Daily Market Report - Thursday, Feb 10, 2022

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Gold price, US stock futures and the EURUSD holds on to its recent gains ahead of the most waited US consumer price index inflation report, which is set to be released later today. The consensus stands at 7.3%, which would be up from 7.0% in December.

EQUITIES

US futures surged to the fresh monthly high on Thursday boosted by stronger-than-expected earnings results and mixed comments from the Atlanta Fed President Raphael Bostic and Cleveland Federal Reserve President Loretta Mester.

OIL

Crude oil futures slightly recovered from the previous session losses after the EIA data showed US crude stockpiles fell by about 4.8 million barrels last week, compared with market expectations for a 369K barrel increase.

CURRENCIES

In the currency market, the US dollar index struggling to hold the upside momentum. Moving ahead, the future direction of the USD will depend on today’s Inflation report. On the other hand, the Australian dollar remains one of the strongest currency pairs this week.

GOLD

The Safe-haven metal trades flat on Thursday as the investors waiting for the release of U.S. consumer price data for further cues on the Fed's stance on inflation. At the time of writing, the gold price trades above $1830.

Economic Outlook

On the data front, the Reserve Bank of India (RBI) has decided to keep the benchmark lending rate unchanged at 4 per cent. The MPC has also decided to keep the reverse repo rate unchanged at 3.35 per cent.

Moving ahead today, the important events to watch:

US – Jobless claims: GMT – 13.30

US – CPI: GMT – 13.30

Coronavirus update:


Worldwide, more than 395 million people have been confirmed infected and more than 5.75 million have died. The United States has confirmed over 76 million cases and has had more than 905,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook and Review

DOLLAR INDEX:
DXY needs to stay above 95; otherwise. 94.80/60 may be visible soon. On the upper side, 95.85 and 96.20 are the key resistance zones to watch.

DXY


The important levels to watch for today: Support- 95.30 and 95.00 Resistance- 95.60 and 95.90

GOLD: For today, If the bullish momentum continues then the next resistance area to watch is 1840/45. On the downside, the immediate support is near 1828/26, and a further breakout below $1820 could lead the pair towards the next support level of $1814/08.

gold neww


The important levels to watch for today: Support- 1826 and 1818 Resistance- 1836 and 1845.

Quote of the day - “I think investment psychology is by far the more important element, followed by risk control, with the least important consideration being the question of where you buy and sell.” – Tom Basso.

Read more- https://gulfbrokers.com/en/daily-market-report-447
 
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