DAILY MARKET REPORT - Friday, April 16, 2021

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Gold price finally broke the previous month high of $1760 after the 10-year US Treasury yields dropped to the fresh monthly low. If the bullish momentum continues the next key upside levels to watch $1780 and $1800.

EQUITIES

Chinese shares traded higher following the mixed Chinese economic data. While Wall Street ended higher on Thursday supported by strong US macro-economic data and the robust US banks financial results.

On the US earnings front, PNC Financial Services (NYSE: PNC) and Morgan Stanley (NYSE: MS) reporting earnings today before the market opens.

OIL

Crude oil prices extend higher on Friday boosted by the Oil inventory data and the stock market rally. Overall, the momentum remains bullish throughout this week.

CURRENCIES

In the currency market, the US Dollar rebounded and slightly closed higher on Thursday following the upbeat US retail sales and jobless claims data. Meanwhile, the British pound trading lower against the Euro drove by amid growing concerns about the AstraZeneca COVID-19 vaccine.

GOLD

During the European session, the safe-haven metal trading unchanged after hitting the fresh weekly high of $1769 on Thursday.

Economic Outlook

On the data front, China released the latest GDP data. GDP increased by 18.3% YOY and 0.6% on a quarterly. While both the figures missed the consensus estimate. On the other hand, the retail sales rose by 34.2% in March after rising by 33.8% in the previous month.

Moving ahead today, the important events to watch:

US – Building permits: GMT – 12.30

US – Michigan consumer sentiment: GMT – 14.00

Coronavirus update:

Worldwide, more than 138 million people have been confirmed infected and more than 2.98 million have died. The United States has confirmed over 31.26 million cases and has had more than 562,511 deaths from COVID-19, the highest totals in the world.

Technical Outlook

DOLLAR INDEX:
The US dollar index slightly rebounded from the key support area 91.50. Moving ahead to the North American session, the USD traders should closely monitor the release of U.S. consumer sentiment figures for April.

DXY


The important levels to watch for today: Support- 91.50 and 91.30 Resistance- 91.85 and 92.10.

GOLD: The yellow metal trading steady above $1760. Any break above yesterday’s high $1769 the next upside to watching $1778 and $1984. On the flip side, the immediate support at $1760 followed by $1755.

gold neww


The important levels to watch for today: Support- 1760 and 1755 Resistance- 1772 and 1780.

Quote of the day: From a strictly economic point of view, buying gold in a major inflation and holding it probably presents the least risk of capital loss of any investment or speculation - Henry Hazlitt.

Read more- https://gulfbrokers.com/en/daily-market-report-287
 
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