DAILY MARKET REPORT - Monday, May 17, 2021

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The most popular cryptocurrency Bitcoin plunged more than 10% in the last 24 hrs driven by a tweet from Tesla entrepreneur Elon Musk. He hinted that Tesla is considering or may have already sold some of the bitcoins in its possession. But on Monday, early session Musk clarified that " Tesla has not sold any bitcoin ".

During the last week, Elon Musk announced that Tesla decided to remove BTC as a payment option, citing environmental concerns. At the time of writing, BTC is trading below $45000 and the crucial support area to watch this week $42000.

EQUITIES

Asian shares ended mixed after the official data showed retail sales in China missed consensus in April. US stock futures trading lower on Monday as investors waiting for the minutes from the Federal Open Market Committee's latest meeting.

OIL

Crude oil prices recovered from the previous week losses. This week, the oil traders and investors should closely monitor the API and EIA oil inventory data and the FOMC meeting minutes.

CURRENCIES

In the currency market, the British pound trading lower against the Euro after the UK Prime Minister Boris Johnson warned that the spread of the new COVID-19 variant could threaten further easing on June 21st. While the Australian dollar trading unchanged ahead of RBA meeting minutes on Tuesday.

GOLD

The Safe haven metal slightly retreats after hitting three months high of $1855. Overall, momentum remains bullish throughout the Asian session.

Economic Outlook

On the data front, the Chinese retail sales grew at a slower pace than expected last month. The retail sales have missed the estimated 24.9% YoY by coming in at 17.7%. Meanwhile, industrial output rose 9.8%, in line with forecasts but also slower than March.

This week the main highlights of the economic calendar will be the RBA and FOMC meeting minutes, PBOC interest rate decision, UK inflation and retail sales figures.

Coronavirus update:

Worldwide, more than 163 million people have been confirmed infected and more than 3.3 million have died. The United States has confirmed over 32.9 million cases and has had more than 582,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

EUR/USD:
The currency pair hovers near the 1.2150 area during the European session if the bullish momentum continues the next upside levels to watch the 1.2180 and 1.2210 zones. On the flip side, the immediate support at 1.2110/1.2080.

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The important levels to watch for today: Support-1.2125 and 1.2110 Resistance- 1.2180 and 1.2200.

GOLD: The yellow metal trading above $1850 today. The near-term resistance is around $1860, any break over targets $1875/$1890. On the other side, the immediate support is at $1843 and any break will drag the gold to $1816/00 levels.

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The important levels to watch for today: Support- 1843 and 1830 Resistance- 1860 and 1874.

Quote of the day: “Silence is golden, and gold is up these days, so silence is a solid investment.” ― Jarod Kintz.

Read more- https://gulfbrokers.com/en/daily-market-report-307
 
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