Daily Market Report by GulfBrokers 2020-2021

[syamfx2020]

Today all eyes are on the Bank of England monetary policy decision which is set to be announced at 11:00 GMT. The market participants anticipate an aggressive interest rate hike in the BOE’s response to tame inflation. British inflation jumped to a four-decade high of 9.4 percent in June. The Bank of England expected to raise interest rates by 0.50% at its meeting today, its largest increase for more than 25 years. The British pound struggling to find the upside momentum against the US dollar and Euro ahead of the Bank of England meeting.

EQUITIES

Wall Street closed higher on Wednesday after the recent data showed the U.S. services industry unexpectedly picked up in July as new orders grew solidly. The bullish sentiment is also supported by better-than-expected corporate earnings results. Shares of the vaccine maker Moderna (NASDAQ: MRNA) bounced more than 15% on Wednesday after the company released robust Q2 earnings results.

OIL

Crude oil futures extend the decline and strong bearish momentum continues on Thursday Morning after OPEC and its allies decided Wednesday to boost production in September. OPEC+ agreed to increase oil production by only 100,000 barrels per day, which corresponds to about 0.1 percent of global oil demand.

CURRENCIES

In the currency market, the dollar index, which tracks the U.S. currency against six major peers holds steady as the focus shifts to tomorrow’s US employment report. The British pound tinkered around just below the 1.2180 handles. The Euro slightly recovered against the US dollar following the release of better-than-expected German factory order data.

GOLD

The safe haven metal has been relatively volatile in the past few days. The metal holding the weekly gains and trades steady above $1770 on Thursday Morning as the metal ignored stronger-than-expected activity in the U.S. services sector.

Economic Outlook

On the data front, ISM Services PMI data showed a surprise increase in services for July. The ISM Services PMI rose to 56.7 in July, recording the highest level in three months, compared to June’s reading of 55.3.

Moving ahead today, the important events to watch:

UK – BOE interest rate decision and statement: GMT – 11.00

US – Jobless claims: GMT – 12.30

Coronavirus update:

Worldwide, more than 577 million people have been confirmed infected and more than 6.4 million have died. The United States has confirmed over 91 million cases and has had more than 1.02 million deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: For today, the first nearest support level is located at 1.0130/20. In case if it breaks below this level, it will head towards the next support level which is located near 1.0100 then 1.0080. On the flip side, the immediate resistance at 1.0200 then 1.0230.



The important levels to watch for today: Support- 1.0120 and 1.0080 Resistance- 1.0200 and 1.0230.

GOLD: For today the first support for the Gold appears to be around $1765, in the short-term any break below $1765 the next downside level is to watch $1760/55. On the upper side, the immediate resistance around $1776 any break and close above this level will open at $1782 and then $1788.



The important levels to watch for today: Support- 1765 and 1750 Resistance- 1778 and 1790.

Quote of the day - “The core problem, however, is the need to fit markets into a style of trading rather than finding ways to trade that fit with market behaviour.” – Brett Steenbarger.

Read more - https://gulfbrokers.com/en/daily-market-report-537

 

[syamfx2020]

This week the global market witnessed more aggressive rate rises by the RBA and BOE, and investors are now turning their eye on the release of US labor market data today. The US Bureau of Labor Statistics (BLS) will release the July NFP numbers today at 12.30 GMT. The market is expecting 250K new jobs, and the unemployment rate is to remain steady at 3.6%. The NFP report gives out the number of paid US workers of any business but excludes government employees, farm employees and non-profit organization employees.

EQUITIES

European shares traded slightly lower while except for the rising Japanese equities, other Asian share markets mostly eased on Friday. On the other hand, the UK shares remain under pressure after the Bank of England predicted 6-straight quarters of negative growth in England starting in Q4.

OIL

Crude oil prices strong bearish sentiment continues and reached the lowest levels in six months. Crude has tumbled since early June on escalating fears the US may be heading for a recession as central banks hike rates aggressively to combat inflation.

CURRENCIES

In the currency market, the GBPUSD recovered back to above 1.2150 on Thursday morning. During the previous session, the currency pair fell to a fresh weekly low of 1.2065 after a negative global outlook from the Bank of England policy meeting. Meanwhile, the Euro holding the gains against the US dollar lifted by strong macro-economic data from Germany and Eurozone.

GOLD

The safe haven metal climbed to a fresh monthly high of $1794 on Thursday supported by inflation worries and lingering geopolitical risks. As of the writing, the metal retreats back to below $1786 and the further direction will depend on NFP figures which will release later today.

Economic Outlook

On the data front, the Bank of England raised interest rates by 50 basis points and warned that inflation would peak above 13% in October. The central bank expects the economy to shrink in the final three months of this year and keep shrinking until the end of 2023.

Moving ahead today, the important events to watch:

UK – Non-Farm payrolls: GMT – 12.30

Canada – Employment report: GMT – 12.30

Coronavirus update:

Worldwide, more than 577 million people have been confirmed infected and more than 6.4 million have died. The United States has confirmed over 91 million cases and has had more than 1.02 million deaths from COVID-19, the highest totals in the world.

Technical Outlook and Review

EURUSD: For today, the first nearest support level is located at 1.0180. In case it breaks below this level, it will head towards the next support level which is located near 1.0130/00. On the upper side, 1.0250 will act as an immediate and strong hurdle while 1.0290 will be a critical resistance zone because above this, bulls are likely to dominate.



The important levels to watch for today: Support- 1.0180 and 1.0100 Resistance- 1.0250 and 1.0290.

GOLD: For today, If the bullish momentum continues then the next upside level is to watch at 1800 and 1806. On the other hand, the next immediate support prevails at 1772/70, a further breakout of 1770 can lead the metal towards 1760 levels.



The important levels to watch for today: Support- 1772 and 1760 Resistance- 1795 and 1806.

Quote of the day - “Do not anticipate and move without market confirmation - being a little late in your trade is your insurance that you are right or wrong.” - Jesse Livermore.

Read more - https://gulfbrokers.com/en/daily-market-report-538

 

[syamfx2020]

The major cryptocurrency exchange Coinbase (NASDAQ: COIN) is a global prime broker platform for digital assets used by more than 13,000 institutional investors. The company trades on the NASDAQ under the ticker COIN and Coinbase’s market capitalization currently sits at $20 billion.

Coinbase shares have fallen more than 60% since the beginning of the year. However, the stock regained strong upside momentum last week and bounced almost 50% after the company entered a partnership with BlackRock, the world’s largest asset manager on Thursday. The partnership allows BlackRock’s institutional investors to buy bitcoin via the cryptocurrency platform.

Coinbase earnings release for the second quarter is slated for August 09, after the market close. The company is expected to post a quarterly loss of $2.44 per share and revenues are expected to be $879.69 million. In the first quarter, Coinbase missed on Q1 earnings and revenue, and the revenues dipped 27% to $1.17 billion from a year earlier.

$COIN weekly technical outlook​

From a technical perspective, as long as the stock holds above $80/75 levels, $COIN could see a resumption of the upside move. For this week, the first key resistance level for the stock is $115, then the stronger resistance is 122, which is important to be stable above it for a continuing rise to 132 and 140 levels. On the downside, in case the price is close below the $75 area, the slump will quickly extend toward the $65/60 mark.


Read more here - https://gulfbrokers.com/en/coinbase-stock-jumps-50-last-week-focus-shifts-to-q2-earnings

 

[syamfx2020]

Online gaming platform Roblox Corporation (NYSE: RBLX) is set to report financial results for the company’s second-quarter 2022 financial results today after the market close. Roblox is expected to post a loss per share of $0.26 and revenues are expected to be $643 million. During the first quarter, the company reported worse-than-expected earnings results and the company had 54.1 million average daily active users in the first quarter, up 28% from the same quarter last year.

$RBLX key technical levels to watch today:

Support: $44 and $38

Resistance: $53 and $60

EQUITIES

US stock futures struggled to find upside momentum on Tuesday after US President Joe Biden raised concerns over China’s actions near the Taiwan border. On the other hand, the bearish sentiment was lifted by the weaker-than-expected earnings results from the vaccine maker Novavax and the software giant Palantir.

OIL

Crude oil futures remain under pressure and reverse from the previous session’s gains driven by fears of the Fed’s aggression and economic slowdown. Moving ahead, the focus shifts to API inventory data which is set to be released later in the day.

CURRENCIES

In the currency market, the US dollar index, which measures the greenback’s value against a basket of six major currencies hits the fresh weekly low of 95.55 on Tuesday morning as the market participants and investors are expecting the annual inflation rate to have eased to 8.7% from 9.1% in June. Meanwhile, the Euro extended its gains against the US dollar and British pound.

GOLD

The safe-haven metal was up for the second consecutive day as fragile risk conditions boosted defensive support. Overall, the momentum remains bullish throughout the European session. As of this writing, the metal trades above the $1790 area.

Coronavirus update:

Worldwide, more than 584 million people have been confirmed infected and more than 6.4 million have died. The United States has confirmed over 92 million cases and has had more than 1.03 million deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: For today, the resistance for the pair is above 1.0240, any break over targets 1.0270 minimum. On the other side, the immediate support is near 1.0180 and any break will drag the pair to 1.0150 and 1.0130 levels.



The important levels to watch for today: Support- 1.0180 and 1.0150 Resistance- 1.0240 and 1.0270.

GOLD: The yellow metal hovers above the $1780 area. If the bullish momentum continues the next upside levels to watch are $1795 and $1832. On the downside side, $1770/65 is a crucial support area to watch.



The important levels to watch for today: Support- 1780 and 1772 Resistance- 1795 and 1800.

Quote of the day - The markets generally are unpredictable, so that one has to have different scenarios. The idea that you can actually predict what’s going to happen contradicts my way of looking at the market. – George Soros.

Read more - https://gulfbrokers.com/en/daily-market-report-539

 

[syamfx2020]

Global stocks and precious metals finishes last week on a positive note after the latest US inflation report surprised the markets with a lower-than-expected reading of 8.5%, slower than 9.1% in June which indicates that US inflation may have passed its peak.

As we are heading to a new week the traders and investors are likely to monitor the minutes from the July Federal Open Market Committee policy meeting and the latest US retail sales data, both events scheduled to be released on Wednesday.

On the earnings front, the companies scheduled to release their last quarter financial results this week will be Walmart, Cisco, Target and Home Depot

GOLD

Gold prices ended for their third consecutive weekly gain. The bullish sentiment improved last week after the Inflation in the US was unexpectedly weaker than forecast, which raised market hopes that the Fed will ease policy. While the metal struggling to find further upside momentum and seeing some profit-taking after crossing above the 1800 mark. For this week, the main drivers for the metal will be the FOMC meeting minutes and the US dollar movement.



This week, the first resistance is located around 1808, a break above this level will confirm a possible move to 1822/30. On the downside, any meaningful pullback now seems to find some support near the 1782/80 zones, below which the slide could further get extended towards the 1773/70 regions.

DOLLAR INDEX

The dollar index, which tracks the currency against key rivals is up for the second consecutive day supported by upbeat US macroeconomic data and the greenback received additional buying pressure on Friday after the bullish comments from the Fed policymakers. Richmond Fed Bank President Thomas Barkin said on Friday he wanted to raise interest rates further to bring inflation under control. However, the overall momentum remains mixed after the currency pair experienced a sharp slide in the last couple of weeks.



This week's resistance for the DXY appears to be around 106.40. If the price break and closes above 107.40, the next upside level to watch is 107.80 then 108. On the downside, if the greenback break below the previous week low of 105 the next immediate downside area is to watch 104.60 and 104.

EURUSD

The currency pair extends the losses and pointed to a negative start to a new week after the US dollar regained upside momentum. For Euro this week, the economic data is limited to the Eurozone and German economic sentiment and Eurozone inflation figures.



The currency pair can rise if it rebounds back to above the 1.0300 level again, any break and closes above this level the next upside levels to watch are 1.0360 and 1.0410. Nevertheless, if it continues the bearish momentum, the slump will quickly extend toward the 1.0200 and 1.0180/70 marks.

DOW JONES

The Dow Jones futures started the new week on a stable note and Dow finished Friday with a gain of 300 points after data showed a stronger than expected improvement in U.S. consumer sentiment in August. However, the Dow trading marginally flat on Monday and the upside pressure clearly weakened amid a solid ceiling in place. Moving ahead, one of the key factors the Dow traders should monitor this week is the latest US retail sales figures on Wednesday.



This week, the first resistance is located around 34,000, a break above this level will confirm a possible move to 34,400/500. On the downside, any meaningful pullback now seems to find some support near the 33,300 zones, below which the slide could further get extended towards the 33,000 and 32,600 regions.

Trading is risky and your entire investment may be at risk. Please ensure that you fully understand the risks involved.

Read more - https://gulfbrokers.com/en/weekly-review-gold-usd-eurusd-and-dow-jones-43

 

[syamfx2020]

The retail giant Walmart (NYSE: WMT) kicks off the big retail earnings week on Tuesday. The retailer is scheduled to announce second-quarter financial results on Tuesday before the market open. Walmart is expected to post quarterly earnings of $1.62 per share and revenues are expected to be $150.9 billion. Walmart cut both its second quarter and full-year profit forecast last month and the stock is down more than 15% this year. The largest home improvement retailer, Home Depot (NYSE: HD) also releasing its quarterly results on Tuesday.

EQUITIES

Chinese shares rebounded from the previous session's losses on Tuesday while the US futures hold steady ahead of the retail earnings results. Moving ahead to the North American session, the investors and traders should also closely monitor the release of US Building Permits and Housing Starts data.

OIL

Crude oil prices are struggling to find upside momentum pressured by disappointing economic data from China and growing recession risks. On Monday, China released weaker-than-expected China Retail sales and industrial output for July. Moving ahead, the focus shifted to the EIA and API crude inventory data.

CURRENCIES

In the currency market, the US dollar, which is also often seen as the ultimate safe-haven currency, held firm against many other rivals, including the euro and commodity-linked currencies. The recent strong rebound was boosted by the hawkish remarks from Federal Reserve officials. The EURUSD fell again during the trading session on Tuesday after the release of weak German ZEW economic sentiment numbers.

GOLD

The safe haven metal remains under pressure due to aggressive Federal Reserve rate hike bets. The strong bearish sentiment is also driven by the dollar's strength. As of this writing, the metal trades below $1775.

Economic Outlook

On the data front, the UK reported a mixed employment report. The data showed the number of people in employment increased by 160K, less than market expectations of a 256K gain. While the unemployment rate in Britain holds at 3.8%, for the third month in a row.

Moving ahead today, the important events to watch:

US – Building permits: GMT – 12.30

Canada – CPI: GMT – 12.30

Coronavirus update:

Worldwide, more than 590 million people have been confirmed infected and more than 6.4 million have died. The United States has confirmed over 94 million cases and has had more than 1.05 million deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: Technically the overall momentum remains bearish, the key support for the Euro stands near the level of 1.0090. On the upside, 1.0200 will act as an immediate and strong hurdle while 1.0290 will be a critical resistance zone because above this, bulls are likely to dominate.



The important levels to watch for today: Support- 1.0100 and 1.0080 Resistance- 1.0180 and 1.0200.

GOLD: Today the gold price is supported at below $1770, any break below $1765 will open the doors to $1758 and $1754. On the other upper side, the immediate resistance at $1782 and $1988.



The important levels to watch for today: Support- 1770 and 1758 Resistance- 1782 and 1888.

Quote of the day - “No matter how good the science gets, there are problems that inevitably depend on judgement, on art, on a feel for financial markets.” Martin Feldstein.

Read more- https://gulfbrokers.com/en/daily-market-report-541

 

[syamfx2020]

July’s UK consumer price index came in at a hotter-than-expected 10.1% gain for the year, the highest rate for 40 years. Excluding energy and food prices, the core percentage of CPI inflation rose 6.2% in July, beating economists’ forecast of 5.8%. The higher inflation report fueled fears that the Bank of England could raise another 50 basis-point interest rate hike at its next meeting in September. The central bank already warned earlier this month that inflation will climb to just over 13% this year, the highest level since 1980.

EQUITIES

UK share markets were mixed on Wednesday morning, as investors in the region reacted to the release of a hotter-than-expected UK consumer inflation report. Meanwhile, U.S. equity-index futures reversed earlier gains as investors awaited minutes from the Federal Reserve’s latest policy meeting. The market participants are looking to see whether the possibility of a 75-basis point rate hike was discussed.

OIL

Crude oil futures remain under pressure despite the API data shows a surprise drop in US stocks. The data showed the crude oil inventories in the US decreased by 0.448 million barrels in the week ended August 12th. The overall momentum remained bearish throughout this month for oil prices driven by heightened geopolitical risks combined with rising rampant inflationary concerns.

CURRENCIES

In the currency market, the U.S. dollar index, which tracks the greenback against a basket of its peers up for the third consecutive day as investors moved away from risky assets. Moving ahead to the North American session, the USD trades should closely monitor the release of the latest US retail sales report.

GOLD

The safe haven metal trades flat on Wednesday as Investors await the outcome of the US Federal Reserve meeting for pricing cues. The recent pullback driven by hawkish comments from FED policymakers encouraged dollar bulls and pressured metal prices lower.

Economic Outlook

On the data front, the Reserve Bank of New Zealand raised the interest rate again by 50 bp at its August policy meeting on Wednesday morning. RBNZ Governor Adrian Orr said the bank was not predicting a recession but saw growth coming in below expectations.

Moving ahead today, the important events to watch:

US – Retail sales: GMT – 12.30

US – EIA crude inventories: GMT – 14.30

US – FOMC meeting minutes: GMT – 18.00

Coronavirus update:

Worldwide, more than 590 million people have been confirmed infected and more than 6.4 million have died. The United States has confirmed over 94 million cases and has had more than 1.05 million deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: For today, 1.0120 is the immediate support level, followed by $1.0100. If the pair breaks below 1.0090, the slump will quickly extend toward the 1.0050 mark. On the upper side, the euro is likely to find immediate resistance at 1.0200, any break above the 1.0200 level could lead the prices of the pair towards the next resistance levels of 1.0230 and 1.0280.



The important levels to watch for today: Support- 1.0100 and 1.0050 Resistance- 1.0200 and 1.0230.

GOLD: The precious metal remains under pressure a clear breakdown of the support at $1770 could open space for further declines while only recovery to $1788 and 1795 would reverse the short-term negative trend.



The important levels to watch for today: Support- 1765 and 1754 Resistance- 1782 and 1790.

Quote of the day - “Make a mistake, analyze the mistake, understand the mistake, then get over it and focus on the next trade in the ongoing series of trades.” Peter Brandt.

Read more - https://gulfbrokers.com/en/daily-market-report-542

 

[syamfx2020]

Shares of the English Premier League soccer club Manchester United (NYSE: MANU) jumped more than 5% on Wednesday after the world’s richest person Elon Musk tweeted that he was buying soccer club Manchester United Plc. "Also, I'm buying Manchester United ur welcome," the Tesla CEO tweeted. Recently, Mr Musk disclosed that he sold nearly $7 billion worth of Tesla shares.

However, shortly afterwards, in response to another tweet, Musk said he was joking about his tweet about buying Manchester United. Elon Musk tweeted, “No, this is a long-running joke on Twitter. I will not buy any sports team.” “Although, if it were any team, it would be Man U. They were my fav team as a kid.”

As we know that United fans have been visibly upset at the current owners, The Glazers, for many years now. Musk's random tweet has increased hopes among Manchester United fans as they desperately want a change in the club's ownership and thousands of united supporters urged the Tesla CEO to hurry up and buy it. United have been under the American-based Glazer family’s ownership since a controversial takeover in 2005.

The Manchester United fans already plan for a mass protest during their game against Liverpool at Old Trafford on Monday night. As per the latest report, The Glazer family will consider selling a minority stake in Manchester United football club.

Check out the the original source of this article here - https://gulfbrokers.com/en/manchester-united-stock-spikes-after-elon-musks-tweet

 

[syamfx2020]

The Crypto market witnessed a reversal last couple of weeks and the Bitcoin (BTC), the most valuable crypto by market capitalisation recovered back above $25,000 for the first time in two months. The crypto pair traded with a bid tone for the entire last week, with some weakness seen only on Friday and the bearish sentiment continues this week after the bulls failed to hold above $25000.

From a technical perspective, the BTC's overall momentum remains mixed now after the bulls failed to extend the rally. As of this writing, $BTCUSD trades below $23,500. In the short-term, $23,200 is the key support area to watch, any break below this level will open $22,800/500 minimum. On the flip side, a move above $25,000 will push the pair into a new trading zone, which may offer further buying opportunities until $25,800/26,300.



EQUITIES

US stock futures struggling to find the upside momentum after the release of Hawkish Federal Reserve meeting minutes. The bearish sentiment is also driven by the mixed US retail sales data and disappointing earnings reports from the big retailer's Target and Lowe's.

OIL

Crude oil futures recovered from the previous session's losses after the latest EIA and API inventory data showed a larger-than-anticipated reduction in U.S. crude stockpiles. On Wednesday evening, the EIA data showed that US crude stockpiles declined by 7.06 million barrels last week.

CURRENCIES

In the currency market, the EURUSD quickly reversed from the daily highs following the release of the Eurozone inflation report. Eurozone inflation hit record numbers for July at 8.9%. This is the highest rate in the last 25 years. Meanwhile, on a monthly basis, inflation dropped to 0.1% in July, from 0.8%.

GOLD

The safe haven metal slightly rebounded from the post-FOMC meeting minutes lows. However, the overall momentum remains bearish throughout this week. Moving ahead to the North American session, the gold traders should closely monitor the release of the US jobless claims and Philly Fed manufacturing index figures.

Economic Outlook

On the data front, US Federal Reserve released the minutes from their last policy meeting on Wednesday. The Fed’s meeting minutes indicated their commitment to raise interest rates into the restrictive territory to bring inflation substantially lower. The FED policymakers members expect the unemployment rate to start rising in 2H22, the economy is projected to be noticeably weaker in July than in June and they saw a slower pace of rate hikes at some point.

Moving ahead today, the important events to watch:

US – Jobless claims: GMT – 12.30

US – Philly Fed Manufacturing Index: GMT – 12.30

US – Existing home sales: GMT – 14.00

Coronavirus update:

Worldwide, more than 590 million people have been confirmed infected and more than 6.4 million have died. The United States has confirmed over 94 million cases and has had more than 1.05 million deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: The currency pair remains under pressure. On the downside, 1.0120 is the immediate support level, followed by 1.0090. Further selling pressure will intensify only if the Index break below 1.0070 levels.



The important levels to watch for today: Support- 1.0120 and 1.0090 Resistance- 1.0200 and 1.0250.

GOLD: For today, the metal is supported at the $1758 level, any break below this level will open the doors to $1754/50. On the flip side, if the gold price breaks above $1772 it would open doors toward the next resistance area of $1778/82.



The important levels to watch for today: Support- 1758 and 1754 Resistance- 1772 and 1780.

Quote of the day - “A lot of people get so enmeshed in the markets that they lose their perspective. Working longer does not necessarily equate to working smarter. In fact, sometimes it is the other way around.” - Martin Schwartz.

Read more - https://gulfbrokers.com/en/daily-market-report-543

 

[syamfx2020]

Global stocks, precious metals and commodities started the new week in negative territory. The recent bearish sentiment is driven by hawkish minutes from the Federal Reserve’s July meeting. The minutes showed that the Federal Reserve is keen to continue with their hiking cycle to bring down inflation. “Participants observed that inflation remained unacceptably high and was well above the Committee’s long-run goal of 2 percent,” the minutes said.

Moving ahead, this week the key economic event to focus on is the GDP data from US and Germany. However, all eyes will turn to Fed Chair Jerome Powell’s speech at the annual symposium in Jackson Hole.

On the earnings front, the companies scheduled to release their last quarter financial results this week will be Zoom, Nvidia, Salesforce and Snowflake.

GOLD

The precious metal extended losses on Monday as an elevated dollar weighed on bullion demand. The metal ended lower last week as a stronger dollar and hawkish comments from the FED policymakers dented the appeal of bullion. Moving ahead to the new week, again the trend of the metal would largely depend on the trend of the dollar index and FED chair Powell's speech.



For this week, the first key support level is located at 1730. In case it breaks below this level, it will head towards the next support level which is located near 1720 and 1712. On the upper side, 1750 will act as an immediate and strong hurdle while 1758 will be a critical resistance zone because above this, bulls are likely to dominate.

DOLLAR INDEX

The dollar index, which tracks the currency against key rivals gained strong bullish momentum and ends last week on a positive note lifted by the hawkish comments from several Fed policymakers. On Wednesday last week, St. Louis Federal Reserve President James Bullard said last that the central bank will continue raising rates until it sees compelling evidence that inflation is falling. The biggest driver for the Dollar this week is the latest US GDP data and the personal income and spending figures.



This week, the key resistance for DXY is located above 108.50, a break above this level will confirm a possible move to 108.90 and 109.20. On the downside, any meaningful pullback now seems to find some support near the 107.70 then 107.30 zones, below which the slide could further get extended towards the 106.80 followed by 106.40.

EURUSD

The currency pair extends the losses and pointed to a negative start to a new week after the US dollar regained upside momentum. The key data for EURUSD for this week will once again be the ECB as we get the latest minutes from their most recent meeting, German and Eurozone PMI data on Tuesday and German GDP and IFO business climate Figures on Thursday.



Technically the current price action signals suggest that a medium-term bearish trend remains intact. On the downside, if the bearish momentum continues the key support areas to watch are 1.0000 and 0.9980. On the upper side, however in case, if the pair manages to settle above 1.0130, it will gain upside momentum and head towards the next resistance level at 1.1050 and 1.1130.

DOW JONES

The Dow Jones and other US stock indexes remain under pressure for the second consecutive day following the hawkish comments from Federal Reserve officials hinting at continuing aggressive interest rate hikes in the near term. This week, the main driver for the Dow remains the ongoing second-quarter earnings season, some of the largest US companies will report their latest quarterly numbers this week including Zoom Video communications, Nvidia and Snowflake.



For this week, 33,200 is the immediate support level, followed by 32,800. If the index breaks below 32,800, the slump will quickly extend toward the 32,400 mark. On the flip side, the first resistance at 33,750 any break above this level will open 34,100/200 minimum.

Read more - https://gulfbrokers.com/en/weekly-review-gold-usd-eurusd-and-dow-jones-44