Daily Market Report by GulfBrokers 2020-2021

[syamfx2020]

Shares of the social media giant Twitter (NYSE: TWTR) surged another 6% on Monday after billionaire Elon Musk struck a deal to buy Twitter Inc for $44 billion cash on Monday. Under the deal, Twitter stockholders will receive $54.20 cash for each common stock. Twitter is set to report first-quarter earnings on Thursday. The firm will no longer hold a conference call, due to the pending transaction with Musk and the company.

“Twitter's board of directors carefully considered Elon Musk's offer, taking into account aspects such as value, certainty, and financial viability to execute the deal. The proposed transaction will provide a significant return for investors, which we believe is the best direction for the company's shareholders.” - Twitter Board Chairman Bret Taylor said.

EQUITIES

US stocks slightly retreat from the previous session gains ahead of the earnings results from technology giants Alphabet and Microsoft. Asian shares traded mixed on Tuesday as the investors remain concerned about the covid fears in China as Beijing expands mass testing.

OIL

Crude oil prices remain undecided as to which way its next directional break will be. On Monday, the oil prices ended sharply lower driven by the expectations of faster Federal Reserve policy tightening and concerns about the impact of Covid lockdowns in China.

CURRENCIES

In the currency market, the dollar index, which gauges the greenback's strength against a basket of six currencies remains steady as Investors have been buying into the safe-haven currency as global market sentiment remains cautious.

GOLD

Gold price stays below the $1900 psychological level ahead of US durable goods orders data. The overall momentum remains bearish from last week after the Fed Chair strongly implied that a half-point rate hike at its May meeting is not only on the table.

Economic Outlook

On the data front, Germany reported the latest IFO data. The data showed German Ifo Business Climate rose to 91.8, up from 90.8 and above the consensus of 88.3 points. German Business Expectations climbed to 91.8, above the forecast of 89.1.

Moving ahead today, the important events to watch:

US – Durable goods orders: GMT – 12.30

US – CB consumer confidence: GMT – 14.00

Coronavirus update:

Worldwide, more than 509 million people have been confirmed infected and more than 6.20 million have died. The United States has confirmed over 80 million cases and has had more than 990,000 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: The currency pair struggling to find the upside momentum following the release of strong PMI data. The immediate support sitting around 1.0670 and 1.0640. On the other side, a break above 1.0720 will open 1.0740 and 1.0770.

The important levels to watch for today: Support- 1.0670 and 1.0640 Resistance- 1.0740 and 1.0770.

GOLD: The precious metal remains under pressure a clear breakdown of the support at $1890 could open space for further declines while only recovery to $1,940 would reverse the short-term negative trend.

The important levels to watch for today: Support- 1890 and 1878 Resistance- 1906 and 1912.

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-484

 

[syamfx2020]

Shares of software giant Microsoft (NASDAQ: MSFT) jumped more than 6% in extended trading on Tuesday after the company reported better-than-expected last quarter earnings results on Tuesday, after the market close. The strong last quarter financial results were driven by demand for cloud computing services.
The company reported revenue of $49.36 billion in the third quarter, compared with $41.7 billion a year earlier. $MSFT expects to report revenue between $52.4 billion and $53.2 billion in the fiscal fourth quarter. Moving ahead, Meta, Apple and Amazon are among the big tech companies reporting their numbers later this week.
“Continued customer commitment to our cloud platform and strong sales execution drove better than expected commercial bookings growth of 28% and Microsoft Cloud revenue of $23.4 billion, up 32% year over year,” said Executive Vice President and Chief Financial Officer of Microsoft Amy Hood.
EQUITIES
US stocks futures slightly rebounded from the early session losses while European shares opened lower after the Russian energy company Gazprom announced that it will stop natural gas deliveries to Poland and Bulgaria as of April 27.
OIL
Crude oil futures holding the previous session. The oil price ended slightly higher on Tuesday despite the strong US dollar. The oil prices regain some upside momentum during the North American session on Tuesday supported by the geopolitical tension but overall, the momentum remains mixed.
CURRENCIES
In the currency market, the dollar index upside rally continues while both Euro and the British pound plunged to the fresh multi-year lows on Wednesday Morning. On the other hand, the Japanese yen trade flat as the investors waiting for the Bank of Japan meeting decision on Thursday.
GOLD
Gold price hits a new monthly low of $1886 on Wednesday Asian session weighed down by the strong US dollar and hawkish comments from the Federal Reserve policymakers. At the time of writing, the metal trades below the psychological support of $1900.
Economic Outlook
On the data front, the U.S. durable-goods orders increased by 0.8% last month, recovering from a downwardly revised 1.7 percent drop in the previous month but below market expectations of a 1 percent gain.
Moving ahead today, the important events to watch:
US – Pending home sales: GMT – 14.00
US – EIA crude inventories: GMT – 14.30
Coronavirus update:
Worldwide, more than 509 million people have been confirmed infected and more than 6.20 million have died. The United States has confirmed over 80 million cases and has had more than 990,000 deaths from COVID-19, the highest total in the world.
Technical Outlook and Review
EURUSD: The index remains under pressure for the third consecutive day. Moving ahead to the North American session, the Euro traders should closely monitor the speech from the ECB’s Lagarde.

The important levels to watch for today: Support- 1.0580 and 1.0530 Resistance- 1.0640 and 1.0690.
GOLD: in the short-term perceptive, the immediate bias will remain bearish as long as prices are held below $1900. On the flip side, any break above $1910 then the next resistance near the $1914 followed by the $1920 level.

The important levels to watch for today: Support- 1890 and 1878 Resistance- 1910 and 1914.
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-485

 

[syamfx2020]

EURUSD plunged to its lowest level since the beginning of April 2017. The currency pair hits a 5-year low of 1.0540 on Wednesday. At the time of wiring, the currency pair traded at 1.0545. The strong bearish momentum is driven by the US dollar rally. The US dollar remains in favour as a haven currency among traders around the world supported by expectations for faster Federal Reserve interest rate hikes boosted demand for the greenback.

One of the other reasons behind the strong Euro sell-off following the reports was that Russia had cut off the flow of gas supplies to Poland and Bulgaria which signaled worsening geopolitical risk in the region. Meanwhile, last week the currency pair received some bullish momentum after the hawkish comments from the ECB Vice President Luis De Guindos. He acknowledged the possibility of an interest rate hike as early as July.

Technically the overall momentum remains bearish. On the downside, 1.0500 is the crucial support area to watch. If the pair breaks below the 1.0500, the slump will quickly extend toward the 1.0460 and 1.0430 marks. However, considering the recent sell-off near-term pullbacks from 1.0500/1.0480 support remain corrective in nature. So, in the short term, the pair may rebound towards the 1.0630/50 zone, a break above this level will confirm a possible move to 1.0760/80.

Read more - https://gulfbrokers.com/en/eurusd-dipped-to-5-year-lows-time-to-buy

 

[syamfx2020]

Global markets including equities, commodities and precious metals started the new on a bearish note ahead of the Federal Reserve's monetary policy announcement on Wednesday. The Federal Reserve is widely expected to raise rates by a half-point at its meeting. On the other hand, the other key economic events to watch for this week are the Bank of England interest rate decision on Thursday and the US employment report on Friday.

On the earnings front, the companies due to release their results will be the Moderna, Pfizer, Uber, AMD and Shopify will be among those reporting earnings this week.

GOLD

The precious metal struggling to find the upside 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 the FED decision. The safe-haven metal will likely trade sideways between $1900 and $1870 levels until the FED decision.

For this week, $1870 remains the first immediate support level, followed by $1864. If the metal breaks below $1864/60, the slump will quickly extend toward the $1850/46 mark. On the flip side, the first resistance at $1896/1900 any break above this level will open at $1920 minimum.

DOLLAR INDEX

The US Dollar Index, which measures the greenback’s value against the basket of six major currencies almost flat on Monday but the Index remained in favour as a safe haven currency as investors anticipate the US central bank will raise interest rates faster and further than other developed countries. While on Friday, the USD slightly retreated from the Multi-year highs after the release of US Q1 GDP data. The GDP unexpectedly contracted by 1.4% instead of the projected growth of 1.1%. Moving ahead to this week, the future direction of the USD will depend on the FOMC decision which will release on Wednesday.

The DXY continue to trade near the important resistance level of 103.40. If the bulls manage to push the price to break above the 103.40/50 resistance level, the next target will be at 104. On the flip side, a move below the 102.80 level will have the bears targeting the lower level of 102.20/00.

EURUSD

The currency pair fell below the 1.05 mark last week for the first time since March 2017. However, the currency pair found some support on Friday after the release of the inflation report from the Eurozone posted another increase, with headline CPI ticking up to 7.5% from 7.4% in March, while core CPI increased to 3.5% from 2.9% previously.

Technically the overall momentum remains bearish. For this week, the first nearest support level is located at 1.0470. In case it breaks below this level, it will head towards the next support level which is located near 1.0440. However, a fresh demand for the pair can be anticipated once the Euro rises above the 1.0610 resistance. A break above this level will confirm a possible move to 1.0700.

DOW JONES

The Dow Jones finished lower last week following the release of disappointing results from Amazon and Apple Inc. The key data for the Dow this week will once again be the FOMC meeting outcome, Q1 earnings results and US Nonfarm Payrolls report.

Technically the overall momentum remains bearish for the Index after Frida’s sell-off. In the short term, if the index breaks below 32,900 which would open doors towards 32.600 then 32,300. On the upper side, the first immediate resistance is around 33,650 and then 33,950.

Read the original analysis here - https://gulfbrokers.com/en/weekly-review-gold-usd-eurusd-and-dow-jones-28

 

[syamfx2020]

The leading semiconductor company Advanced Micro Devices (NASDAQ: AMD) is scheduled to report its first-quarter 2022 earnings on Tuesday, May 3, after the market close. The company is expected to post quarterly earnings of $0.91 per share and revenues are expected to be $5.5 billion.

$AMD closed more than 5% higher on Monday while the stock is down more than 35% for the year-to-date. On the daily time frame, the $AMD is currently supported at $84/80, and the resistance is above $100.

EQUITIES

UK and European stocks opened higher on Tuesday supported by better-than-expected macro-economic data and robust earnings results. UK Manufacturing PMI increased higher to 55.8 in April, compared to the market expectation of 55.3. On the earnings front, French bank BNP Paribas's share price bounced 3.2% as it reported a better-than-expected 19% rise in net income.

OIL

Crude oil futures slightly retreated from the previous session highs. The oil prices ended higher on Monday as the EU is reportedly leaning toward a ban on Russian oil imports by year-end after discussions over the weekend. The overall momentum remains mixed due to the recent virus outbreaks in China’s largest cities and hawkish FED expectations.

CURRENCIES

In the currency market, the Australian dollar remains extra volatile on Tuesday after the Reserve Bank of Australia has lifted the official interest rate to 0.35 per cent. RBA governor Phil Lowe said the official interest rate could reach a “more normal level” of 2.5 per cent before the bank stops lifting rates.

GOLD

The safe-haven metal extended its loss on Tuesday weighed down by a strong US dollar and the treasury yields stay near the three-year highs. Moving ahead to the North American session, the gold traders should closely monitor the release of US factory orders and Jolts job openings data.

Economic Outlook

On the data front, the US reported the latest ISM manufacturing data. The data showed the ISM PMI fell to 55.4 in April, down from 55.7 in the prior month and the lowest rate since July 2020. "The US manufacturing sector remains in a demand-driven, supply chain-constrained environment," ISM said.

Moving ahead today, the important events to watch:

US – Factory orders: GMT – 14.00

US – JOLTS job openings: GMT – 14.00

Coronavirus update:

Worldwide, more than 514 million people have been confirmed infected and more than 6.23 million have died. The United States has confirmed over 81 million cases and has had more than 993,000 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: Technically the overall momentum remains bearish, the immediate support for the Euro stands near the previous month's low of 1.0470 followed by 1.0440. On the flip side, the first resistance at 1.0570 any break above this level will open 1.0610/50 minimum.

The important levels to watch for today: Support- 1.0470 and 1.0440 Resistance- 1.0540 and 1.0570.

GOLD: For today, as long as the metal trades below $1870 levels, the medium-term downtrend will remain in place. On the upper side, $1865 is the immediate support level, followed by $1870.

The important levels to watch for today: Support- 1850 and 1845 Resistance- 1865 and 1870.

Quote of the day - "Where you want to be is always in control, never wishing, always trading, and always, first and foremost protecting your butt. After a while size means nothing. It gets back to whether you’re making 100% rate of return on $10,000 or $100 million dollars. It doesn’t make any difference" - Paul Tudor Jones.

Read more- https://gulfbrokers.com/en/daily-market-report-486

 

[syamfx2020]

Streaming giant Netflix (NASDAQ: NFLX) stock price has fallen by 40 per cent in the past 2 weeks and the stock is down more than 60% for the year to date. The streaming company’s shares fell 35.1 per cent at the close of trading on Wednesday, April 20 following the release of disappointing Netflix’s first-quarter earnings results. Meanwhile, the company recorded $7.9 billion in total revenue in the first quarter, up 9.8% from a year earlier. For the second quarter, Netflix said it expects revenue of just over $ 8 billion.

Netflix Subscribers slide for the first time in a decade

Netflix’s customer base fell by 200,000 subscribers during the January-March period and the company ended March with 221.6 million worldwide subscribers. Netflix projected it will lose 2 million more subscribers in the second quarter. Netflix said the suspension of its service in Russia resulted in losing 700,000 users in Europe. In March, Netflix suspended its service and future projects and acquisitions in Russia.

On the other hand, Netflix estimated that more than 30 million U.S. and Canadian households are using shared passwords and an additional 100 million households are doing so globally. “Our relatively high household penetration—when including the large number of households sharing accounts—combined with competition, is creating revenue growth headwinds,” Netflix said.

$NFLX short-term and long-term technical outlook

Technically, the overall movement remained bearish throughout the last couple of weeks. In the short term, the daily chart shows that the $NFLX has been moving sideways in the past 4 days as its volume has dried up. On the downside, the key support remains near the 52-week low of $185, and a further breakout below this area could lead the pair towards the next support level of $150/30. On the upper side, the first immediate resistance around is $230 and then $250.

Read more here - https://gulfbrokers.com/en/nflx-crashed-below-200-is-the-slump-over-or-the-sell-off-continue

 

[syamfx2020]

Finally, the most awaited May Federal Reserve FOMC policy meeting decision is due to release today. The meeting outcome could bring extra volatility to the global markets. The FED is expected to hike its benchmark federal funds rate by 50 basis points for the first time since 2000. The U.S. central bank raised its policy interest rate by 25 basis points in March. The Fed is also expected to announce a plan to shrink its roughly $9 trillion balance sheet by $95 billion a month starting in June.

EQUITIES

Wall Street ended slightly higher on Tuesday supported by better-than-expected US factory orders and JOLTs job openings data. The US factory sector posted one of its strongest months ever in March. Factory orders jumped 2.2% in March, the strongest gain since May last year. U.S. Mar JOLTS job openings unexpectedly rose +205,000 to a record 11.549 million.

OIL

Crude oil futures recovered from the previous session's losses following the release of API crude inventory data. The data showed the US crude inventories declined 3.479 million barrels in the week ended April 29th. The oil prices also received additional buying pressure after the European Commission signalled more sanctions against Moscow.

CURRENCIES

In the currency market, The Euro remains under pressure while the US dollar index hovers near the two-decade high reached last month. The safe-haven us dollar was also supported by the recent equity market sell-off. On the other hand, the Australian dollar holding the previous session gains after the recent economic data showed that retail sales in Australia rose by 1.6% in March.

GOLD

The safe-haven metal trades flat on Wednesday as the investors and traders wait for the Federal Reserve meeting outcome. The expected trading range for gold today is between 1830 support and 1920 resistance. At the time of writing, the precious metal trades below $1870.

Economic Outlook

On the data front, retail sales in the Euro Area declined 0.4% mom in March, more than market expectations of a 0.1% drop. Meanwhile, Eurozone Services PMI increased to 57.7 in April of 2022 from 55.6 in March.

Moving ahead today, the important events to watch:

US – ADP employment report: GMT – 12.15

US – ISM services PMI: GMT – 14.00

US – FOMC interest rate decision and statement: GMT – 18.00

Coronavirus update:

Worldwide, more than 514 million people have been confirmed infected and more than 6.23 million have died. The United States has confirmed over 81 million cases and has had more than 993,000 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: For today, the resistance for the pair is above 1.0570, any break over targets 1.0610/30 minimum. On the other side, the immediate support is near 1.0470 and any break will drag the pair to the 1.0440 level.

The important levels to watch for today: Support- 1.0470 and 1.0440 Resistance- 1.0570 and 1.0630.

GOLD: For gold, the first nearest support level is located at 1850. In case it breaks below this level, it will head towards the next support level which is located near 1840/28. On the upside, 1880 will act as an immediate and strong hurdle while 1891/95 will be a critical resistance zone because above this, bulls are likely to dominate.

The important levels to watch for today: Support- 1850 and 1830 Resistance- 1890 and 1910.

Quote of the day - It takes 150 years to build an investment bank and only five minutes to convince you to sell me preferred stock in it at a 10% interest rate- Warren Buffet.

Read more - https://gulfbrokers.com/en/daily-market-report-487

 

[syamfx2020]

Crude oil prices trade near the weekly highs ahead of the OPEC+ members meeting on Thursday to determine the production quota for June. The meeting is expected to begin at 11:30 GMT in Vienna. The OPEC members expected to agree to raise production targets by 432,000 barrels per day (bpd) for June.

On Wednesday, the crude oil prices bounced after the news that the European Union is proposing to ban all oil imports from Russia by the end of this year.

“What is clear is that Russia’s oil and other liquids exports of more than seven million bpd cannot be made up from elsewhere. The spare capacity just does not exist,” OPEC Secretary-General Mohammad Barkindo said on Wednesday. “However, its potential loss, through either sanctions or voluntary actions, is clearly rippling through energy markets.” – he added.

EQUITIES

Wall Street closed higher on Wednesday after the FED meeting. The Federal Reserve meeting outcome was entirely in line with expectations. The ride-hailing giant Lyft (NASDAQ: LYFT) stock plunged almost 30% on Wednesday following the release of Q1 results. The stock dipped on weaker-than-expected guidance for the second quarter.

On the earnings front, Shopify, Lucid motors and DoorDash are amongst those reporting the last quarter's financial results today.

OIL

Crude oil futures holding the previous session gains. Meanwhile, the EIA released last week's US crude inventory data on Wednesday's North American session. The data showed the US crude oil inventories rose by 1.302 million barrels in the week ended April 29th, compared to market expectations for a 0.829 million drop.

CURRENCIES

In the currency market, Commodity-linked currencies such as the Australian and Canadian dollars inched towards recent peaks on Wednesday morning driven by oil prices recovery and the weaker US dollar. The British pound reversed from the early session gains ahead of the Bank of England rate decision.

GOLD

The safe-haven metal rebounded back to above the psychological level of $1900 on Wednesday after the most awaited FOMC meeting outcome was slightly less aggressive than the markets’ prediction. At the time of writing, the metal retreated back to near the $1890 area.

Economic Outlook

On the data front, the Federal Reserve raised interest rates by half a percentage point on Wednesday. The US central bank said its $US9 trillion worth of bonds would be allowed to decline by $US47.5 billion a month in June, July and August.

Fed Chair Jerome Powell said a 75-basis points hike "is not something the committee is actively considering.” He also added an approach of a "soft" landing of the economy.

Moving ahead today, the important events to watch:

UK – BOE interest rate decision and statement: GMT – 11.00

US – Jobless claims: GMT – 12.30

Coronavirus update:

Worldwide, more than 514 million people have been confirmed infected and more than 6.23 million have died. The United States has confirmed over 81 million cases and has had more than 993,000 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: For today the first support for the Euro appears to be around 1.0570, in the short-term any break below 1.0570 is the next downside level is to watch 1.0540/30. On the other upper side, the immediate resistance is around 1.0650 any break and close above this level will open at 1.0690 and 1.0720.

The important levels to watch for today: Support- 1.0570 and 1.0530 Resistance- 1.0640 and 1.0670.

GOLD: The precious metal trades near $1900. If the bullish momentum continues, then the next upside level is to watch $1912 and $1920. On the downside, any meaningful pullback now seems to find some support near the $1888 zones, below which the slide could further get extended towards the $1870/66 regions.

The important levels to watch for today: Support- 1888 and 1880 Resistance- 1905 and 1912.

Quote of the day - “The stock market is a battlefield. Always remember to survive in the game first. Only those that survive the battle can enjoy the spoils of the war.” – Benjamin Lee.

Read more - https://gulfbrokers.com/en/daily-market-report-488

 

[syamfx2020]

Shares of the Seattle-based coffee chain Starbucks Corporation (NASDAQ: SBUX) surged 10% on Wednesday, May 04 after the company's fiscal second-quarter revenue topped estimates. The revenue for the second quarter reached $7.6 billion, which was up 15% year-over-year and the company opened 313 net new stores in the last quarter.

• Earnings per share: $.59 vs. $.59 expected
• Revenue: $7.64 billion vs. $7.6 billion expected

“We are single-mindedly focused on enhancing our core U.S. business through our partner, customer and store experiences,” interim CEO Howard Shultz said. "The investments we are making in our people and the company will add the capacity we need in our US stores today and position us ahead of the coming growth curve ahead." – he added.

Starbucks’ China revenue slid 14 percent in the fiscal second quarter to USD743.7 million due to the impacts of the COVID19 lockdowns. Meanwhile, Starbucks posted a 12% increase in North America comparable store sales, with revenue reaching $5.5 billion in 2Q.

"While we are into the third year of navigating through COVID in China, in Q2, we encountered the most severe resurgence of the virus to date,” Starbucks China Chairwoman Belinda Wong said.

Starbucks stock increased as high as $82.80 on Wednesday but the stock fell more than 35% this year.

Read the original article here - https://gulfbrokers.com/en/starbucks-jumps-after-revenue-surpass-estimates

 

[syamfx2020]

Global markets are extremely volatile on Friday trading ahead of the US jobs report, which is set to be released at 12:30 GMT. Leading indicators point to a weak number, especially after a poor ADP employment report and weak ISM PMI data were released this week. The ADP employment report came in below expectations, with just 247,000 jobs added in April. The market participants expect that the US economy added 391k jobs in April while the Unemployment Rate may have eased to 3.5% from 3.6% prior.

EQUITIES

US futures trades flat on a daily basis after the previous session's sell-off as investors remained cautious ahead of the highly anticipated US NFP data.

On the earnings front, Draft Kings and Under Armour are amongst those reporting the last quarter's financial results today.

OIL

Crude oil futures are on track to end the week on a positive note. Both WTI and Brent oil futures reached a fresh weekly high on Thursday boosted by the recent OPEC meeting outcome. On Thursday, OPEC+ ministerial meeting agrees to increase production by 432kbpd in June.

CURRENCIES

In the currency market, the dollar index, which tracks the U.S. currency against six major peers slightly retreated from the multi-year highs. The greenback currently faces an important resistance level at 94.10. Meanwhile, the Euro found few buyers again below 1.05 after ECB’s Villeroy suggested that the bank’s policy rates could return to the positive territory by the end of the year.

GOLD

The safe-haven metal struggling to find upside momentum. At the time of writing, the metal trades were above $1880. The data to come later today on US payroll numbers could prove key to determining the next moves.

Economic Outlook

On the data front, the Labor Department reported the latest US jobless claims data. The data showed that applications for the week ended April 30 climbed to 200,000 from an upwardly revised 181,000 a week earlier.

Moving ahead today, the important events to watch:

US – Non-farm payrolls: GMT – 12.30

Canada – Employment report: GMT – 12.30

Coronavirus update:

Worldwide, more than 514 million people have been confirmed infected and more than 6.23 million have died. The United States has confirmed over 81 million cases and has had more than 993,000 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: Technically the overall trend still looks bearish, and the next immediate support is at 1.0470 then 1.0440. On the upper side, in case the pair manages to settle above 1.0640, it will gain upside momentum and head towards the next resistance level at 1.0690 and 1.0730.

The important levels to watch for today: Support- 1.0500 and 1.0470 Resistance- 1.0600 and 1.0640.

GOLD: The gold price slightly rebounded from the early session lows; the key support remains below the previous session low of $1860. On the flip side, the immediate resistance is located above $1905, a break above this level will confirm a possible move to $1920.

The important levels to watch for today: Support- 1872 and 1860 Resistance- 1896 and 1920.

Quote of the day - “A big part of financial freedom is having your heart and mind free from worry about the what-ifs of life.” — Suze Orman.

Read more here - https://gulfbrokers.com/en/daily-market-report-489