Daily Market Report by GulfBrokers 2020-2021

[syamfx2020]

The PC and printing titan HP (NYSE: HPQ) agrees to buy the headset manufacturer Plantronics (NYSE: POLY) for a purchase price of $1.7 billion, with a total transaction value of $3.3 billion, including debt. The deal is expected to close by the end of 2022, subject to Poly shareholder and regulatory approvals. Plantronics's shares traded 52% higher at $42 per share on Monday while HP shares were down more than 2% on the news.

"Combining HP and Poly creates a leading portfolio of hybrid work solutions across large and growing markets." HP CEO, Enrique Lores said. “Poly’s strong technology, complementary go-to-market, and talented team will help to drive long-term profitable growth as we continue building a stronger HP” – he added.

Plantronics is now known as Poly following their takeover of Polycom. Poly is now the world's leading manufacturer of headsets and Ploy was one of the first companies to launch Bluetooth headsets. The company provides conferencing solutions, manufactures lightweight communications headsets and telephone headset systems.

Read more here - https://gulfbrokers.com/en/headset-maker-poly-stock-rally-50-on-hp-deal

 

[syamfx2020]

The Euro held steady against the US dollar and the Pound on Wednesday. The currency pair surged to a fresh monthly high of 1.1155 against the dollar. The recent strong rebound is supported by the latest comments from Russian officials. Russia saying it will drastically reduce military activity near the Ukrainian capital Kyiv and the northern city of Chernihiv. The USD suffered big losses against the euro this week but the seemingly inevitable divergence in US and European monetary policy was expected to continue supporting the dollar in the longer term.

EQUITIES

European shares opened higher on Wednesday as investors welcomed reports of some progress in ceasefire talks between Russia and Ukraine. On the other hand, Russian negotiator Vladimir Medinsky was quoted saying that there have been enough developments to hold a meeting between President Vladimir Putin and his Ukrainian counterpart Volodymyr Zelenskyy

OIL

Crude oil futures recovered from the previous session's losses boosted by the latest API inventory data. On Tuesday, the oil prices dropped to a fresh week low bolstered by China’s lockdown of the Shanghai province and the progress in peace talks between Russia and Ukraine.

CURRENCIES

In the currency market, the US dollar index plunged to a fresh weekly low. The British pound remains under pressure against the Euro after the comments from BOE Governor Andrew Bailey. He said that the living standards of most Britons will decline substantially because of the rising energy crisis. “The shock from energy prices this year will be larger than every single year in the 1970s,” Bailey said.

GOLD

The safe-haven rebounded back to above $1920 supported by the weaker US dollar. However, the overall momentum remains bearish as the improvement in the risk appetite of the investors is shifting the focus from safe-haven assets.

Economic Outlook

On the data front, the Labor Department reported the January JOLTs report. Job openings totaled 11.26 million in January, more than the 10.9 million estimated. Meanwhile, the US consumer confidence index rose to 107.2, up from February's initial reading of 110.5.

Moving ahead today, the important events to watch:

US – ADP employment report: GMT – 12.15

US –GDP: GMT – 12.30

Coronavirus update:

Worldwide, more than 480 million people have been confirmed infected and more than 6.11 million have died. The United States has confirmed over 79.8 million cases and has had more than 975,000 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 1.1180 and 1.1230. On the downside, the immediate support is around 1.1100.

The important levels to watch for today: Support- 1.1100 and 1.1070 Resistance- 1.1180 and 1.1210.

GOLD: The yellow metal retreats after it failed to break above the $1930 resistance area. Moving ahead to the North American session, the USD traders should closely monitor the release of U.S. ADP and GDP data.

The important levels to watch for today: Support- 1912 and 1890 Resistance- 1930 and 1945.

Quote of the day - "The longer you’re not taking action the more money you’re losing." – Carrie Wilkerson.

Read more - https://gulfbrokers.com/en/daily-market-report-470

 

[syamfx2020]

Crude oil prices remain under pressure ahead of an OPEC+ meeting later in the day. During the early session, the oil prices fell to near the weekly lows by the news that the Biden administration is considering releasing 1 million barrels of oil a day for several months from the U.S. Strategic Petroleum Reserve.

Moving ahead, oil investors and traders across the globe waiting for the OPEC+ meeting decision to get a clear picture of the oil price's long term direction. The members of the Organization of the Petroleum Exporting Countries and allies will meet to discuss a planned production increase of 432,000 barrels per day.

At its last meeting on March 2, the Organization of the Petroleum Exporting Countries (OPEC), Russia and allied producers stuck to a plan for a modest output rise in April.

EQUITIES

US stock futures struggling to break new highs ahead of the US personal income and spending report for February, the Federal Reserve’s preferred gauge for inflation. The European shares trade slightly lower after the release of weak German macro-economic data. German retail sales reported by 0.3 percent in February, below market expectations of a 0.5 percent increase.

OIL

Crude oil futures traded near the session low. On the other hand, the EIA Petroleum Status Report showed the US crude oil inventories fell by 3.449 million barrels in the week ended March 25th, above market expectations of a 1.022-million-barrel decrease.

CURRENCIES

In the currency market, the Euro slightly reversed from the early gains following the release of weaker-than-expected German retail sales and employment data. Meanwhile, the British pound gained against the US dollar and Euro supported by strong GDP data.

GOLD

The safe-haven metal reversed from the early session gains after the US dollar regains upside momentum. The metal is expected to be extra volatile today due to the month-end volatility.

Economic Outlook

On the data front, the UK reported better-than-expected latest GDP numbers. The British economy expanded 1.3% in the last quarter, stronger than initial estimates of a 1% increase, and following a downwardly revised 0.9% gain in the previous three months.

Moving ahead today, the important events to watch:

US – Initial jobless claims: GMT – 12.30

US –Personal income: GMT – 12.30

Coronavirus update:

Worldwide, more than 480 million people have been confirmed infected and more than 6.11 million have died. The United States has confirmed over 79.8 million cases and has had more than 975,000 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: For today, the resistance for the pair is above 1.1180, any break over targets 1.1210/30. On the other side, the immediate support is near 1.1100 and any break will drag the pair to 1.1070.

The important levels to watch for today: Support- 1.1100 and 1.1070 Resistance- 1.1180 and 1.1230

GOLD: For today, the resistance for Gold around 1940, any break over targets 1945/50. On the other side, the immediate support near 1915 and any break will drag the metal to 1910 and 1900 levels.

The important levels to watch for today: Support- 1920 and 1912 Resistance- 1936 and 1945.

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-471

 

[syamfx2020]

Last week the global stocks and commodities ended mostly in negative territory driven by the mixed US jobs report and rising inflation. This week, the main event on the calendar for monetary policy is the meeting of the Reserve Bank of Australia on Tuesday morning. On the other hand, the traders and investors are likely to monitor the minutes from the March Federal Open Market Committee policy meeting.

GOLD

The safe-haven metal was moderately hit by the turmoil seen on the markets in the last few days as inflation fears and rising US yields pulled down bullion, along with the strong US dollar. Moving ahead to the new week, the metal is expected to remain under pressure driven by the prospects of the Federal Reserve hiking rates by 50-bps in the May meeting.

For this week, $1906 is the key support area to watch, any break below this level will open $1890/80 minimum. On the flip side, the bullish breakout of $1950 is likely to push the metal into a new trading zone, which may offer further buying opportunities until $1965/74.

DOLLAR INDEX

The US dollar index rebounded and continued to shine last week as large participants generally move to the safe-haven US dollar amid concerns of higher inflation and the latest peace talks between Russia - and Ukraine failed to offer a diplomatic exit to the war.

This week, the key resistance is located for the index around 99.40, a break above this level will confirm a possible move to 100/100.40. On the downside, any meaningful pullback now seems to find some support near the 98.00 zones, below which the slide could further get extended towards the 97.60/40 region.

EURUSD

The currency pair got an early lift during the last week but reversed from the early gains after the buyers failed to hold the upside momentum. The euro however retreated again after the Eurozone and Germany’s final PMI readings came lower than preliminary estimates. In the coming week, again the trend of the euro would largely depend on the trend of the dollar index and updates on the Russia -Ukraine war.

This week, good support is expected at the 1.0950/40 area, with this zone having held last week while further down, demand is also expected around 1.0910/1.0890, which will act as the next area of support. On the flip side, the first immediate resistance level for the pair is 1.1090, then the stronger resistance is 1.1140, which is important to be stable above it for a continuing rise to 1.1180 and 1.1230 levels.

DOW JONES

The Dow Jones ended in negative territory on Friday after the US employment report failed to impress investors. The NFP data showed that 431,000 jobs were added last month, versus estimates of 490,000. For this week, the main drivers for the Index remain the ongoing conflict between Russia and Ukraine and the FOMC meeting minutes on Wednesday.

For Dow this week, the first nearest support level is located at 34,500. In case it breaks below this level, it will head towards the next support level which is located at near 34,300 then 33,950. On the upside, 35,050 will act as an immediate and strong hurdle while 35,400 will be a critical resistance zone because above this, bulls are likely to dominate.

Read the complete analysis here - https://gulfbrokers.com/en/weekly-review-gold-usd-eurusd-and-dow-jones-24

 

[syamfx2020]

The Australian dollar extended the gains against the US dollar and Euro after the RBA meeting, the AUDUSD increased to its highest level since June 2021. The central bank left the cash rate at a record-low 0.1 per cent but paves the way for a rise in the coming months.

"Inflation has picked up and a further increase is expected, but labor cost growth has been below rates that are likely to be consistent with sustainable inflation on target” – RBA said.

EQUITIES

European shares traded lower on Tuesday as investors fear new sanctions on Moscow could have negative repercussions on European growth. Moving ahead to the North American session, the investors should monitor the speech of Ukrainian President Volodymyr Zelenskyy. He will speak Tuesday during a United Nations (UN) Security Council meeting on the conflict in his country.

OIL

Crude oil futures hold the previous session gains supported by the continued uncertainty around the Ukraine crisis and fears mounting after Europe indicated tighter sanctions on Russia.

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. The dollar also was supported but solid U.S. jobs data last week eased concerns about moderating growth. Meanwhile, the EURUSD stays below the psychological support 1.1000 level.

GOLD

The Safe-haven metal struggling to find the upside momentum above $1930. However, the fundamental picture is generally quite optimistic, and the geopolitical tensions provide additional support to the quotes.

Economic Outlook

On the data front, the UK reported stronger-than-expected services PMI data. The services PMI jumped to 62.6, up from 60.5 in February. On the other hand, the Eurozone and German PMI came better than expected.

Moving ahead today, the important events to watch:

US – Services PMI: GMT – 13.45

US –ISM services PMI: GMT – 14.00

Coronavirus update:

Worldwide, more than 490 million people have been confirmed infected and more than 6.13 million have died. The United States has confirmed over 80 million cases and has had more than 980,000 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: For today, the resistance for the pair is above 1.1030, any break over targets 1.1080 minimum. On the other side, the immediate support is near 1.0940 and any break will drag the pair to 1.0910 and 1.0890 levels.

The important levels to watch for today: Support- 1.0960 and 1.0940 Resistance- 1.1000 and 1.1030

GOLD: The precious metal remains under pressure a clear breakdown of the support at $1910 could open space for further declines while only a recovery to $1,950 would reverse the short-term negative trend.

The important levels to watch for today: Support- 1918 and 1910 Resistance- 1936 and 1945.

Quote of the day - "To win in the markets, we need to master three essential components of trading: Sound psychology, a logical trading system, and an effective risk management plan.”

Read more - https://gulfbrokers.com/en/daily-market-report-473

 

[syamfx2020]

Shares of the social media giant Twitter (NYSE: TWTR) bounced more than 30% this week after Tesla CEO Elon Musk bought a 9.2% stake in Twitter, making him the largest single shareholder. Musk bought 73.5 million shares of Twitter stock worth some $2.9 billion at the time, according to a recent filing with the U.S. Securities and Exchange Commission.

"Given that Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy," Elon Musk tweeted.

As we know the Tesla founded Elon musk has always been very active on Twitter and loves tweeting. Musk has 80 million followers on Twitter. Musk even posted a survey asking his followers on Monday if they wanted an edit button and launched a poll to gather answers.

After the stake announcement, Twitter’s stock price surged as much as 27% in pre-market trading. The stock closed below 50$ on Monday. On Tuesday, the stock is extended the rally and up more than 7%.

Read more - https://gulfbrokers.com/en/twtr-rocketed-30-after-musk-bought-92-of-twitter-shares

 

[syamfx2020]

Today, the Investors and traders will closely monitor the release of the US Federal Reserve monetary policy March meeting minutes in which members decided to raise the federal funds rate by 25 basis points. The minutes will be released later in the day.

On Tuesday, Fed Governor Lael Brainard said the central bank could start reducing its balance sheet as soon as next month as inflation is too high.

“The committee will continue tightening monetary policy methodically through a series of interest rate increases and by starting to reduce the balance sheet at a rapid pace as soon as our May meeting,” Brainard said. "I think we can all absolutely agree inflation is too high and bringing inflation down is of paramount importance," she added.

EQUITIES

Wall Street ended lower on Tuesday following the release of weaker-than-expected ISM services PMI data and the hawkish comments from Federal Reserve Governor Lael Brainard. Meanwhile, European shares extend losses after the German factory orders fall much more than expected

OIL

Crude oil futures traded lower during the Asian session on Wednesday driven by weak API inventory data. The data showed the US oil inventories rose by 1.08 million barrels in the week ended April 1st 2022, compared with market expectations of a 2.056 million decline.

CURRENCIES

In the currency market, the US dollar continues to trade near the multi-year high against the safe-haven currency Japanese yen and the Euro. Meanwhile, Commodity-linked currencies such as the Australian and Canadian dollars slightly retreated from their recent peaks on Wednesday.

GOLD

The Safe-haven metal fell on bets the Federal Reserve will act more aggressively to bring inflation under control. At the time of writing, the metal was trading below $1925. Overall, the momentum remains bullish throughout the European session.

Economic Outlook

On the data front, the US ISM services PMI increased to 58.3 in March from 56.5 in February, but the data came lower than the market forecasts of 58.4. The US Services PMI registered 58.0 in March of 2022, up from 56.5 in February.

Moving ahead today, the important events to watch:

US – EIA crude inventories: GMT – 14.30

US – FOMC meeting minutes: GMT – 18.00

Coronavirus update:

Worldwide, more than 490 million people have been confirmed infected and more than 6.13 million have died. The United States has confirmed over 80 million cases and has had more than 980,000 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: The currency pair extends its slide to a fresh weekly low of 1.0875 on Wednesday. The next downside levels to watch are 1.0850 and 1.0820. On the flip side, the immediate resistance at 1.0940 and 1.1000.

The important levels to watch for today: Support- 1.0850 and 1.0820 Resistance- 1.0910 and 1.0950

GOLD: The precious metal needs a clear break of the previous session high $1945 to move further upside $1965/70. On the flip side, a breakdown through $1910 would negate that bias and suggest a test of the $1890 support region.

The important levels to watch for today: Support- 1910 and 1890 Resistance- 1930 and 1945.

Quote of the day - I never attempt to make money on the stock market. I buy on the assumption that they could close the market the next day and not reopen it for five years- Warren buffet.

Read more - https://gulfbrokers.com/en/daily-market-report-474

 

[syamfx2020]

“We started the year with strong consumer demand and solid momentum across geographies, channels and categories,” Levi’s CEO, Chip Bergh.

Shares of US-based apparel company and leader in jeans Levi Strauss & Co. (NYSE: LEVI) bounced more than 5% in pre-market trading on Thursday after the company reported better-than-expected first-quarter financial results.

• Earnings per share: 0.46 vs. 0.42 expected
• Revenue: $1.59 billion vs. $1.55 Billion expected

“The ongoing consumer demand across our portfolio of brands and our proven ability to deliver profitable growth gives us the confidence to reaffirm our full-year outlook despite the incremental headwinds from ongoing macro challenges,” Levi’s CFO Harmit Singh said.

Levi Strauss expects net revenue in 2022 of between $6.4 billion and $6.5 billion and expects adjusted diluted EPS of between $1.50 and $1.56.

EQUITIES

US stock futures remain under pressure after minutes from the Fed's March meeting pointed to aggressive rate hikes. "Many participants noted that one or more 50 basis point increases in the target range could be appropriate at future meetings, particularly if inflation pressures remained elevated or intensified," – FED minutes said.

OIL

Crude oil futures extend the decline driven by weak API and EIA oil Inventory data and hawkish FED minutes. The EIA inventory data showed the US crude oil inventories rose by 2.421 million barrels, compared with market expectations for a 2.056 million fall.

CURRENCIES

In the currency market, EURUSD hits a fresh weekly low of 1.0865 on Thursday. Moving ahead, the EURO traders should closely monitor the release of the European Central Bank’s March meeting minutes will be released later in the day.

GOLD

The safe-haven metal remains undecided as to which way its next directional break will be after the release of FOMC meeting minutes. At the time of writing, the precious metal trades were above $1925. On the upper side, $1950 remains the key resistance area to watch.

Economic Outlook

On the data front, the Eurozone retail sales reported weaker-than-expected. But the retail sales increased 0.3% mom in February, following a 0.2% rise in January.

Moving ahead today, the important events to watch:

US – ECB meeting minutes: GMT – 11.30

US – Jobless claims: GMT – 14.30

Coronavirus update:

Worldwide, more than 490 million people have been confirmed infected and more than 6.13 million have died. The United States has confirmed over 80 million cases and has had more than 980,000 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: The Euro slightly rebounded against the US dollar ahead of the ECB minutes. Technically the overall trend still looks bearish, and the short-term support is near 1.0850. If the pair breaks and closes below 1.0850 the next important support is at 1.0820/1.08. On the upper side, 1.0940 is the key resistance area to watch for today.

The important levels to watch for today: Support- 1.0850 and 1.0820 Resistance- 1.0940 and 1.0990.

GOLD: The precious metal trades above $1925. For today, the resistance for the pair is above 1934, any break over targets 1940/45. On the other side, the immediate support is near 1920 and any break will drag the pair to 1914 and 1910 levels.

The important levels to watch for today: Support- 1920 and 1914 Resistance- 1934 and 1945.

Quote of the day - I have found that when the market’s going down and you buy funds wisely, at some point in the future, you will be happy. You won’t get there by reading. Now is the time to buy. – Peter Lynch.

Read more - https://gulfbrokers.com/en/daily-market-report-475

 

[syamfx2020]

Global stocks and US stock indexes fell last week after minutes from the Fed's March meeting pointed to aggressive rate hikes. The minutes showed that the U.S. central bank is prepared to raise rates sharply and reduce its balance sheet to cool the economy.

Moving ahead, this week the key economic event to focus on is the US inflation data as the Inflation is running at its fastest pace in four decades. On the other hand, the investors also waiting for the central bank policy-setting meetings due in New Zealand, and Canada. and the Eurozone this week. U.S. exchanges will be closed in observance of Good Friday and several European exchanges will also be closed on Friday.

On the earnings front, the companies due to release their results will be Citi, Morgan Stanley, Wells Fargo, Goldman Sachs and Delta Airlines will be among those reporting earnings this week.

GOLD

The safe-haven metal ended slightly higher on Friday despite a strong US dollar supported by rising political tensions between Russia and Ukraine and the prevailing concerns over rising inflation. For this week, the main drivers for the precious metal remain the movement of the US dollar, central banks meeting outcomes and the resurgence of coronavirus cases in China.

Technically the overall momentum remains mixed. The first support for the Gold appears to be around $1920 followed by $1914, in the short-term any break below $1914 the next downside level to watch is $1906/00. On the other upper side, the immediate resistance is around $1950 any break and close above this level will open at $1965 then $1973.

DOLLAR INDEX

The US dollar index was among the best-performer currency pair during the last week. The Index crossed above the psychological resistance 100 mark on Friday, a level not seen since May 2020. The strong bullish sentiment was boosted by the hawkish Fed minutes and geopolitical uncertainties. The biggest driver for the greenback this week is the latest US CPI data and speech from the FED policymakers.

On the bullish side, the key resistance stays above 100.40, and a break above this exposes the index towards the $100.70/90 level. On the flip side, rejection and pullback from the 100.00 psychological resistance allow for a dip towards 99.30, with 98.80 and 98.50 forming additional downside targets.

EURUSD

The currency pair ended in negative territory for the last week. While the pair slightly opened higher this week after the first round of the French Presidential Election which was led by President Macron who is set to face Le Pen in the second round, while polls point to a Macron win at the run-off. This week, the Euro traders and investors are focused on possible measures and changes that the European Central Bank may undertake in the April meeting to deal with rising inflation.

Technically the overall trend looks bearish after the pair failed to hold above 1.0900 and the short-term support is still around 1.0840. If the pair breaks and closes below 1.0840 the next important support is at 1.0800 and 1.0770. On the upside, 1.0950 will act as an immediate and strong hurdle while 1.1000 will be a critical resistance zone because above this, bulls are likely to dominate.

DOW JONES

The Dow Jones ended flat ahead of a big earnings week. Last week the Dow Jones and other US indexes remained under pressure as the markets feared that the US Federal Reserve could be more aggressive in its monetary policy to curb inflation. Dow Jones recovered part of its loss on Thursday and Friday after showing steep weakness in the first few days of last week, helped by positive macroeconomic data.

This week, the first resistance is located for the pair at around 35,150, a break above this level will confirm a possible move to 35,400/700. On the downside, any meaningful pullback now seems to find some support near the 34,400 zones, below which the slide could further get extended towards the 34,100/33,950 region.

Check out the original article here - https://gulfbrokers.com/en/weekly-review-gold-usd-eurusd-and-dow-jones-25

 

[syamfx2020]

Asian shares and stock markets around the world remain under pressure as investors panic about the deadly coronavirus spreading in Shanghai China and will impact global growth. China reported 1,272 new COVID-19 cases during the past 24 hours, While on Tuesday, the Chinese share slightly recovered after Shanghai started easing its lockdown in some areas. The recent strong bearish momentum is also driven by a bigger-than-expected inflation figure from China added to concerns over the country’s ongoing battle against Covid-19.

EQUITIES

US futures trade near the weekly lows ahead of March US inflation data. The CPI is expected to report an 8.4% annual increase, which is all set to mark the highest inflation in the US in decades. Wall Street closed sharply lower on Monday; technology companies led a broad slide in stocks Monday on Wall Street.

OIL

Crude oil futures rebounded from the previous session's losses, but the overall momentum remains bearish hurt by continued demand worries amid lockdowns in China. During the previous session, the oil prices ended lower as investors awaited details on further EU sanctions on Russian oil.

CURRENCIES

In the currency market, the EURO plunged to a fresh weekly low, the currency pair affected by Eurozone growth concerns. Meanwhile, the US dollar index extended gains and the greenback may gain more bullish momentum in case of a positive CPI report during the US session today.

GOLD

The safe-haven metal trade flat on Tuesday as traders took a cautious stance ahead of the release of US inflation results. On Monday, the metal rose to a fresh monthly high of $1968 driven by geopolitical tensions and the prevailing concerns over rising inflation.

Economic Outlook

On the data front, the UK's gross domestic product inched up 0.1% in February following a 0.8% growth in January, the Office for National Statistics said. UK Manufacturing production fell 0.4% in February, compared to market expectations of a 0.3 percent increase.

Moving ahead today, the important events to watch:

Germany – Zew economic sentiment: GMT – 09.00

US – CPI: GMT – 12.30

Coronavirus update:

Worldwide, more than 499 million people have been confirmed infected and more than 6.18 million have died. The United States has confirmed over 80 million cases and has had more than 985,000 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: The currency pair trades below 1.0870. In the short-term, if the bearish momentum continues the next downside levels to watch 1.0840 and 1.0810. On the flip side, the immediate resistance is at 1.0900 and then 1.0940.

The important levels to watch for today: Support- 1.0840 and 1.0810 Resistance- 1.0900 and 1.0940.

GOLD: For today, the first resistance is located around $1965, a break above this level will confirm a possible move to $1970/80. On the downside, any meaningful pullback now seems to find some support near the $1945 zones, below which the slide could further get extended towards the $1930/26 region.

The important levels to watch for today: Support- 1945 and 1930 Resistance- 1965 and 1974.

Quote of the day - “Only enter a trade after the action of the market confirms your opinion and then enter promptly” - Jesse Livermore.

Read more - https://gulfbrokers.com/en/daily-market-report-477