Daily Market Report by GulfBrokers 2020-2021

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Salesforce is a global leader when it comes to cloud computing and customer relationship management (CRM) software. The enterprise-software maker Salesforce (NYSE: CRM) is scheduled to report its second-quarter earnings results on Wednesday, August 24 after the market closes. The company is expected to post quarterly earnings of $1.03 per share and revenues are expected to be $7.7 billion. It will be interesting to see how the company’s second-quarter results look and the impact they could have on the share price.

$CRM stock had declined almost 28% this year. However, the company’s share price has risen 13% in the past month and a strong earnings report could certainly help to boost the share price further. During the first quarter the software giant reported strong Q1 results and raised its annual profit forecast and the stock jumped almost 10% after the earnings announcement.

$CRM technical outlook​

$CRM has a 52-week low of $154.55 and a 52-week high of $311.75. As of this writing, the stock is down more than 2% to below $180. Technically the overall momentum remains mixed, but we can see that the stock well rebounded after touching the lower trendline shown in white. So, if the stock holds above the trend line there are chances the stock may eventually rise back to above $200 and $220. On the downside, in case if the price is close below the trendline would negate that bias and suggest a test of the $150/40 support region.

Read more - https://gulfbrokers.com/en/stock-to-watch-this-week-salesforce

 

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UK, Eurozone, and Germany reported mixed Purchasing Managers Index (PMI) readings on Tuesday. Moving ahead to the North American session, the US will release the latest PMI numbers.

• UK manufacturing PMI – Actual: 46.0 Forecast: 51.0 Previous: 52.1
• UK Services PMI – Actual: 52.5 Forecast: 52.0 Previous: 52.6
• German manufacturing PMI - Actual: 49.8 Forecast: 48.2 Previous: 49.3
• German Services PMI – Actual: 48.2 Forecast: 49.0 Previous: 49.7
• Eurozone manufacturing PMI - Actual: 49.7 Forecast: 49.0 Previous: 49.8
• Eurozone Services PMI – Actual: 50.2 Forecast: 50.5 Previous: 51.2

EQUITIES

US stock futures and global stocks remain under pressure and continue its downward rally on Tuesday amid lingering concerns over the aggressive central bank tightening to bring inflation back under control.

On the earnings front, XPeng and Macy’s are amongst those reporting the last quarter's financial results today.

OIL

Crude oil futures extended the gains on Tuesday after Saudi Arabia warned that the major oil producer could cut output to correct a recent oil price decline. Moving ahead, oil investors should closely monitor the release of weekly US inventory data from the American Petroleum Institute on Tuesday and the US Energy Information Administration on Wednesday.

CURRENCIES

In the currency market, the US Dollar Index, which measures the greenback’s value against the basket of six major currencies bounced to its highest level since September 2002 on Tuesday boosted by the renewed concerns about aggressive interest rate hikes. Meanwhile, the Euro falls to below 0.9900 against the greenback, the lowest since 2002.

GOLD

The safe haven metal was largely subdued on Tuesday following the previous session’s sell-off as investors waiting for Fed Chair Jerome Powell’s speech at the annual symposium in Jackson Hole. As of this writing, the metal remains below $1740.

Economic Outlook

On the data front, the People’s Bank of China slashed the one-year loan prime rate by 5 basis points to 3.65% at its monthly fixing, while the five-year LPR was reduced by a bigger margin of 15 bps to 4.3%.

Moving ahead today, the important events to watch:

US – Manufacturing PMI: GMT – 13.45

US – New home sales: GMT – 14.00

Coronavirus update:

Worldwide, more than 596 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, the key support area is around 0.9870. On the upper side, the short-term resistance at 0.9960 any break above this level will open 1.0000 then 1.0030.



The important levels to watch for today: Support- 0.9900 and 0.9870 Resistance- 0.9960 and 1.0000.

GOLD: For today the key support for the Gold appears to be around $1730/27, in the short-term any break below $1727 the next downside level to watch is $1720/18. On the upper side, the immediate resistance is around $1745 then 1750.



The important levels to watch for today: Support- 1730 and 1726 Resistance- 1745 and 1750.

Quote of the day - I’m always thinking about losing money as opposed to making money. Don’t focus on making money, focus on protecting what you have - Paul Tudor Jones

Read more - https://gulfbrokers.com/en/daily-market-report-544

 

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The leading semiconductor company NVIDIA (NASDAQ: NVDA) is scheduled to report its second-quarter earnings on Wednesday, August 24, after the market close. The company is expected to post quarterly earnings of $0.51 per share and revenues are expected to be $6.7 billion. Nvidia's share price has risen more than 18% in July, but the stock is still down close to 45% this year. “Our gaming product sell-through projections declined significantly as the quarter progressed,” NVIDIA CEO, Jensen Huang recently said.

$SNAP key technical levels to watch today:

Support: $164 and $157

Resistance: $181 and $192

EQUITIES

Wall Street ended lower on Tuesday following the release of weak US housing data and US PMI data. Moving ahead, today the investors will shift their focus to the ongoing second-quarter earnings season, some of the largest US companies will report their latest quarterly numbers today including Nvidia, Salesforce and Snowflake.

OIL

Crude oil futures extended the gains on Wednesday morning after the API report showed a larger-than-expected drawdown in U.S. crude stockpiles. The API data showed the US crude stockpiles declined by 5.632 million barrels last week. Moving ahead to the North American session, the oil traders should closely monitor the release of the EIA crude inventory report.

CURRENCIES

In the currency market, The US dollar remains in favour as a haven currency among traders around the world supported by expectations for faster Federal Reserve interest rate hikes boosted demand for the greenback. Minneapolis Federal Reserve Bank President Neel Kashkari said on Tuesday it was "very clear" that the stance now is to continue raising the country's interest rate.

GOLD

The safe haven metal rebounded back to above $1750 after the U.S. dollar falls from fresh twenty-year highs as PMI numbers reignite talk of recession. Technically, the short-term trend remains supportive while If the US dollar regains further upside strength this week, we could see an extension to the weakness in the gold price.

Economic Outlook

On the data front, US Services PMI fell to 44.1 in August of 2022 from 47.3 in July while the manufacturing PMI gauge still showed modest expansion at 51.3 versus July's 52.2. On the other hand, US new home sales fell 12.6% to a seasonally adjusted annual rate of 511,000 units last month, the lowest level since January 2016.

Moving ahead today, the important events to watch:

US – Durable goods orders: GMT – 12.30

US – EIA crude inventories: GMT – 14.30

Coronavirus update:

Worldwide, more than 596 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 current price action signals suggest that the medium-term bearish trend remains intact. For today, the key support level is located at 0.9880. On the upper side, 1.0000 will act as an immediate and key hurdle while 1.0050 will be a critical resistance zone because above this, strong upside momentum is likely to dominate.



The important levels to watch for today: Support- 0.9900 and 0.9880 Resistance- 1.0000 and 1.0050.

GOLD: Today as long as the metal trades above 1740 levels, the short-term uptrend will remain in place. On the upper side, the first resistance is located around 1758/60, a break above this level will confirm a possible move to 1770/72. On the downside, 1745 is the immediate support level, followed by 1735. Further selling pressure will intensify only if the metal break below 1727/26 levels.



The important levels to watch for today: Support- 1740 and 1735 Resistance- 1755 and 1760.

Quote of the day - "Where you want to be is always in control, never wishing, always trading, and always, first and foremost protecting your butt. After a while size means nothing. It gets back to whether you’re making a 100% rate of return on $10,000 or $100 million dollars. It doesn’t make any difference" - Paul Tudor Jones.

Read more - https://gulfbrokers.com/en/daily-market-report-545

 

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The euro slumped to a fresh two-decade low of 0.9900 against the US dollar on Tuesday as the latest surge in European gas prices added to worries about a recession. European gas prices break the $3,000 mark this week after Gazprom's announcement of unscheduled maintenance at the Nord Stream 1 pipeline at the end of this month.

The EURO dropped more than 13% this year. The strong bearish sentiment was also fueled by the resurgence in the US dollar. The dollar rally comes after the renewed concerns about aggressive interest rate hikes. On Tuesday, the currency pair slightly recovered in early New York trading after the release of disappointing US PMI and new home sales data. EURO was initially under pressure on Tuesday following the release of mixed PMI data from the Euro Area, Germany, and France.

EURO weekly fundamental forecast

The Euro has been taking on water since the Russia-Ukraine war started. And there has been an uptick in the amount of news and negativity surrounding the currency pair. Moving ahead, first, traders will get an update on a broad swath of the economy through the German GDP data and ECB meeting minutes. Then, Euro traders will turn their eyes toward Fed Chair Jerome Powell’s speech at the annual symposium in Jackson Hole, Powell may provide investors with more clues about the next monetary moves from the Fed, even though a 50-basis point rate hike is now fully priced in September meeting.

EURUSD technical outlook

From a technical point of view, the trend on the EUR/USD is clearly bearish. But there are tentative signs that the bulls might be coming back. Turning to the daily chart, we see that the EURUSD is trading at 0.9950 on Wednesday morning. The pair bounced almost 100 pips on Tuesday's New York session but failed to close above the psychological level of 1.0000 on a daily basis, and now the pair trades comfortably below that region which increases the possibility that the bears could be gaining control.

Read more - https://gulfbrokers.com/en/eurusd-is-the-bottom-nearby

 

[syamfx2020]

Euro and European shares traded higher on Thursday morning supported by the release of better-than-expected German macro-economic data. The German GDP advanced 0.1% in Q2 2022, compared to preliminary estimates of 0.0%. The GDP expanded by 1.8% annually for the second quarter of 2022. German IFO business climate figures also came much better than market forecasts. Moving ahead, the investors and traders should closely monitor the release of ECB meeting minutes which are set to be released at 11.30 GMT.

EQUITIES

US stock futures extended the gains on Thursday morning ahead of Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole symposium. The recent bullish sentiment was also lifted by stronger than expected US housing data.

On the earnings front, Dollar General and Gap are amongst those reporting the last quarter's financial results today.

OIL

Crude oil futures hold strong weekly gains boosted by the decline in US crude inventory. The latest EIA data showed the US crude oil inventories fell by 3.282 million barrels in the week ended August 19th, much more than market expectations of a 0.933-million-barrel decrease.

CURRENCIES

In the currency market, the US dollar Index pauses the upside momentum ahead of the USD GDP data while commodity-linked currencies such as the Canadian and Australian dollars gained supported by the higher commodity prices.

GOLD

The safe-haven metal reached a fresh weekly high of $1764 on Thursday. Moving ahead to the North American session the gold traders should closely monitor the release of US GDP data and weekly jobless claims.

Economic Outlook

On the data front, the Commerce Department released the latest US durable goods orders data. The data showed the durable goods orders unchanged from a month earlier in July of 2022, compared to the market expectations of a 0.6% increase.

Moving ahead today, the important events to watch:

EU – ECB meeting minutes: GMT – 11.30

US – GDP: GMT – 12.30

Coronavirus update:

Worldwide, more than 596 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 the immediate support for the Euro stands near the level of 0.9960. On the flip side, the first resistance at 1.0050 any break above this level will open at 1.0100 and 1.0120 minimum.



The important levels to watch for today: Support- 0.9980 and 0.9960 Resistance- 1.0050 and 1.0100.

GOLD: The yellow metal hovers above the $1760 area. If the bullish momentum continues the next upside levels to watch are $1772 and $1778. On the downside side, $1740 is a crucial support area to watch for today.



The important levels to watch for today: Support- 1752 and 1740 Resistance- 1772 and 1778.

Quote of the day - Everybody has some information. The function of the markets is to aggregate that information, evaluate it, and get it incorporated into prices - Merton Miller.

Read more - https://gulfbrokers.com/en/daily-market-report-546

 

[syamfx2020]

Global stocks and precious metals closed last week in negative territory after Fed Chair Jerome Powell's hawkish comments indicated higher interest rates in place for a longer time. While Powell said the September rate decision is still undecided as they wait for data but he made it clear that he expects rates to remain at levels that should slow the economy “for some time.”

The market currently expects that the central bank will raise the Fed funds futures rate by another 75 basis points in the September meeting. The Fed funds futures are showing odds of a 75bps hike in September now 70% vs 46.5% before Powell's speech. Moving ahead to this week, the important economic events to watch are the series of inflation numbers from the Germany and Eurozone, the US employment report and consumer confidence data.

On the earnings front, the companies scheduled to release their last quarter financial results this week will be Chewy, Lululemon, Broadcom and HP.

GOLD

The precious metal ended lower last week weighed down by a stronger dollar and a hawkish FED view. The metal is expected to remain under pressure in the near term as investors pricing in the adoption of a more hawkish stance from the Fed. This week the gold investors should closely focus on comments from several Fed policymakers about inflation and interest rate expectations. The focus will also turn to the NFP report on Friday, which should prompt even more volatility.



Technically the current price action signals suggest that the medium-term bearish trend remains intact. On the downside, the decline is more extensive, and it will be hard to rule out a run towards 1720/12 if the bearish momentum continues. On the flip side, the first resistance is located around 1760, a break above this level will confirm a possible move to 1772 and 1780.

DOLLAR INDEX

The dollar index, which measures the currency against six major peers ended last week firmly in positive territory. Meanwhile, investors have become increasingly concerned about the US economic health going forward following the release of weak PMI data last week. Moving ahead, this week the US dollar could continue to strengthen due to its status as a safe haven asset but the long-term direction of the USD will depend on the US employment report which will release on Friday.



The technical scenario is absolutely bullish after the price break above 109.30 zones. While considering the recently bullish rally the Index may find strong resistance in the area of 109.80 where the price has strong resistance. On the downside, in the short-term the first immediate support at 108.70 followed by 108.30/00.

EURUSD

The currency pair dropped to its lowest level since November 2002 last week. However, the currency pair rebounded back to above 1.0050 later the week supported by better-than-expected German economic data. This week, the traders and investors will also pay attention to the important events for EURO, Eurozone inflation numbers, German retail sales and employment data.



Technically the overall momentum remained bearish for the pair after the bulls failed to extend the rally. In the short term if the price breaks below 0.9950 it would open doors toward last week's low of 0.9900 and below that 0.9870 is next. On the upper side, 1.0050 will act as an immediate and strong hurdle while 1.0130 will be a critical resistance zone because bulls are likely to dominate above this.

DOW JONES

Dow Jones and other US indices slumped sharply on Friday after US Fed Chairman Jerome Powell‘s push for an aggressive rate hike triggered a sell-off in US stocks. The bearish sentiment was also driven by the weaker-than-expected Q2 earnings results. This week, Dow trader's focus will turn to the Non-farm payroll report on Friday, looking for clues on future rate hikes by the central bank.



Technically the overall momentum remains bearish. For this week, 31,700 is the crucial support area to watch. If the index breaks below 31,700, the slump will quickly extend toward the 31,300/100 mark. On the upper side, the first key resistance is around 32,500 and then 32,850.

Read more - https://gulfbrokers.com/en/weekly-review-gold-usd-eurusd-and-dow-jones-45

 

[syamfx2020]

The second quarter earnings season is going on, and we have already witnessed some big earnings hits and misses. Here are some of the most intriguing companies reporting Q2 earnings results this week.

Chewy​

The online pet supplier Chewy (NYSE: CHWY) will release its second-quarter financial results after the market closes on Tuesday, Aug 30, 2022. The company is expected to post quarterly earnings of $0.12-per-share loss and revenues are expected to be $2.45 billion.

After struggling to find a bottom amid the stock market correction, shares of Chewy regained upside momentum in the last 2 months boosted by stronger-than-expected Q1 financial results. Technically the overall trend looks mixed after the stock failed to break above the trendline and the short-term support is around $34. However, a fresh demand for $CHWY can be anticipated once the stock rises above the trendline.

$CHWY key technical levels to watch for this week:

Support: $36 and $34

Resistance: $40.80 and $43.50

Lululemon​

Lululemon (NASDAQ: LULU), the athletic retailer, is due to report its quarterly figures after the market close on Thursday, Sep 01. The retailer reported strong fiscal Q1 results and better-than-expected Q2 guidance in June. Analysts expect second-quarter earnings per share of $1.86 and revenue of $1.77 billion. During the last week, the stock closed slightly lower, but the stock might bounce to the next key resistance area of $340 if these key numbers of top expectations in the earnings report.

$LULU key technical levels to watch for this week:

Support: $300 and $285

Resistance: $325 and $340

Read more - https://gulfbrokers.com/en/top-2-earnings-to-watch-this-week-chewy-and-lululemon

 

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The British pound remains one of the weakest currency pairs this month. GBPUSD started this week with a bearish note, on Monday touched 1.1650 its lowest level since March 2020. For this week, the first key support level is located at 1.1630/20. In case it breaks below this level, it will head towards the next support level which is located near 1.1570. On the flip side, the resistance for the GBP appears to be around 1.1800/10. If the price break and closes above this area, the next upside level to watch is 1.1870 then 1.19.

Moving ahead to the last days of this month the investors and traders have become increasingly concerned about the UK’s economic health going forward. Britain’s inflation rate rose to a new 40-year high of 10.1% in July and the latest UK PMI data showed manufacturing activity in the UK unexpectedly contracted for the first time since May of 2020.

“The United Kingdom’s economy would enter a recession at the end of the year” - The Bank of England said in the last monetary policy meeting.

EQUITIES

US stock futures notched up small gains on Tuesday. However, the overall sentiment remains bearish after Fed Chair Powell reiterated the need for restrictive monetary policy for some time to bring inflation down.

On the earnings front, Chewy, Best Buy and HP are amongst those reporting the last quarter's financial results today.

OIL

Crude oil futures extended the gains on Tuesday morning driven by rising risks of a potential civil war that could put Libyan output at risk. On the other hand, Saudi Arabia, a top producer in the Organization of the Petroleum Exporting Countries (OPEC) last week raised the possibility of production cuts.

CURRENCIES

In the currency market, the AUDUSD rebounded back to above 0.6940 following the last few day's strong bearish move supported by stronger-than-expected retail sales data. Meanwhile, the Euro and GBP also gained momentum after the US dollar gives back gains after rising to a fresh 20-year high on Monday.

GOLD

The safe-haven metal struggling to regain upside momentum. The recent strong bearish sentiment fueled by Fed Chairman Jerome Powell's hawkish stance on Friday encouraged dollar bulls and pressured metal prices lower. Moving ahead to the North American session, the gold traders should closely monitor the release of US consumer confidence data.

Economic Outlook

On the data front, Retail sales in Australia have increased to 1.3% in July according to the ABS, following a 0.2% growth in sales from June. Retail sales grew 16.5 percent on a yearly basis after June's 12.0 percent increase.

Moving ahead today, the important events to watch:

Germany – CPI: GMT – 12.00

US – Consumer Confidence: GMT – 14.00

Coronavirus update:

Worldwide, more than 601 million people have been confirmed infected and more than 6.48 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: In the short-term perceptive, the immediate bias will remain bullish as long as prices are held above 1.0000. On the flip side, any break below 0.9980 then the next support near the 0.9950 followed by the 0.9920 level.



The important levels to watch for today: Support- 0.9980 and 0.9950 Resistance- 1.0050 and 1.0100.

GOLD: The metal rebounded back to above 1735 during the European session. For today, the first resistance is located for the pair at around 1740, a break above this level will confirm a possible move to 1746/48.



The important levels to watch for today: Support- 1730 and 1726 Resistance- 1740 and 1748.

Quote of the day - “Without investment, there will not be growth, and without growth, there will not be employment.” — Muhtar Kent.

Read more - https://gulfbrokers.com/en/daily-market-report-547

 

[syamfx2020]

Global stock markets remain under pressure since Friday after Federal Reserve Chairman Jerome Powell vowed to keep pressing the fight against inflation. The major indices of the US stock markets showed a lot of volatility and closed with significant losses on Tuesday after the comments from the Federal Reserve Bank of New York President John Williams. Williams said that interest rates should remain high until inflation comes down.

“Our focus is on getting inflation back down to 2%,” and the current level of price pressures is “far too high,” Mr Williams said.

Moving ahead, global cues such as the FED's hawkish stance, trends in dollar strength and US employment report are expected to drive investors' sentiments in the remaining days of this week.

EQUITIES

European shares faced another leg lower on Wednesday after the release of a weaker-than-expected German employment report. Meanwhile, Asian shares traded lower following the release of manufacturing PMI data from China pointed to a slowdown in activity. China’s services PMI declined to a three-month low of 52.6 in August 2022 from 53.8 a month earlier.

OIL

Crude oil futures extended the losses following the release of API inventory data. The bearish momentum is driven by the strong US dollar and stock markets sell-off. The API data showed the US crude inventories increased by 0.593 million barrels in the week ended August 26th.

CURRENCIES

In the currency market, the dollar gained for a second straight day against a basket of currencies as investors continued to take shelter in the U.S. currency. Commodity-linked currencies such as the Australian and Canadian dollars trades near the weekly low against the US dollar. While the Euro extended the gains against the British pound.

GOLD

The precious metal plunged on Wednesday morning session after it broke the key support area of $1720. The metal fell to near $1712 area, the fresh monthly lows. The recent sell-off is driven by a stronger US Dollar and hawkish comments from the FED policymakers.

Economic Outlook

On the data front, the US consumer confidence index rebounded after 3 consecutive months of decline. The US consumer confidence index rose to 103.2 in July, compared to the market forecasts reading of 97.60.

Moving ahead today, the important events to watch:

Canada – GDP: GMT – 12.30

US – EIA crude inventories: GMT – 14.30

Coronavirus update:

Worldwide, more than 601 million people have been confirmed infected and more than 6.48 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 pair trades below 1.0000. In the short-term, if the bearish momentum continues the next downside levels watch 0.9980 and 0.9950. On the flip side, the immediate resistance is at 1.0030 and then 1.0050.



The important levels to watch for today: Support- 0.9980 and 0.9950 Resistance- 1.0030 and 1.0050.

GOLD: Technically the overall trend still looks bearish after the previous session's selling pressure and the short-term support around $1710. If the metal breaks below $1710 the next important support at $1700.



The important levels to watch for today: Support- 1710 and 1700 Resistance- 1725 and 1730.

Quote of the day - “Games are won by players who focus on the playing field – not by those whose eyes are glued to the scoreboard.” - Warren Buffett.

Read more - https://gulfbrokers.com/en/daily-market-report-548

 

[syamfx2020]

The gold price came close to hitting $1700 in the past 12 hours, as of this writing, the metal trades below $1712. The reason for such significant weakening was created by the substantial strengthening of the US dollar and sharp rise in interest rates around the world, especially the US central bank, which is pursuing an aggressive monetary policy to get inflation under control.

Bullion prices extended their weekly decline as a stronger dollar and higher interest rates continued to hammer investment demand in the precious metals. The precious metal has been under intense selling pressure since Friday after the aggressive speech from Fed Chair Jerome Powell. On Friday, at a speech at the Jackson Hole symposium, Powell said that the US Central Bank will raise and maintain rates at a restrictive level until inflation falls substantially.

How gold prices connect to inflation and interest rates?​

Gold price has been on a bearish trend for the last 6 months even though the metal is often considered a hedge against inflation because we witnessed huge surges in inflation around the world since the start of the pandemic. The unprecedented rise in retail inflation numbers over the last few months led to the central banks of several major economies winding down their asset purchase programs and raising interest rates. Gold is highly sensitive to rising interest rates since higher rates dent gold's appeal as they increase the opportunity cost of holding non-yielding bullion.

Like other central banks, US Federal Reserve also started to raise interest rates to slow the economy and bring inflation down. In July, the FOMC raised its target range for the federal funds rate by 75 basis points for a consecutive month and the central bank is expected to raise interest rates throughout the year.

Gold price technical outlook​

Technically the overall momentum remains bearish. On the downside, $1700 is the crucial support area to watch. If the metal breaks below the $1700, the slump will quickly extend toward the $1680/70 mark. However, considering the recent sell-off near-term rebound from $1700/10 support remains corrective in nature. While If the US dollar regains further upside strength, then we could see an extension of the weakness in the gold price. On the upper side, $1730 and $1745 will act as an immediate and $1765 will be a critical resistance zone, a fresh demand for the metal can be anticipated once it rises above the 1765 resistance.

Read more - https://gulfbrokers.com/en/gold-price-back-to-near-1700-will-the-metal-bounce-back