Daily Market Report by GulfBrokers 2020-2021

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Global equities and precious metals ended last week on a downbeat note driven by mixed earnings results, rising inflation and tightening measures by the Fed. Last week, the Federal Reserve raised its benchmark overnight interest rate by half a percentage point, the biggest jump in 22 years. This week inventors anxiously awaiting the latest US and China inflation numbers, which are set to be released on Wednesday.

On the earnings front, the companies due to release their results will be the Walt Disney, Roblox, Affirm and Palantir will be among those reporting earnings this week.

GOLD

Gold price started the new week on a bearish note. During the last week, the precious metal closed below the psychological level of $1900 as it struggles to find momentum. On Friday, the metal slightly rebounded from the weekly lows after the USD gives back some of the gains. This week the main drivers for the precious metal remain the movement of the US dollar and US CPI data.

For this week, considering heavy volatility there are chances the metal can rally back to above the key resistance of $1920. On the downside, the decline is more extensive, and it will be hard to rule out a run towards $1850 and $1840 if the metal breaks below $1860. The expected trading range for the metal this week is between $1826 support and $1920 resistance.

DOLLAR INDEX

The US Dollar Index, which measures the greenback’s value against the basket of six major currencies hits a fresh 20-year high of 104.16 on Monday. One of the key factors the Dollar traders should monitor this week is the latest US consumer inflation figures on Wednesday.

The Index remained in a range above 102 last week, and the initial bias remains neutral for the upcoming week. The key resistance is located for the pair around 104.10, a break above this level will confirm a possible move to 104.40/60. On the downside, any meaningful pullback now seems to find some support near the 103.20 zones, below which the slide could further get extended towards the 102.80 regions.

EURUSD

EURUSD retreated back to below 1.0500 on Monday morning after the buyers failed to hold the upside momentum. On Monday, earnings morning session the European Central Bank Governing Council member Olli Rehn reiterated that they may start raising rates in July. The main attraction for EURO this week is the Germany Zew economic sentiment data and German inflation data.

This week, the pair needs to stay above 1.0650 to have a chance to develop upside momentum in the near term. If the price break and closes above 1.0650, the next upside level to watch is 1.0700 then 1.0740. On the downside, if the index break below the previous week's low of 1.0470 the next immediate downside area is to watch 1.0440 and 1.0410.

DOW JONES

Dow Jones ended the first week of this month in the negative territory driven by a more aggressive policy tightening by the Fed. The downticks in the index were further bolstered by last week following the release of weak Q1 earnings results from the big US companies like Lyft and Under Armour. Moving ahead, Dow is expected to remain under pressure this week by rising inflation and geopolitical tensions.

Technically the overall momentum remains bearish. This week, If the bearish momentum continues the next key support area is to watch is 32,200 then 32,000. On the upper side, If the index regains upside momentum and press back above 33,050 then the key resistance area to watch is 33,300/600.

Read more - https://gulfbrokers.com/en/weekly-review-gold-usd-eurusd-and-dow-jones-29

 

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Global markets including stocks, commodities and cryptocurrencies had a bearish start to a new week due to mounting worries about higher interest rates and concerns over the surging inflation’s negative impact on economic growth. Moving ahead, one of the key economic data the investors and traders should monitor this week is the latest US consumer inflation figures on Wednesday.

EQUITIES

Wall Street extended a sharp selloff on Monday following the mixed comments from the FED policymakers and weaker-than-expected earnings results. The technology and data software company Palantir stock more than 20% on Monday as the company missed estimates in its first-quarter earnings report. On early Tuesday all three US indexes slightly recovered after Monday's drastic declines.

OIL

Crude oil prices trading weaker over rising tensions about the recent coronavirus pandemic in China and its impact on the global economy and oil demand. On the other hand, the additional selling pressure is driven after the EU is considering dropping the ban on EU tankers moving Russian oil.

CURRENCIES

In the currency market, The Japanese yen has strengthened against the US dollar as risk currencies extended losses amid choppy trading and high volatility in the global financial market. Meanwhile, the US dollar index slightly retreated from the fresh 20-year highs.

GOLD

The safe-haven metal remains under pressure. During the previous session, the metal rebounded back to near $1870 level but later retreated back to near $1850 following the comments from Richmond Fed President Thomas Barkin, he kept the 75-bps interest rate hike on the table.

Economic Outlook

On the data front, Germany and Eurozone released the latest economic sentiment figures. ZEW Economic Sentiment Index in Germany increased to -34.30 points in May from -41 points in April of 2022. The economic Sentiment Index In the Euro Area increased to -29.50 in May from -43 in April of 2022.

Today, the comments from the Federal Reserve policymakers will be key to watch due to the shortage of releases on the economic calendar.

Coronavirus update:

Worldwide, more than 517 million people have been confirmed infected and more than 6.25 million have died. The United States has confirmed over 81 million cases and has had more than 997,000 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: For today, the first resistance is located around 1.0600, a break above this level will confirm a possible move to 1.0640/50. On the downside, any meaningful pullback now seems to find some support near the 1.0500 zones

The important levels to watch for today: Support- 1.0530 and 1.0500 Resistance- 1.0600 and 1.0640.

GOLD: Currently the gold price is supported at $1850 levels, any break below this level will open the doors to $1840 and $1826. On the other upper side, the immediate resistance at $1872 and $1890.

The important levels to watch for today: Support- 1850 and 1840 Resistance- 1865 and 1872.

Quote of the day - The best traders have no ego. You have to swallow your pride and get out of the losses.

Read more - https://gulfbrokers.com/en/daily-market-report-490

 

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The entertainment giant Walt Disney (NYSE: DIS) stock hits a fresh 52-week low of $106.48 on Monday. Disney shares have fallen almost 30% since the beginning of the year. The stock dropped another 3% on Monday ahead of the earnings report.

Walt Disney is scheduled to report second-quarter financial results after the U.S. markets close on Wednesday, May 11. The company is expected to post quarterly earnings of $1.19 per share and revenues are expected to be $20 billion. The investors should also closely monitor the Disney+ net paid subscriber additions because recently streaming pioneer Netflix's first-quarter earnings report showed slowing subscriber growth.

$DIS weekly technical outlook

Technically the overall momentum remains bearish. While considering the strong bearish sentiment if the company reports better-than-expected last quarter earnings results on Wednesday there are chances the stock picks up upside momentum. In the short-term, the first resistance is located around $112, a break above this level will confirm a possible move to $117/120. On the downside, If the recent selling pressure continues the next strong support level to watch $100.

Trading is risky and your entire investment may be at risk. Please ensure that you fully understand the risks involved.

Read more - https://gulfbrokers.com/en/stock-to-watch-this-week-dis

 

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Global markets made slim gains on Wednesday as investors waiting for U.S. inflation data that might influence the Federal Reserve’s decision on whether to act more aggressively. Economists predict an annual increase of 8.1 percent compared to the 8.5 percent rise recorded in March.

While China’s latest CPI data showed the annual inflation rate accelerated to 2.1% last month from 1.5% in March, above market forecasts of 1.8. On a monthly basis, consumer prices climbed 0.4 percent.

EQUITIES

US futures trades steady on Wednesday supported by the positive comments from US president Joe Biden. Biden said the administration is discussing whether to drop the additional tariffs on Chinese imports imposed during the Trump administration. "We're discussing that right now. We're looking at what would have the most positive impact," Biden said.

OIL

Crude oil prices are struggling to find upside momentum pressured by coronavirus lockdowns in China and growing recession risks focus shifted to the EIA crude inventory data. Meanwhile, the API inventory data showed the US crude inventories increased by 1.618 million barrels in the week ended May 6th of 2022, following a 3.479 million barrels slump in the previous week.

CURRENCIES

In the currency market, the US dollar remains steady as Investors have been buying into the safe-haven currency as global market sentiment remains cautious. However, the future direction of the USD will depend on today’s Inflation report. On the other hand, the Australian dollar slightly recovered from a new 22-month low following the comments from US president Joe Biden.

GOLD

The safe-haven metal rebounded back to near the key resistance area of $1850 ahead of the US CPI data. The metal regains upside momentum after China’s latest inflation rate showed prices are rising faster than expected.

Economic Outlook

On the data front, Inflation in Germany hit a new record high in April, pushed higher by food and energy prices. Annual inflation grew to 7.4% from 7.3% in March. On a monthly basis, consumer prices went up 0.8 percent, easing from a 2.5 percent gain in March, which was the highest reading since October 1951.

Moving ahead today, the important events to watch:

US – CPI: GMT – 12.30

US – EIA crude inventories: GMT – 14.30

Coronavirus update:

Worldwide, more than 517 million people have been confirmed infected and more than 6.25 million have died. The United States has confirmed over 81 million cases and has had more than 997,000 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: The currency pair needs to stay above 1.0600; otherwise. 1.0500/1.0470 may be visible soon. On the upper side, 1.0640 is the key resistance zones to watch, if the pair breaks and close above this area then the next supply level to watch is around 1.0700/40.

The important levels to watch for today: Support- 1.0500 and 1.0470 Resistance- 1.0600 and 1.0650.

GOLD: The precious metal remains under pressure a clear breakdown of the support at $1830 could open space for further declines while only recovery to $1,855 would reverse the short-term negative trend.

The important levels to watch for today: Support- 1840 and 1826 Resistance- 1855 and 1865.

Quote of the day - "When I get together with other traders and they start exchanging war stories about different trades, I have nothing to say. To me, all our trades are the same." ― Larry Hite.

Read more - https://gulfbrokers.com/en/daily-market-report-491

 

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The EURUSD fell again during the trading session on Thursday after forming an inverted hammer on Wednesday, the currency pair plunged to a 5-year low of 1.0425. The strong bearish sentiment is driven by the dollar strength and concerns about the economic fallout from the Ukraine crisis. In the coming days, again the trend of the euro would largely depend on the trend of the dollar index. On the downside, if the bearish momentum continues the next key demand area is to watch at 1.0400 and 1.0380.

EQUITIES

Stocks fall further on Wall Street on Wednesday following the release of the latest US inflation data. The data showed the annual Consumer Price Index printing at 8.3 percent, higher than the 8.1 percent predicted. The sell-off is also driven by weaker-than-expected earnings results.

OIL

Crude oil prices remain under pressure after the U.S. crude inventories rose by more than anticipated. The EIA data showed US crude oil inventories jumped by 8.487 million barrels in the week ending May 6th.

CURRENCIES

In the currency market, the US dollar, which is also often seen as the ultimate safe-haven currency, held firm against many other rivals, including the euro and commodity-linked currencies. The US dollar index surged to a fresh session high of 104.50 on Thursday supported by the hotter than expected US inflation data. At the time of writing, the king dollar trades above 104.50.

GOLD

The safe-haven metal is struggling to firm to the upside despite the economic uncertainties due to aggressive Fed rate hike bets. Overall, the momentum remains bullish throughout this month as inflation pressures persist.

Economic Outlook

On the data front, the UK's First-quarter GDP grew by 0.8%, missing forecasts for a rise of 1% and down from the 1.3% expansion posted in the fourth quarter of 2021. The annual reading was also below expectations at 8.7% against estimates of 9%.

Moving ahead today, the important events to watch:

US – PPI: GMT – 12.30

US – Jobless claims: GMT – 12.30

Coronavirus update:

Worldwide, more than 517 million people have been confirmed infected and more than 6.25 million have died. The United States has confirmed over 81 million cases and has had more than 997,000 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: Technically the overall momentum remains bearish, the key support for the Euro stands near the level of 1.0400. On the upside, 1.0480 will act as an immediate and strong hurdle while 1.0530 will be a critical resistance zone because above this, bulls are likely to dominate.

The important levels to watch for today: Support- 1.0400 and 1.0360 Resistance- 1.0480 and 1.0530.

GOLD: On the daily time frame, the gold is currently supported at $1830, and the resistance is around $1872. On the upper side, the long-term buyers should wait for a daily close above the $1895.

The important levels to watch for today: Support- 1840 and 1830 Resistance- 1865 and 1872.

Quote of the day - “If you can learn to create a state of mind that is not affected by the market’s behaviour, the struggle will cease to exist.” – Mark Douglas.

Read more - https://gulfbrokers.com/en/daily-market-report-492

 

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Shares of dating-platform company Bumble (NASDAQ: BMBL) jumped more than 25% on Thursday after the company reported stronger-than-expected first-quarter financial results. Bumble reported revenue of $211.2 million in the quarter, up from $170.7 million. According to the company, its total Bumble app paying users is up by 31% year-over-year. The dating-app operator anticipates revenues to be within the $218-$221 million range in the second quarter of 2022.

• Earnings per share: 0.13 vs. -0.04 expected
• Revenue: $211.2 million vs. $208.34 million expected

“Our compelling brands, product leadership, and operational excellence position us well to capture a growing share of the global dating market.” - Bumble’s CEO, Whitney Wolfe Herd, said. “Bumble App drove substantial revenue growth across the U.S. and international markets and delivered a significant sequential increase in paying users by continuing to focus on a woman-first experience built upon trust, kindness, and safety,” – she added.

EQUITIES

US futures and European shares slightly recovered from the previous session's sell-off while overall momentum remains bearish as inflation data continued to weigh on sentiment. On Thursday, Wall Street extended losses following the release of weaker-than-expected US weekly jobless claims data and the producer price inflation remained elevated in April.

OIL

Crude oil futures were mostly steady on Friday. On Thursday, oil prices ended higher for the second consecutive day driven by concerns of further supply disruptions from Russia. Meanwhile, Hungary has stepped up its opposition to an EU plan to ban Russian oil imports.

CURRENCIES

In the currency market, the dollar index, which tracks the U.S. currency against six major peers, enjoying an upside rally while the EURUSD hover near the 5-year lows. On the other hand, the USDCAD reversed from the highs after the crude oil prices regain upside momentum.

GOLD

The safe-haven metal remains under pressure after the strong US inflation numbers reinforced bets for aggressive Federal Reserve rate hikes. During the previous session, the gold price hit a fresh three-month low of $1810. At the time of writing, the metal trades near $1818.

Economic Outlook

On the data front, the US producer price index increased by 0.5% in April, compared with a 1.6% jump in March. Core PPI, which excludes food and energy prices, was up 0.4% on the month compared with an upwardly revised 1.2% in March.

Coronavirus update:

Worldwide, more than 520 million people have been confirmed infected and more than 6.26 million have died. The United States has confirmed over 82 million cases and has had more than 999,000 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: For today, the immediate support for the Euro stands near the level of 1.0350. On the flip side, the first resistance at 1.0430 any break above this level will open 1.0480 minimum.

The important levels to watch for today: Support- 1.0350 and 1.0320 Resistance- 1.0430 and 1.0480.

GOLD: The precious metal now trading below the $1820 level, the key support remains below the previous session low of $1810. On the flip side, the immediate resistance is located above $1830.

The important levels to watch for today: Support- 1810 and 1800 Resistance- 1828 and 1832.

Quote of the day - “Remember, the best traders think in a number of unique ways. They have acquired a mental structure that allows them to trade without fear and, at the same time, keeps them from becoming reckless and committing fear-based errors.” – Mark Douglas.

Read more - https://gulfbrokers.com/en/daily-market-report-493

 

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The world's most valuable cryptocurrency Bitcoin (BTC) and other cryptos are shrinking faster than Lake Mead. During the last week, Bitcoin plunged to $25,000 following the release of the latest US inflation data. The bulls have fought off an initial dip near the $25000 support, but bearish momentum persists and could continue to pressurise the cryptocurrency.

The price of Bitcoin down by more than 40% this year, and the crypto pair has been bearish since it made a new record high last November. Last week saw an estimated $USD200 billion has been wiped from the value of cryptocurrency around the world. The strong bearish momentum was caused by continuing war in eastern Europe, rising inflation, and the aggressive policy of raising interest rates by the United States Federal Reserve. U.S. inflation data out Wednesday showed prices for goods and services jumping 8.3% in April.

Recently, Cryptocurrency exchange Coinbase (NASDAQ: COIN) has reported a 44 percent fall in its overall trading volume in the first quarter of 2022. The firm's monthly transaction users dropped to 9.2 million during the first quarter from 11.4 in Q4. The stock is down more than 70% since the beginning of the year.

BTCUSD short-term technical outlook​

The volatility in the cryptocurrency market is expected to remain high in the coming weeks. Bitcoin (BTCUSD) slightly recovered from the early weekly losses in the last two trading sessions, but the overall momentum remains under pressure as the cryptocurrency pair failed to close above $30000 on the weekly close. As of this writing, the Bitcoin (BTC) trades above $30000.

Read more - https://gulfbrokers.com/en/bitcoin-slump-continues-potential-for-a-slide-to-20k-soon

 

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Global equities and precious metals extended the losses last week following the release of US inflation data on Wednesday. However, the markets slightly recovered from the previous week's sell-off while the overall momentum remains bearish as investors remained cautious about the rising inflation and geopolitical tensions. Moving ahead to this week, the Investors will continue to monitor guidance and comments coming from central banks of major economies about the rising inflation. A series of inflation data from the UK, Canada, and Japan are scheduled across the week.

On the earnings front, the companies due to release their results will be the Walmart, Home Depot, Target and Cisco will be among those reporting earnings this week.

GOLD

The safe-haven metal remains under pressure. The metal extends its decline on Monday, hitting $1787 the lowest level since late January. As of this writing, the gold price rebounded back to above $1800. Meanwhile, considering the recent strong bearish sentiment, the US dollar movement will continue to play a vital role in precious metal's future direction.

For this week, $1,794 is the immediate support level, followed by $1,788. If the pair breaks below the $1,788, the slump will quickly extend toward the $1,780 mark. On the upper side, gold is likely to find immediate resistance at $1,816, any break above the $1,816 level could lead the prices of the precious metal towards the next resistance levels of $1,822 and $1,830.

DOLLAR INDEX

The US dollar index slightly retreated but remains close to the almost 20 year high reached during the last week. For this week, the main drivers for the Index will be the US retail sales and home sales data. It will also be an idea to keep a lookout for the comments from the FED speakers this week including FED members James Bullard and Mester.

In the short-term perceptive, the immediate bias will remain bullish. Considering the bullish momentum this week the resistance for DXY is around 105, any break over targets 105.40/50. On the other side, the immediate support is at 104.20 and any break will drag the oil price to 103.80/40 levels.

EURUSD

The euro fell to its lowest level since January 2017 at 1.0348 on Friday weighed down by the strong US dollar and the prospect of the European Union imposing a full ban on imports of Russian oil. Fundamentally the Euro is expected to be extra volatile this week due to a busy economic calendar and all eyes remain on the Wednesday Eurozone Inflation data.

Technically the overall momentum remained bearish for the pair after the bears break below the 1.0500 area. This week Euro has key resistance at 1.0500 break above this resistance level then expect the market to zoom up to 1.0560 and 1.0640. On the downside, 1.0350 remains the crucial support area to watch, any break below this level will open doors to 1.0320/00.

DOW JONES

Dow Jones futures started the new week on a bearish note after the index failed to extend Friday’s rebound. This week the Dow traders should turn their attention to the retailer earnings season and away from concerns around the U.S. Federal Reserve tightening.

From a technical perspective, the dow is maintaining a negative bias according to the weekly chart. This week, If the bearish momentum continues the next key support area to watch is 31,900 then 31,600. On the upper side, If the index regains upside momentum and press back above 32,500 then the key resistance area to watch is 32,900 and 33,100.

Read more - https://gulfbrokers.com/en/weekly-review-gold-usd-eurusd-and-dow-jones-30

 

[syamfx2020]

The dollar index, which measures the greenback against six other major currencies retreated from the 20-years highs. The greenback is expected to be extra volatile today during the North American session as the US will release the April month retail sales data and Federal Reserve chair Powell is also due to speak about inflation at an event tonight. The U.S. retail sales data is expected to show that retail sales increased by 1.0% during April and core retail sales rose by 0.4%.

EQUITIES

US futures trade near the session highs as investors wait for the retailer’s earnings numbers and the latest US retail sales report. The world’s largest retailer Walmart (NYSE: WMT) kicks off retailers’ earnings week on Tuesday. Walmart is expected to post quarterly earnings of $1.47 per share and revenues are expected to be $138.8 billion.

OIL

Crude oil futures extended gains on Tuesday after the European Union failed to unanimously agree on an import ban on Russian crude, a move that would further tighten global supply. The oil prices also received additional buying pressure on hopes that Shanghai plans to gradually reopen after spending more than six weeks in lockdown.

CURRENCIES

In the currency market, the EURUSD rebounded from record lows since January 2017. Moving ahead to the North American session, the EURO traders should closely monitor the speech from the President of the European Central Bank (ECB) Christine Lagarde. Meanwhile, the data on the Q1 gross domestic product of the EU countries showed the GDP increased 0.3% on quarter in the last quarter.

GOLD

Gold price rebounded back to near the short-term resistance area of $1830 on Tuesday morning session boosted by the pullback in the US dollar. As of this writing, the precious metal trades at $1826.

Economic Outlook

On the data front, the UK released a better-than-expected employment report on Tuesday. The UK rate of unemployment dropped to 3.7% in the three months to March – the lowest since October to December 1974. While the number of UK workers on the payroll, up 121,000 between March and April to 29.5 million.

Moving ahead today, the important events to watch:

US – Retail sales: GMT – 12.30

US – Industrial production: GMT – 13.15

Coronavirus update:

Worldwide, more than 521 million people have been confirmed infected and more than 6.26 million have died. The United States has confirmed over 82 million cases and has had more than 999,000 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: The currency pair holding the early session gains. If the bullish momentum continues the next upside levels to watch are 1.0510 and 1.0540. On the downside, the immediate support is around 1.0400.

The important levels to watch for today: Support- 1.0430 and 1.0400 Resistance- 1.0500 and 1.0540.

GOLD: Gold price trades steady above $1825. If the bullish momentum continues the next upside levels to watch are $1832 and $1836. On the downside, any meaningful pullback now seems to find some support near the $1820 zones, below which the slide could further get extended towards the $1816/12 region.

The important levels to watch for today: Support- 1820 and 1816/12 Resistance- 1832 and 1836/40.

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-494

 

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Shares of the world’s largest retailer Walmart (NYSE: WMT) crashed more than 10% on Tuesday after the company reported mixed last quarter financial results. The retailer giant’s quarterly profits sorely missed Wall Street’s forecasts while total revenue for the first quarter rose 2.4% to $141.57 billion, beating analysts average estimate of $138.94 billion. Walmart anticipates its guidance for the full fiscal year to an expected increase of 4% in net sales, while earnings per share to fall about 1%.

U.S. inflation levels, particularly in food and fuel, created more pressure on margin mix and operating costs than we expected. We’re adjusting and will balance the needs of our customers for value with the need to deliver profit growth for our future.” Walmart CEO Doug McMillon said.

EQUITIES

US stock futures struggling to find upside momentum following the release of weak Walmart earnings results and the hawkish comments from Federal Reserve Chair Jerome Powell. Moving ahead to the North American session, the investors should closely monitor the release of US Building Permits and Housing Starts data.

OIL

Crude oil futures trades flat on Wednesday focus shifted to EIA crude inventory data. On Tuesday, the oil prices ended lower after the United States is easing some of its tough sanctions on Venezuela. Meanwhile, the API data showed the crude inventories in the US decreased by 2.4 million barrels in the week ended on May 12.

CURRENCIES

In the currency market, the British pound is revered from the previous gains following the release of the latest UK inflation data. UK inflation rate rose to the highest level in 40 years, and consumer price inflation accelerated to 9% in the 12 months through April, from 7% the previous month.

GOLD

Gold price slightly recovered from the early session lows while the overall momentum remains mixed. During the previous session, the metal climbed to a fresh weekly high of $1835 but later it retreated back to below $1810 after FED Chairman Powell said interest rates will continue to increase until inflation comes back to a healthy level.

Economic Outlook

On the data front, US retail sales increased solidly in April. Retail sales increased 0.9% in April after an upwardly revised 1.4% gain in March, Commerce Department figures showed Tuesday.

Moving ahead today, the important events to watch:

US – Building permits: GMT – 12.30

Canada – CPI: GMT – 12.30

Coronavirus update:

Worldwide, more than 521 million people have been confirmed infected and more than 6.26 million have died. The United States has confirmed over 82 million cases and has had more than 999,000 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: Technically the overall momentum remains mixed, the immediate support for the Euro stands near the level of 1.0470. On the flip side, the first resistance at 1.0580 any break above this level will open 1.0630 minimum.

The important levels to watch for today: Support- 1.0470 and 1.0430 Resistance- 1.0580 and 1.0610.

GOLD: The precious metal now trades near $1820, for today the key support is below $1800. On the flip side, the immediate resistance is located above $1826, a break above this level will confirm a possible move to $1835.

The important levels to watch for today: Support- 1806 and 1798 Resistance- 1826 and 1835.

Quote of the day - A trading philosophy is something that cannot just be transferred from one person to another; it’s something that you have to acquire yourself through time and effort - Richard Driehaus.