Daily Market Report by GulfBrokers 2020-2021

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USDJPY still showing strong momentum on weekly time frames but there are chances the pair will pull back from the current level. At the time of writing, the pair slightly retreated from a 3-year high of 113.80 and now hovers near 113.40. Any break below 113.00 will open the doors to 112.50/30. On the upper side break above 113.80 can lead the pair to 114/114.20.

EQUITIES

Asian and European shares trades higher on Thursday boosted stronger-than-expected macro-economic data and Q3 earnings results. On Wednesday, the US Bank JP Morgan reported better-than-expected Q3 earnings results while the stock ended slightly lower.

OIL

Crude oil prices holding the previous session gains but struggling to break the weekly highs after the release of weak API inventory data. The data showed stocks of crude oil in the US increased by 5.123 million barrels in the week ended October 8th.

CURRENCIES

In the currency market, the Australian dollar remains one of the strongest currency pairs in this week. The currency pair climbs to the fresh monthly high of 0.7413 on Thursday supported by better-than-expected Australian unemployment data.

GOLD

The safe-haven metal bullish momentum continues after an impressive previous session rally. At the time of writing, the metal trades near the $1800 psychological level.

Economic Outlook

On the data front, Minutes from the FOMC’s September meeting revealed the Fed plans to begin reducing their bond-buying stimulus program in November and the policymakers worried about high inflationary pressures persisting for a longer period of time.

Moving ahead today, the important events to watch:

US – Jobless claims: GMT – 12.30

US – PPI: GMT – 12.30

US – EIA crude inventories: GMT – 15.00

Coronavirus update:

Worldwide, more than 239 million people have been confirmed infected and more than 4.8 million have died. The United States has confirmed over 48.5 million cases and has had more than 703,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

Dollar Index:
The Index trades below 93.80. In the short-term, if the bearish momentum continues the next downside levels watch 93.65 and 93.50. On the flip side, the immediate resistance is at 94.10 and then 94.30.

eurusd


The important levels to watch for today: Support- 93.65 and 93.50 Resistance- 94.10 and 94.35.

GOLD: The precious metal trades steady above $1795. If the bullish momentum continues then the next upside level is to watch $1800 and $1806. On the downside, any meaningful pullback now seems to find some support near the $1788 zones, below which the slide could further get extended towards the $1780 region.

gold neww


The important levels to watch for today: Support- 1788 and 1780 Resistance- 1800 and 1806.

Quote of the day- Successful investing professionals are disciplined and consistent and they think a great deal about what they do and how they do it. - Benjamin Graham.

Read more- https://gulfbrokers.com/en/daily-market-report-385
 
WTI oil prices holding the early session gains but struggling to break the weekly highs after the release of weak API inventory data.

Oil event to watch today▶️EIA oil inventories: 15.00 GMT

Key technical levels to watch79.50 & 82.20
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The second-largest US bank, Bank of America (NYSE: BAC) shares climb to a fresh 52-week high of $45 on Thursday after the company announced better-than-expected third-quarter financial results. The stock ended almost 5% higher on Thursday and gained more than 40% in 2021.

BAC reported a 12% growth in revenue to $22.8 billion in the last quarter and the bank's loans grew by $21 billion from the previous three months.

  • Earnings per share: $0.85 vs. $0.71 expected
  • Revenue: $22.8 Billion vs. $21.65 Billion expected
"We had loan growth in every loan product at the company. It was very broad based," BofA, CFO, Paul Donofrio said.

EQUITIES

Wall Street ended higher on Thursday boosted by better-than-expected Q3 earnings results and strong weekly US initial jobless claims numbers.

OIL

Crude oil prices rose to a new session high on Friday despite the U.S. crude inventories rose by more than anticipated. The EIA data showed US crude oil inventories jumped by 6.088 million barrels in the week ending October 8th.

CURRENCIES

In the currency market, the U.S. dollar is mostly flat against a broad basket of currencies on Friday. Meanwhile, the commodity currencies like the Canadian dollar and New Zealand dollar bounced to the fresh weekly high on Thursday boosted by the oil prices rally.

GOLD

The safe-haven metal retreat from the previous session gains. The gold traders should continue to monitor the developments in U.S. government bond markets and US dollar movement today.

Economic Outlook

On the data front, the Labor Department released the latest US jobless claims data. The data showed the U.S. jobless claims fell to its lowest level since the pandemic began, dropping 36,000 to 293,000, the second straight drop.

Moving ahead today, the important events to watch:

US – Retail sales: GMT – 12.30

US – Michigan consumer sentiment: GMT – 14.00

Coronavirus update:

Worldwide, more than 239.3 million people have been confirmed infected and more than 4.8 million have died. The United States has confirmed over 48.5 million cases and has had more than 703,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

EURUSD:
Technically the overall momentum remains bullish, the immediate support for the Euro stands near the level of 1.1580. On the flip side, the first resistance at 1.1620 any break above this level will open 1.1640 minimum.

eurusd


The important levels to watch for today: Support- 1.1580 and 1.1550 Resistance- 1.1620 and 1.1640.

GOLD: The precious metal trades near the $1790 area. On the upside, a move above $1800 will push the metal towards the next resistance area of $1808/10. In case if it settles above this level, it will head towards the next resistance at $1820.

gold neww


The important levels to watch for today: Support- 1785 and 1780 Resistance- 1800 and 1808.

Quote of the day- “We don’t have to be smarter than the rest. We have to be more disciplined than the rest.” – Warren Buffett.

Read more- https://gulfbrokers.com/en/daily-market-report-386
 
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The second-largest US bank, Bank of America (NYSE: BAC) shares climb to a fresh 52-week high of $45 on Thursday after the company announced better-than-expected third-quarter financial results. The stock ended almost 5% higher on Thursday and gained more than 40% in 2021.

BAC reported a 12% growth in revenue to $22.8 billion in the last quarter and the bank's loans grew by $21 billion from the previous three months.

  • Earnings per share: $0.85 vs. $0.71 expected
  • Revenue: $22.8 Billion vs. $21.65 Billion expected
"We had loan growth in every loan product at the company. It was very broad based," BofA, CFO, Paul Donofrio said.

EQUITIES

Wall Street ended higher on Thursday boosted by better-than-expected Q3 earnings results and strong weekly US initial jobless claims numbers.

OIL

Crude oil prices rose to a new session high on Friday despite the U.S. crude inventories rose by more than anticipated. The EIA data showed US crude oil inventories jumped by 6.088 million barrels in the week ending October 8th.

CURRENCIES

In the currency market, the U.S. dollar is mostly flat against a broad basket of currencies on Friday. Meanwhile, the commodity currencies like the Canadian dollar and New Zealand dollar bounced to the fresh weekly high on Thursday boosted by the oil prices rally.

GOLD

The safe-haven metal retreat from the previous session gains. The gold traders should continue to monitor the developments in U.S. government bond markets and US dollar movement today.

Economic Outlook

On the data front, the Labor Department released the latest US jobless claims data. The data showed the U.S. jobless claims fell to its lowest level since the pandemic began, dropping 36,000 to 293,000, the second straight drop.

Moving ahead today, the important events to watch:

US – Retail sales: GMT – 12.30

US – Michigan consumer sentiment: GMT – 14.00

Coronavirus update:

Worldwide, more than 239.3 million people have been confirmed infected and more than 4.8 million have died. The United States has confirmed over 48.5 million cases and has had more than 703,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

EURUSD:
Technically the overall momentum remains bullish, the immediate support for the Euro stands near the level of 1.1580. On the flip side, the first resistance at 1.1620 any break above this level will open 1.1640 minimum.

eurusd


The important levels to watch for today: Support- 1.1580 and 1.1550 Resistance- 1.1620 and 1.1640.

GOLD: The precious metal trades near the $1790 area. On the upside, a move above $1800 will push the metal towards the next resistance area of $1808/10. In case if it settles above this level, it will head towards the next resistance at $1820.

gold neww


The important levels to watch for today: Support- 1785 and 1780 Resistance- 1800 and 1808.

Quote of the day- “We don’t have to be smarter than the rest. We have to be more disciplined than the rest.” – Warren Buffett.

Read more- https://gulfbrokers.com/en/daily-market-report-386
Too good
 
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EURGBP slumped to a fresh 1.5 year low of 0.8421 on Monday morning. At the time of writing, the currency pair rebounded a little from the Asian session lows but remains at depressed levels. On Monday, the Euro slightly retreat from last week highs while the British Pound holding the gains against the major currencies.

One of the main reasons the EURGBP traded lower during the last couple of weeks, the EU and UK facing significant hurdles in relation to regional gas supplies as well as inflation throughout both economic blocks. On the other hand, the traders also waiting for the new updates from the new round of negotiations on Northern Ireland after London demanded extensive changes. On Friday, UK and EU Brexit negotiators have begun fresh talks in Brussels.

Moving ahead, the main attraction for EURGBP this week:

  • UK – CPI: GMT – 06.00 – WED
  • EUROZONE – CPI: GMT – 09.00 – WED
  • UK – RETAIL SALES: GMT – 06.00 – FRI
eurusd


Technically the overall momentum remains bearish. For this week, the key support area is around 0.8400. On the upper side, the short-term resistance at 0.8455 any break above this level will open 0.8485 then 0.8510/30. On the other side, if the price break and close below 0.8400, the next immediate support to watch 0.8385/60.

Read more here - https://gulfbrokers.com/en/currency-pair-to-focus-on-this-week-eurgbp
 
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This week the high inflation fears will dominate the market sentiment once again. During the last week, the global stocks and commodities ended mostly in positive territory boosted by the Oil prices rally and robust Q3 earnings results.

On the earnings front, the US banking giants reported stronger-than-expected third-quarter financial results last week. Moving ahead to this week, Tesla, Snap, Netflix, Intel and IBM are due to release their last quarter reports.

GOLD

Gold price closed lower on Friday after the metal break above the psychological level of $1800 and the investors also booked some profits from a recent jump to a fresh monthly high.

gold neww


For this week, $1740 remains the key support area to watch, any break below this level will open $1720 minimum. On the upper side, If we can come out of Friday’s consolidation and press back above $1800 then the key resistance area to watch is $1820/35.

DOLLAR INDEX

DXY extends losses from the weekly high after the index had met stiff selling pressure at 94.50. On Friday, the greenback closed in red for the third day in a row.

DXY


The Index can rise if it is in the bullish trend zone above the 94.50 high, any break and close above this level the next levels to watch 94.80/95. Nevertheless, if it continues to fall near the 93.60 support, the slump will quickly extend toward the 93.40/10 marks.

EURUSD

The currency pair jumped during the previous week. However, Bulls will need to regain the 1.1640 level if they want to continue their ascent towards 1.1700. From a trading standpoint, the threat for a larger correction remains while below 1.1500 – ultimately a larger pullback may offer more favourable opportunities closer to uptrend support.

eurusd


This week, On the downside, 1.1560 will act as an initial cushion, any break below this level will open 1.1530 and 1.1510. On the flip side, the bullish breakout of 1.1640 is likely to push the EURUSD into a new trading zone, which may offer further buying opportunities until 1.1710.

DOW JONES

Dow Jones closed modestly higher on Friday, booking a third straight day of gains as a new quarter of the year began with stronger-than-expected earnings results.

cruse


This week as long as the index trades above 35,000 levels, the medium-term uptrend will remain in place. On the downside, 35,050 is the immediate support level, followed by 34,850. Further selling pressure will intensify only if the Index break below 34,850 levels.

Read more- https://gulfbrokers.com/en/weekly-analysis-gold-usd-eurusd-and-dow-jones-10
 
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EURGBP slumped to a fresh 1.5 year low of 0.8421 on Monday morning. At the time of writing, the currency pair rebounded a little from the Asian session lows but remains at depressed levels. On Monday, the Euro slightly retreat from last week highs while the British Pound holding the gains against the major currencies.

One of the main reasons the EURGBP traded lower during the last couple of weeks, the EU and UK facing significant hurdles in relation to regional gas supplies as well as inflation throughout both economic blocks. On the other hand, the traders also waiting for the new updates from the new round of negotiations on Northern Ireland after London demanded extensive changes. On Friday, UK and EU Brexit negotiators have begun fresh talks in Brussels.

Moving ahead, the main attraction for EURGBP this week:

  • UK – CPI: GMT – 06.00 – WED
  • EUROZONE – CPI: GMT – 09.00 – WED
  • UK – RETAIL SALES: GMT – 06.00 – FRI
eurusd


Technically the overall momentum remains bearish. For this week, the key support area is around 0.8400. On the upper side, the short-term resistance at 0.8455 any break above this level will open 0.8485 then 0.8510/30. On the other side, if the price break and close below 0.8400, the next immediate support to watch 0.8385/60.

Read more here - https://gulfbrokers.com/en/currency-pair-to-focus-on-this-week-eurgbp
Thanks for sharing
 
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The entertainment giant Netflix (NASDAQ: NFLX) is set to announce its third-quarter 2021 financial results today after the markets close. Netflix is expected to post quarterly earnings of $2.56 per share and revenues are expected to be $7.48 billion.

Currently, Netflix’s share price is up 18% so far this year and the shares have continued to rise in value nearly every day for the past few months. On Monday, the stock closed 1.5% higher.

EQUITIES

US stock futures edge higher on Tuesday ahead of busy earnings week. On Monday, Wall Street ended closed mixed after the release of weaker-than-expected US industrial production data.

OIL

Crude oil prices recovered from the early session losses and trades near the weekly highs, focus shifts to API and EIA inventory data. On Monday, the oil prices ended slightly lower following the release of weak Chinese economic data.

CURRENCIES

In the currency market, the EURUSD rose to a fresh weekly high of 1.1665 supported by the hawkish comments from ECB President Christine Lagarde. Lagarde still expects supply shortages or rising energy prices to be transitory.

GOLD

The safe-haven metal holding the early session gains ahead of FED member speeches. Overall, the momentum remains bullish throughout the European session.

Economic Outlook

On the data front, the Reserve Bank of Australia released the last meeting minutes on Tuesday. the minutes showed the RBA expects the Australian economy to "return to growth in the December quarter and to its pre-Delta path in the second half of 2022".

Coronavirus update:

Worldwide, more than 239.3 million people have been confirmed infected and more than 4.8 million have died. The United States has confirmed over 48.5 million cases and has had more than 715,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

Dollar Index:
The king dollar remains under pressure for the second consecutive day. At the time of writing, the index trades below 93.60.

DXY


The important levels to watch for today: Support- 93.30 and 93.10 Resistance- 93.75 and 94.00.

GOLD: The precious metal trades near the $1780 resistance area. If the bullish momentum continues then the next upside level is to watch $1788 and $1795. On the downside, any meaningful pullback now seems to find some support near the $1772 zones, below which the slide could further get extended towards the $1760 region.

gold neww


The important levels to watch for today: Support- 1772 and 1765 Resistance- 1788 and 1795.

Read more- https://gulfbrokers.com/en/daily-market-report-387
 
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The world’s most valuable automaker Tesla (TSLA) is scheduled to announce Q3 earnings results on Wednesday. The company expected to post adjusted earnings of $1.56 per share, on more than $14 billion in revenue. During the third quarter, Tesla deliveries totalled 241,300 electric vehicles, up from 201,250 in Q2 and 184,800 in Q1.

$TSLA stock has increased by 34.7% over the past three months. If the bullish momentum continues the next key resistance area to watch the record high of $900.40 in intraday trading on 25 January 2021.

EQUITIES

US stock futures trading steady on Wednesday while the Chinese shares traded lower after the IMF revised down its 2021 economic growth forecast for Asia to 6.5 percent, down by 1.1 percentage points from its April projection.

OIL

Crude oil prices slightly retreat from the early session gains following the release of API data. The data showed a 3.29-million-barrel increase in US crude inventories.

CURRENCIES

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

GOLD

The safe-haven metal rose to a fresh weekly high of $1784 on Tuesday. At the time of writing, the metal was trading above $1778. Overall, the momentum remains bullish throughout the European session.

Economic Outlook

On the data front, US Housing Starts for September came in weaker than expected, falling by 1.6% to an annual rate of 1.555 million and permits by much more, down 7.7% to a 1.589m annual rate.

Coronavirus update:

Worldwide, more than 240 million people have been confirmed infected and more than 4.8 million have died. The United States has confirmed over 49 million cases and has had more than 715,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

EURUSD:
For today, the resistance for Euro is around 1.1670. On the other side, the immediate support is at 1.1610 and any break will drag the pair to 1.1590/70 levels.

eurusd


The important levels to watch for today: Support- 1.1610 and 1.1570 Resistance- 1.1640 and 1.1670.

GOLD: The precious metal rebounded back to near the $1780 area. if the bullish momentum continues the next upside levels to watch the $1785 and $1790 zone. On the flip side, the immediate support at $1772 followed by $1765.

gold neww


The important levels to watch for today: Support- 1772 and 1766 Resistance- 1785 and 1790.

Quote of the day- “You will come to know that what appears today to be a sacrifice will prove to be the greatest investment that you will ever make.” Gordon B. Hinkley.

Read more- https://gulfbrokers.com/en/daily-market-report-388
 
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The safe-haven currency hovers below 114. If the bearish momentum continues then the next support is near 113.80, below which the slide could further get extended towards 113.40 and 113. On the flip side, 114.70 will remain the key resistance level.
 
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