Daily Market Report - Thursday, Jan 13, 2022

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Airline stock Delta Airlines (NYSE: DAL) is scheduled to announce its fourth-quarter earnings report today before the market open. The airline stock investors are eagerly waiting for the latest earnings results from the leading US-based airline after the spread of the Omicron variant has already put some pressure on the industry.

Delta is expected to post quarterly earnings of $0.12 per share and revenues are expected to be $9.20 billion.

$STX key technical levels to watch today

Support: $38.90 and $37.30

Resistance: $42 and $45.50

EQUITIES

European shares opened mixed despite the release of better-than-expected earnings results. Meanwhile, the US stock futures remain flat as investors shift their focus to the upcoming earnings season.

OIL

Crude oil futures holding the previous session gains. The recent bullish momentum was boosted by the weaker US dollar and stronger-than-expected oil inventory data from EIA and API. The EIA data showed the US crude oil inventories fell by 4.553 million barrels in the week ending January 7th, compared with market forecasts of a 1.904 million drop.

CURRENCIES

In the currency market, the euro is on its third consecutive session of gains against the dollar during early Thursday trading. On the other hand, the US dollar index plunged to the fresh 3 month low. At the time of writing, the Index traded below 94.80.

GOLD

The dollar’s decline following the release of the latest inflation report in the previous session has lifted the gold price. Overall, the momentum remains bullish throughout the Asian session.

Economic Outlook

On the data front, The US Inflation jumped at its fastest pace in nearly 40 years last month. US consumer prices rose 0.5 per cent in December and 7 per cent in annual terms, following a 6.8 per cent rise in November.

Moving ahead today, the important events to watch:

US – PPI: GMT – 13.30

US – Initial jobless claims: GMT – 13.30

Coronavirus update:

Worldwide, more than 305 million people have been confirmed infected and more than 5.49 million have died. The United States has confirmed over 60 million cases and has had more than 837,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook and Review

EURUSD:
Technically the overall momentum remains bullish, the immediate support for the Euro stands near the level of 1.1430 then 1.1385. On the flip side, the first resistance at 1.1480 any break above this level will open 1.1520 minimum.

eurusd


The important levels to watch for today: Support- 1.1430 and 1.1400 Resistance- 1.1476 and 1.1500.

GOLD: The yellow metal hovers above the $1820 area. If the bullish momentum continues the next upside levels to watch $1826 and $1832. On the downside side, $1814 is a crucial support area to watch.

gold neww


The important levels to watch for today: Support- 1820 and 1814 Resistance- 1826 and 1834.

Quote of the day - “Take the probability of loss times the amount of possible loss from the probability of gain times the amount of possible gain. That is what we’re trying to do. It’s imperfect, but that’s what it’s all about” – Warren Buffet.

Read more- https://gulfbrokers.com/en/daily-market-report-432
 
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