Daily Market Report - Friday, Nov 12, 2021

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Shares of Electric vehicle maker Rivian Automotive (NASDAQ: RIVN) closed 22% higher on Thursday. Rivian made its debut today on Wall Street on Wednesday and the company raised $11.9 billion by offering 153 million shares at $78. The stock opened at $106.75 and closed at $100.73, up $22.73 from its offer price.

Rivian was founded in 2009 by RJ Scaringe. Rivian has a huge deal with Amazon to build electric delivery trucks. Amazon has committed to buying 100,000 delivery vehicles from Rivian.

EQUITIES

European stocks held on to early gains on Friday supported by better-than-expected corporate earnings results. Meanwhile, the US stock futures remain under pressure on deepening concerns over persistent inflation.

OIL

Crude oil prices trade mostly lower on Friday after the Organization of the Petroleum Exporting Countries raised concerns over prospects for demand growth.

CURRENCIES

In the currency market, the British pound slightly recovered from the previous session losses. At the time of writing, the currency pair trades above 1.3400. The US dollar index trade is steady above 95.00, if the bullish momentum continues then the next upside level is to watch 95.30/50.

GOLD

The precious metal slightly retreats from the weekly highs as the US dollar remains strong for the third consecutive session on Friday. Overall, the momentum remained bullish throughout this week.

Economic Outlook


On the data front, OPEC released the monthly oil market report on Thursday. The OPEC said it expects oil demand to average 99.49 million barrels per day (bpd) in the fourth quarter of 2021, down 330,000 bpd from last month`s forecast.

Moving ahead today, the important events to watch:

US – JOLTs job openings: GMT – 15.00

US – Michigan consumer sentiment: GMT – 15.00

Coronavirus update:

Worldwide, more than 251 million people have been confirmed infected and more than 5 million have died. The United States has confirmed over 46.6 million cases and has had more than 750,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

EURUSD:
The currency pair attempted to bounce but is currently struggling to extend the rebound. On the downside, the next key support area to watch today is 1.1420/00.

eurusd


The important levels to watch for today: Support- 1.1430 and 1.1410 Resistance- 1.1460 and 1.1490.

GOLD: For today, the gold price is supported at $1840 levels, any break below this level will open the doors to $1836/32. On the flip side, the immediate resistance at $1860/66.

gold neww


The important levels to watch for today: Support- 1840 and 1836 Resistance- 1860 and 1865.

Quote of the day- “The vast majority of people compete in a time horizon that’s very near dated. There are many fewer investors who are thinking out a decade and beyond.” Matthew McLennon.

Read the complete blog here- https://gulfbrokers.com/en/daily-market-report-402
 
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