Daily Market Report - Tuesday, Oct 25, 2022

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Shares of the global leader in the music streaming sector Spotify (NYSE: SPOT) and global entertainment and record label Warner Music Group (NASDAQ: WMG) registered strong gains on Monday after the tech giant Apple raised the cost of its music and TV streaming services, this is the first time Apple has raised its subscription prices in the US. Apple Music previously cost $9.99 monthly for an individual account and $14.99 for a family account. Now, it's $10.99 and $16.99.

“The change to Apple Music is due to an increase in licensing costs, and in turn, artists and songwriters will earn more for the streaming of their music,” said Apple in a statement.

EQUITIES

European shares traded higher on Tuesday morning as investors reacted to robust earnings reports as well as robust economic data. While US futures trade near the session highs ahead of the big tech earnings.

On the earnings front, Microsoft, Visa, and Alphabet are among those reporting the last quarter's financial results today.

OIL

Crude oil futures remain under pressure amid concerns about the impact of a potential recession on global demand. The bearish sentiment is also driven by aggressive monetary policy tightening by various central banks.

CURRENCIES

In the currency market, the dollar weakened on Tuesday though, with the dollar index falling to 111.90, pushed down by less hawkish comments from Federal Reserve officials. On the other hand, the Euro holding against the greenback better-than-expected German IFO data.

GOLD

Gold price extended losses on Tuesday as risk sentiment in the global markets improved. On Monday however, gold prices reached a fresh 2-week high of $1670 per ounce, as the dollar weakened. Moving ahead to the North American session, gold traders should closely monitor the release of US consumer confidence data.

Economic Outlook

On the data front, the German IFO business climate index inched down to 84.3 from a revised reading of 84.4 in September, compared to the market expectation of a drop to 83.3. The current situation indicator came in at 94.1, down from 94.5 a month ago but well above economists' forecast of 92.4.

Coronavirus update:

Worldwide, more than 627 million people have been confirmed infected and more than 6.51 million have died. The United States has confirmed over 97 million cases and has had more than 1.06 million deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD:
For today, 0.9900/10 remains the key resistance to watch. On the downside, rejection, and pullback from the 0.9900 resistance allow for a dip towards 0.9850, with 0.9800 and 0.9750 forming additional downside targets.



The important levels to watch for today: Support- 0.9850 and 0.9800 Resistance- 0.9900 and 0.9930.

GOLD: The metal needs to stay above $1640; otherwise. $1630/28 may be visible soon. On the upper side, $1660 is the key resistance zones to watch, if the pair breaks and close above this area then the next resistance area to watch is around $1670/72.



The important levels to watch for today: Support- 1638 and 1630 Resistance- 1645 and 1650.

Quote of the day - Trading is a waiting game. You sit, you wait, and you make a lot of money all at once. Profits come in bunches. The trick when going sideways between home runs is not to lose too much in between. -Michael Covel.

Read more - https://gulfbrokers.com/en/daily-market-report-568
 
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