Daily Market Report - Tuesday, Nov 22, 2022


The dollar index, which tracks the currency against key rivals ended higher for the third consecutive day on Monday supported by upbeat US macroeconomic data and the greenback received additional buying pressure last week after the hawkish comments from the Fed policymakers. While today the index retreats back to below 107.50 after the pair failed to break above the key resistance of 108. On the downside, if it continues the bearish momentum, the slump will quickly extend toward the 107 and 106.80.60 marks. On the flip side, the resistance for the USD appears to be around 108. If the price break and closes above this area, the next upside level to watch is 108.40/50.


US stock futures notched up small gains on Tuesday Morning, but the upside pressure clearly weakened amid a solid ceiling in place. Moving ahead, one of the key factors the investors and traders should monitor this week is the October FED meeting minutes and US durable goods orders data on Wednesday.

On the earnings front, Best Buy and Dollar Tree are amongst those reporting the last quarter's financial results today.


Crude oil prices regained momentum after a steep drop in a volatile previous session. The oil prices plunged on Monday following a report that OPEC+ was considering an output increase next month. While Saudi Arabia denied the recent reports about discussions being held with regard to oil output increase.


In the currency market, the New Zealand dollar remains one of the strongest currency pairs this month, focus shifts to Wednesday’s RBNZ meeting. On the other hand, the EURUSD recovered from the previous session's lows. Technically, the short-term trend remains supportive while If the US dollar regains further upside strength this week, we could see an extension to the weakness in the euro.


The safe-haven metal struggling to regain upside momentum. The recent strong bearish sentiment fueled by comments of several FED policymakers encouraged dollar bulls and pressured metal prices lower. Moving ahead to the North American session, the gold traders should continue to monitor the comments of FED policymakers George and Bullard.

Economic Outlook

On the data front, Germany released the latest Producer price index data on Monday. The data showed German PPI saw its biggest drop of 4.2% in October. the first month-on-month drop since May 2020 and the biggest monthly drop in PPI history.

Coronavirus update:

Worldwide, more than 638 million people have been confirmed infected and more than 6.6 million have died. The United States has confirmed over 98 million cases and has had more than 1.07 million deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

For today the immediate support for the Euro stands near the level of 1.0240. On the flip side, the first resistance is at 1.0300 any break above this level will open at 1.0340/50 minimum.

The important levels to watch for today: Support- 1.0240 and 1.0200 Resistance- 1.0300 and 1.0340.

GOLD: Today as long as the metal trades above 1740 levels, the short-term uptrend will remain in place. On the upper side, the first resistance is located around 1758/60, a break above this level will confirm a possible move to 1770/72. On the downside, 1740 is the immediate support level, followed by 1732. Further selling pressure will intensify only if the metal break below 1730 levels.

The important levels to watch for today: Support- 1740 and 1735 Resistance- 1752 and 1758.

Quote of the day - “Your success in investing will depend in part on your character and guts and in part on your ability to realize, at the height of ebullience and the depth of despair alike, that this too, shall pass.” Jack Bogle.

Read more here - https://gulfbrokers.com/en/daily-market-report-578