Daily Market Report by GulfBrokers 2020-2021

[syamfx2020]

GOLD price retreat back to near 1800. in the short-term, the gold price is supported at 1790, any break below this level will open the doors to $1780 and $1772. On the other flip side, the immediate resistance at 1818, any break over targets 1825/30.

 

[syamfx2020]

Today the attention in the markets remains focused on possible measures and changes that the European Central Bank may undertake in the July meeting to deal with rising inflation. The ECB Monetary Policy Statement is set to be released at 11:45 GMT. Along with this release will see the ECB president Christine Lagarde Conference 45-minutes after at 12:30.

EQUITIES

European stocks and Wall Street ended higher for the second consecutive day on Wednesday despite Delta variant fears supported by strong corporate earnings and the strong rebound in oil prices.

On the earnings front, AT&T (NYSE: T) and Abbott (NYSE: ABT) reporting earnings today before the bell while Snap (NYSE: SNAP) and Twitter (NYSE: TWTR) is scheduled to report results after the market close.

OIL

Crude oil price holding the previous session gains. On Wednesday, the crude oil prices closed sharply higher. Meanwhile, the EIA data showed on Wednesday the US crude inventories rose 2.1 million barrels in the week ended July 16th to 439.7 million barrels.

CURRENCIES

In the currency market, the commodity currencies Australian dollar, New Zealand dollar and the Canadian dollar recovered from the previous session losses. Meanwhile, the Euro remains struggling to find the upside momentum ahead of the ECB decision.

GOLD

The Safe-haven metal slips below $1800 as treasury yields continue to bounce. The US 10-year Treasury yield rose for the second day to 1.29% Wednesday. If the bearish momentum continues the next downside levels to watch $1880 and $1870.

Economic Outlook

On the data front, the Canada new housing price Index report showed the new home prices in Canada advanced 0.6% over a month in June, the slowest pace in six months.

Moving ahead today, the important events to watch:

Eurozone – ECB interest rate decision and statement: GMT – 11.45

US – Jobless claims: GMT – 12.30

US – Existing home sales: GMT – 14.00

Coronavirus update:

Worldwide, more than 191.8 million people have been confirmed infected and more than 4.1 million have died. The United States has confirmed over 34 million cases and has had more than 609,800 deaths from COVID-19, the highest totals in the world.

Technical Outlook

EURUSD: The currency pair weaker below 1.1800 supported by 1.1750. Today, the pair is expected to face resistance around 1.1850 along with support around 1.1750 and 1.1710.

The important levels to watch for today: Support- 1.1750 and 1.1700 Resistance- 1.1830 and 1.1850.

GOLD: The yellow metal trading is extremely near to the $1790 crucial support area. Overall, the momentum remained bearish throughout today.

The important levels to watch for today: Support- 1790 and 1780 Resistance- 1810 and 1815.

Quote of the day: “Use limit orders exclusively-except when placing stops. Be careful what you use: there is no magic solution. Success cannot be bought; it can only be worked on.” Alexander Elder.

Read more- https://gulfbrokers.com/en/daily-market-report-354

 

[syamfx2020]

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Today the attention in the markets remains focused on possible measures and changes that the European Central Bank may undertake in the July meeting to deal with rising inflation. The ECB Monetary Policy Statement is set to be released at 11:45 GMT. Along with this release will see the ECB president Christine Lagarde Conference 45-minutes after at 12:30.

EQUITIES

European stocks and Wall Street ended higher for the second consecutive day on Wednesday despite Delta variant fears supported by strong corporate earnings and the strong rebound in oil prices.

On the earnings front, AT&T (NYSE: T) and Abbott (NYSE: ABT) reporting earnings today before the bell while Snap (NYSE: SNAP) and Twitter (NYSE: TWTR) is scheduled to report results after the market close.

OIL

Crude oil price holding the previous session gains. On Wednesday, the crude oil prices closed sharply higher. Meanwhile, the EIA data showed on Wednesday the US crude inventories rose 2.1 million barrels in the week ended July 16th to 439.7 million barrels.

CURRENCIES

In the currency market, the commodity currencies Australian dollar, New Zealand dollar and the Canadian dollar recovered from the previous session losses. Meanwhile, the Euro remains struggling to find the upside momentum ahead of the ECB decision.

GOLD

The Safe-haven metal slips below $1800 as treasury yields continue to bounce. The US 10-year Treasury yield rose for the second day to 1.29% Wednesday. If the bearish momentum continues the next downside levels to watch $1880 and $1870.

Economic Outlook

On the data front, the Canada new housing price Index report showed the new home prices in Canada advanced 0.6% over a month in June, the slowest pace in six months.

Moving ahead today, the important events to watch:

Eurozone – ECB interest rate decision and statement: GMT – 11.45

US – Jobless claims: GMT – 12.30

US – Existing home sales: GMT – 14.00

Coronavirus update:

Worldwide, more than 191.8 million people have been confirmed infected and more than 4.1 million have died. The United States has confirmed over 34 million cases and has had more than 609,800 deaths from COVID-19, the highest totals in the world.

Technical Outlook

EURUSD: The currency pair weaker below 1.1800 supported by 1.1750. Today, the pair is expected to face resistance around 1.1850 along with support around 1.1750 and 1.1710.

The important levels to watch for today: Support- 1.1750 and 1.1700 Resistance- 1.1830 and 1.1850.

GOLD: The yellow metal trading is extremely near to the $1790 crucial support area. Overall, the momentum remained bearish throughout today.

The important levels to watch for today: Support- 1790 and 1780 Resistance- 1810 and 1815.

Quote of the day: “Use limit orders exclusively-except when placing stops. Be careful what you use: there is no magic solution. Success cannot be bought; it can only be worked on.” Alexander Elder.

Read more- https://gulfbrokers.com/en/daily-market-report-354

 

[syamfx2020]

The British pound bounced 200 pips from the weekly lows after the USD gives back some of the gains. At the time of writing, the GBP/USD trades above 1.3760. Moving ahead to the end of the week, the GBP traders will now be focused on Friday’s UK retail sales figures. Economists are predicting a reading of 9.6%, which would be a sharp fall from the 24.6% growth registered in June.

On Tuesday, the GBP/USD plunged to a fresh 6-month low of 1.3572 weighed down by the strong US dollar. The US dollar was remained in favour as a safe haven currency due to global growth fears and the rapid spread of the coronavirus delta variant. Furthermore, the downticks in the GBP were further bolstered after the comments from Bank of England policymaker Michael Saunders. He said last week the central bank could decide to halt its bond-buying programme early amid inflationary pressure.

Technically the overall momentum remained bullish throughout the last two sessions. In the short term, if the pair breaks above 1.3790 which would open doors towards the next resistance area of 1.3840 and above that 1.3870 is next. On the downside, the immediate support is near 1.3700/ 1.3690, and a further breakout below this area could lead the pair towards the next support level of 1.3660/40.

However, considering the recent strong rebound rally in the British pound, the US dollar movement will continue to play a vital role in this currency pair's future direction.

Read more - https://gulfbrokers.com/en/pound-regains-momentum-against-the-usd-and-euro

 

[syamfx2020]

The social media company Twitter (NYSE: TWTR) shares rallied almost 8% in after-hours trading, to as high as $76 following the company announced better-than-expected second-quarter financial results. The company reported average monetizable daily active users of 206 million for Q2. Twitter stock has climbed more than 27% since the start of the year.

• Earnings per share: $.20 vs. $.7 expected
• Revenue: $1.19 million vs. $1.07 million expected

“As we enter the second half of 2021, we are shipping more, learning faster, and hiring remarkable talent,” Twitter CEO, Jack Dorsey said.

EQUITIES


US stock futures trading near the fresh session high on Friday boosted by strong earnings results from the social media companies Snap and Twitter.

On the earnings front, American Express (NYSE: AXP) and Honeywell (NASDAQ: HON) is scheduled to report results today before the bell.

OIL

Crude oil prices trading higher on Friday supported by a rebound in the stock market and positive comments from the IMF on Thursday.

CURRENCIES

In the currency market, the EURUSD ignored the upbeat PMI data from Eurozone and Germany. During the previous session, the currency pair hits fresh weekly high after the ECB decision but later the pair retreat back to below 1.1800.

GOLD

The precious metal slightly rebounded from the previous session losses supported by rising virus cases. During the previous session, the metal dropped to a fresh weekly low of $1792.5.

Economic Outlook

On the data front, UK retail sales volumes grew by 0.5% in June from May, the Office for National Statistics said, compared to the market expectation of a 0.4% increase.

On Thursday, the US Labor department released the latest weekly jobless claims report. The data showed the jobless claims increased last week to 419,000, the most in two months, from 368,000 the previous week.

Moving ahead today, the important events to watch:

Canada – Retail Sales: GMT – 12.30

US – Manufacturing PMI: GMT – 13.45

Coronavirus update:

Worldwide, more than 192 million people have been confirmed infected and more than 4.1 million have died. The United States has confirmed over 34.2 million cases and has had more than 609,800 deaths from COVID-19, the highest totals in the world.

Technical Outlook

EURUSD: The currency pair trading under pressure following the dovish statement from European Central Bank. At the time of writing, the pair hovers near the 1.1760 area.

The important levels to watch for today: Support- 1.1750 and 1.1730 Resistance- 1.1800 and 1.1830.

GOLD: The metal trading is near $1800. Any break below the previous session low of $1792 will open the doors to $1787 and $1780. On the upper side, the immediate resistance at $1815.

The important levels to watch for today: Support- 1795 and 1790 Resistance- 1810 and 1815.

Quote of the day: “It is remarkable how much long-term advantage people like us have gotten by trying to be consistently not stupid, instead of trying to be very intelligent.” – Charlie Munger.

Read more - https://gulfbrokers.com/en/daily-market-report-355

 

[Erfan2021]

USDJPY-DAILY-ELLIOTT WAVE+MOMENTUM DIAGRAM​

 

[syamfx2020]

Domino’s (NYSE: DPZ) stock surged more than 15% last week after the company posted strong Q2 results.

Read the detailed report here-

Domino’s earnings beat estimates; Stock hits new 52 week high

“I am very pleased with our strong global retail sales and store growth momentum during the second quarter” Domino’s CEO, Ritch Allison.

gulfbrokers.com

 

[syamfx2020]

The electric car maker Tesla (NASDAQ: TSLA) will announce its second-quarter 2021 financial results after market hours on Monday, July 26. The company is expected to post quarterly earnings of $0.94 per share and revenues are expected to be $11.4 billion.

$TSLA key technical levels to watch today:

Support: $620 and $590

Resistance: $670 and $700

EQUITIES

US stock futures trading slightly lower on Monday ahead of big earnings week and the Federal Reserve FOMC meeting. On the other hand, the European and Asian stocks traded lower after the Chinese government continued its regulatory clampdown.

OIL

Crude oil prices rebounded from the Asian session lows. During the Asian session, the oil prices slipped as investors remain concerned about a rise in coronavirus cases tied to the highly contagious Delta variant.

CURRENCIES

In the currency market, the EURUSD retreat from the early session gains following the release of weaker-than-expected German IFO data. Meanwhile, the British pound holding the gains against the US dollar and Euro.

GOLD

The precious metal started the new week on a positive note. At the time of writing, the metal trades above $1808. Overall, the momentum remains bullish throughout the European session.

Economic Outlook

On the data front, the German Ifo Business Climate fell to 100.8 in July 2021, compared to the market expectations of 102.1.

This week the main highlights of the economic calendar will be the FOMC meeting, US GDP, and the inflation data from Eurozone, Australia, and Canada.

Coronavirus update:

Worldwide, more than 193 million people have been confirmed infected and more than 4.1 million have died. The United States has confirmed over 34.2 million cases and has had more than 610,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

GBPUSD: The currency pair hovers near the previous week highs. If the pair break above this area, then the next crucial resistance levels to watch today 1.3810 and 1.3840.

The important levels to watch for today: Support- 1.3730 and 1.3710 Resistance- 1.3810 and 1.3840.

GOLD: The metal trading above $1800. For today, If the bullish momentum continues then the next upside levels to watch $1815 and $1818. On the downside side, the immediate support at $1798.

The important levels to watch for today: Support- 1798 and 1790 Resistance- 1815 and 1820.

Quote of the day: Individuals who cannot master their emotions are ill-suited to profit from the investment process. Benjamin Graham


The full article link- https://gulfbrokers.com/en/daily-market-report-356

 

[syamfx2020]

The markets are expected to be extra volatile this week and the key events to watch the US Q4 GDP and U.S. Fed's two-day policy meeting, which ends on Wednesday. The investors will pay close attention to the update from Jerome Powell about the central bank’s view of the economic outlook as well as clues about future tapering.



On the earnings front, the US social media and Airlines companies reported stronger-than-expected second-quarter financial results last week. Moving ahead to this week, Tesla and big tech stocks Alphabet, Amazon, Apple and Facebook are due to release their last quarter reports.

GOLD

The precious metal rebounded back to above 1810 on Monday after the metal found buyers again near the $1790 area. Moving ahead, the Gold traders and investors will closely monitor Wednesday’s FED decision for clues on the timing of forthcoming changes to Fed policy settings.

For this week, the metal-supported at 1790 level, any break below this level will open the doors to 1780 and 1765. On the other upper side, the immediate resistance at 1818 and any break will drag the metal to 1830/35 levels.

DOLLAR INDEX

The greenback has closed almost flat on the weekly basis but the Index was remained in favour as a safe haven currency due to global growth fears and the rapid spread of the coronavirus delta variant. This week

On a weekly time, frame, the overall movement remained bullish for the Dollar. If the bullish momentum continues the next upside levels to watch 93.18 (Last week high) and 93.40. On the downside, any meaningful pullback now seems to find some support near the 92.50 zones, below which the slide could further get extended towards the 92.20/00 region.

EURUSD

Last week the currency pair ended in negative territory on dovish ECB talks. The European Central Bank said its new guidance would “underline its commitment to maintaining a persistently accommodative monetary policy stance to meet its inflation target”.

This week, EURUSD needs to stay above 1.1750; otherwise. 1.1700/1.1680 may be visible soon. On the upper side, 1.1830/50 the key resistance zones to watch, if the pair breaks and close above this area then the next supply level to watch around 1.1880/1.1910.

DOW JONES

Dow Jones futures started the new week on a bearish note after the index closed higher for a fourth consecutive day on Friday. The sharp rebound from last Monday's drastic declines was boosted by strong Q2 corporate earnings results.

This week if the bullish momentum continues the next upside levels to watch 35,100 (Last week high) and 35, 300/550. On the downside, any meaningful pullback now seems to find some support near the 34,650 zones, below which the slide could further get extended towards the 34,500/33,350 region.

Full Article- https://gulfbrokers.com/en/weekly-analysis-volatile-week-ahead

 

[syamfx2020]

Gold $1788-93 is such a strong support level so far but If it breaks below this area things will get worse.

Key technical levels to watch this week

Support: $1786/80 and $1770/65

Resistance: $1810/15 and $1825/36