DAILY MARKET REPORT - Friday, May 28, 2021


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Technology giants HP (NYSE: HPQ) and Dell (NYSE: DELL) reported better-than-expected last quarter financial results on Thursday 27th May after the market close. The last quarter results fuelled by a surge in demand for laptops needed by people working and distance learning. Meanwhile, both the Dell and HP stocks slightly dropped in after-hours trading despite strong results.


US stock futures trading steady ahead of US President Joe Biden's first budget proposal, which will be released Friday. The budget will call for about $6 trillion in spending in fiscal 2022.


Crude oil prices climb to fresh weekly high on Friday supported by stronger-than-expected oil inventory data and the recent stock market rally.


In the currency market, the EUR/USD remains under pressure following the mixed comments from ECB policymakers. On the other hand, the US dollar stays above the 90.00 psychological area after releasing better-than-expected jobless claims reports and unchanged GDP data.


The safe-haven metal struggling to find the upside momentum after both the US dollar and U.S. Treasury yields rebounded from the previous week lows.

Economic Outlook

On the data front, US durable goods orders and Q1 GDP came below forecasts while US Jobless claims reach a new pandemic low. The initial claims fell to 406K, well below forecasts of 425K while US Q1 GDP growth was unrevised at 6.4%.

Moving ahead today, the important events to watch:

US – Personal Income: GMT – 12.30

US – Michigan consumer sentiment: GMT – 14.00

Coronavirus update:

Worldwide, more than 168 million people have been confirmed infected and more than 3.5 million have died. The United States has confirmed over 33.1 million cases and has had more than 589,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

Dollar index:
The greenback trading steady above 90 on Friday. The pair may continue to push higher if it holds above 90. The next upside levels to watch 90.20 and 90.50.


The important levels to watch for today: Support- 89.80 and 89.60 Resistance- 90.20 and 90.50.

GOLD: The yellow metal trades below $1900, any break below $1886 the next downside levels to watch $1880 and 1865. On the upper side, the immediate resistance around $1900.

gold neww

The important levels to watch for today: Support- 1880 and 1868 Resistance- 1900 and 1912.

Quote of the day: In the short run, the market is a voting machine, but in the long run it is a weighing machine. – Benjamin Graham.

Read more- https://gulfbrokers.com/en/daily-market-report-316