size and timing of future interest rate increases will be guided by the incoming data and the Board's assessment of the outlook for inflation and the labour market” – he added.

EQUITIES

European shares markets and US futures retreated on Tuesday as concerns over high inflation continued to drag global equity markets broadly lower. Chinese shares traded higher on Tuesday after Beijing further eased COVID-19 curbs while Australian shares fall following a larger-than-expected 50 basis point rate hike from RBA.

OIL

Crude oil prices struggling to find the upside momentum after Saudi Arabia said it would raise its prices of the commodity for most regions, excluding the United States. During the last week, the OPEC+ decided to increase output in July and August by 648,000 barrels per day.

CURRENCIES

In the currency market, The Japanese Yen plunged to the 20-year lows against the US dollar on Tuesday. The recent bearish momentum is driven by the comments from Bank of Japan Governor Haruhiko Kuroda. Kuroda said the weak yen will benefit the economy if the move isn't too sharp. He also said that the BOJ will continue its ultra-low interest rate to support the economy emerging from the pandemic.

GOLD

The precious metal remains under pressure for the second consecutive day weighed down by a strong US dollar. The metal slightly recovered from the early session losses, but the upside momentum is limited due to rising Treasury yields. At the time of writing, the metal stays below $1850.

Economic Outlook

On the data front, German factory orders dropped 2.7% in April, compared to the market forecasts of a 0.3% rise. Germany Construction PMI declined to 45.4 in May of 2022 from 46.0 in April.

Moving ahead to the North American session, the investors should closely monitor the release of the U.S. trade balance for April.

Coronavirus update:

Worldwide, more than 531 million people have been confirmed infected and more than 6.29 million have died. The United States has confirmed over 84 million cases and has had more than 1008,400 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: For today, the resistance for the pair is above 1.0720, any break over targets 1.0750. On the other side, the immediate support is near 1.0660 and any break will drag the pair to 1.0630.



The important levels to watch for today: Support- 1.0660 and 1.0630 Resistance- 1.0720 and 1.0750.

GOLD: For today, the resistance for Gold is around 1852, any break over targets 1858/60. On the other side, the immediate support near 1835 and any break will drag the metal to 1830 and 1826 levels.



The important levels to watch for today: Support- 1835 and 1830 Resistance- 1852 and 1860.

Quote of the day - “Whenever you invest in any company, you’re looking for its market cap to rise. This can’t happen unless buyers are paying higher prices for the shares, making your investment more valuable.” - Peter Lynch.

Read more - https://gulfbrokers.com/en/daily-market-report-506

 

[syamfx2020]

EURUSD rebounded back to above 1.07 after the release of stronger-than-expected Eurozone GDP data. The data showed the Euro area economy GDP increased 0.6% in the first quarter of 2022, revised up from a prior estimate of 0.3%. Moving ahead, the Euro traders will now turn their attention to the ECB monetary policy decision that is due tomorrow.

EQUITIES

Wall Street ended higher on Tuesday amid growing hopes that inflation may have peaked. European stocks trading mixed on Wednesday despite the release of strong economic data.

OIL

Crude oil futures extended the gains on Wednesday, and focus shifted to the EIA crude inventory data which is set to be released later in the day. The API data showed the US crude inventories increased by 1.845 million barrels in the week ended June 3rd after a 1.181 million barrels decline in the previous week.

CURRENCIES

In the currency market, the GBP slips against the dollar on Wednesday while the Asian currencies like the Australian dollar and New Zealand dollar held the early session gains against the greenback. On the other hand, the Japanese Yen surged to the highest level since March 2002 against the US dollar on Wednesday after BoJ Governor Haruhiko Kuroda said that the central bank must continue its support for the economic activity by keeping its existing ultra-loose policy settings.

GOLD

The precious metal struggling to find the upside momentum as the investors remain concerned about the impact of high inflation and rising interest rates. At the time of writing, the metal trades below $1850.

Economic Outlook

On the data front, Japan, the world’s third-largest economy contracted at an annual rate of 0.5%, according to Cabinet Office data. That was smaller than the 1.0% contraction in the preliminary estimate.

Coronavirus update:

Worldwide, more than 531 million people have been confirmed infected and more than 6.29 million have died. The United States has confirmed over 84 million cases and has had more than 1008,400 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: For today, the key support area is around 1.0660. On the upper side, the short-term resistance at 1.0750 any break above this level will open 1.0780 then 1.0800.



The important levels to watch for today: Support- 1.0680 and 1.0660 Resistance- 1.0750 and 1.0780.

GOLD: The yellow metal hovers near the $1850 area. The near-term resistance is around $1858, any break over targets $1865/70. On the downside, the first immediate support was around $1840 followed by $1835.



The important levels to watch for today: Support- 1835 and 1830 Resistance- 1852 and 1860.

Quote of the day - “Win or lose, everybody gets what they want out of the market. Some people seem to like to lose, so they win by losing money.” - Ed Seykota.

Read more - https://gulfbrokers.com/en/daily-market-report-507