Daily Market Report by GulfBrokers 2020-2021

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Shares of online gaming platform Roblox Corporation (NYSE: RBLX) initial dropped more than 10% following the release of first-quarter earnings results on Tuesday, May 10. The stock plunged to a fresh 52-week low of $21.65 on May 11. While later the stock rebounded more than 50% from its recent low despite the release of disappointing Q1 results. As of this writing, the $RBLX trades at $32.

Roblox posted a loss of 27 cents per share versus a loss of 21 cents per share expected by Wall Street. The company's Q1 revenue was $537.1 million, up by 39 per cent compared with Q1 2021 but the numbers failed to hit the Street mark of $645 million. The company reported 54.1M average daily active users in Q1, up 28% year over year and the average bookings per daily average user were $11.67.

"We remained focused on delivering our innovation roadmap to unlock the full potential of the Roblox platform and drive long-term returns for investors," CEO of Roblox David Baszucki said. "Over the past two quarters, we have launched a number of notable innovations including spatial voice and layered clothing that will continue driving user growth, engagement and monetization." – he added.

$RBLX technical outlook

In the short-term, if the stock continues the short-term bullish momentum, then the immediate resistance near $37 breaks and closes above this resistance level then expects the market to zoom up to $52 and $55. On the downside, the crucial support remains the 52-week low of $21.65, in case the stock break this area, below which the slide could further get extended towards $18/16.

Read more - https://gulfbrokers.com/en/roblox-stock-rebounds-50-after-earnings-report-what-next

 

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European and UK stocks opened sharply lower on Thursday; the fall followed a pummelling session for US stocks on Wednesday. The Wall Street sell-off sparked panic in Asian markets, which then spread to Europe. Overall momentum is expected to be under pressure in the coming days as investors remain concerned about the rising inflation pressures, hawkish Fed and the COVID-19 cases are spiking in the U.S. As per the recent report the U.S. COVID cases increased 26 percent in the past week alone.

EQUITIES

US stock futures extend the decline on Thursday. During the previous session, the Dow Jones Industrial Average sank more than 1,100 points and the S&P 500 had its biggest drop in nearly two years. The strong bearish sentiment is driven by disappointing earnings results from US retailers.

Shares of the retail giant Target (NYSE: TGT) plunged more than 25% on Wednesday, its most significant one-day drop since the 1987 market crash. Target profit tumbled 52% compared with last year's same period while the Q1 revenue was up 4% to $25.2B.

OIL

Crude oil prices ended lower on Wednesday as Hungary resisted a European Union push for a ban on Russian oil imports, a move that would tighten global supply. Meanwhile, the EIA data showed on Wednesday the US crude inventories declined by 3.4 million barrels last week.

CURRENCIES

In the currency market, the US Dollar Index, which measures the greenback’s value against the basket of six major currencies price action remains volatile as uncertainties remain high. the British pound struggling to find the upside momentum after the previous session's pullback.

GOLD

The safe-haven metal bounced back to above $1820 on Thursday as risk aversion is on the rise. The metal continues to swing between losses and gains in the last couple of days. The key support level is located at $1780.

Economic Outlook

On the data front, Canada's annual inflation rate rose faster than expected in April. The Consumer Price Index rose 6.8 per cent in April from a year earlier, Statistics Canada said Wednesday, edging up from 6.7 per cent in March.

Moving ahead today, the important events to watch:

US – Jobless claims: GMT – 12.30

US – Philly Fed index: GMT – 12.30

Coronavirus update:

Worldwide, more than 521 million people have been confirmed infected and more than 6.26 million have died. The United States has confirmed over 82 million cases and has had more than 999,000 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: The currency pair attempted to bounce but is currently struggling to extend the rebound. For today, the first resistance is located around 1.0540, a break above this level will confirm a possible move to 1.0560/80. On the downside, any meaningful pullback now seems to find some support near the 1.1410 zones.

The important levels to watch for today: Support- 1.0470 and 1.0430 Resistance- 1.0580 and 1.0610.

GOLD: On the daily time frame, the gold is currently supported at $1800, and the resistance is around $1830. On the upper side, the long-term buyers should wait for a daily close above the $1840.

The important levels to watch for today: Support- 1808 and 1800 Resistance- 1832 and 1840.

Quote of the day - “Make a mistake, analyze the mistake, understand the mistake, then get over it and focus on the next trade in the ongoing series of trades.” Peter Brandt.

Read more here - https://gulfbrokers.com/en/daily-market-report-496

 

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The Euro bounced against the US dollar on Thursday boosted by hawkish comments from the European central bank. The ECB minutes showed that a majority of the governing council members expressed concerns over rising inflation. A rate hike in July is no longer uncertain, the only uncertainty is whether it will be 25bp or 50bp. However, the bulls will need to regain the 1.0640 level if they want to continue their ascent towards 1.0700/50.

EQUITIES

US stock futures struggling to find upside momentum following the previous session's sell-off. On Thursday, Wall Street extended the losses after the release of weaker-than-expected US macro-economic data and disappointing earnings results.

OIL

Crude oil prices rebounded and ended slightly higher on Thursday supported by the weaker US dollar and better-than-expected weekly crude inventories report from EIA and API. However, the overall momentum remains bearish for this whole week.

CURRENCIES

In the currency market, the Greenback, in terms of the US Dollar Index (DXY), corrected lower this week driven by weak US economic data. The British pound advanced against the US dollar but failed close above 1.2500 as the traders remain concerned over the rising inflation. The latest UK CPI data showed the UK inflation rising to a 40-year record.

GOLD

The safe-haven metal trades steady above $1840 on Friday as the concerns about the global economy boosted demand for havens. The metal also getting additional support from the weaker US dollar and recent equity market sell-off.

Economic Outlook

On the data front, US initial jobless claims rose by 21 thousand to 218 thousand in the week ended May 14th, compared to a revised 197 thousand in the prior period. The Philadelphia Federal Reserve business index plunged 15 points to a reading of 2.6, notching a two-year low.

Coronavirus update:

Worldwide, more than 521 million people have been confirmed infected and more than 6.26 million have died. The United States has confirmed over 82 million cases and has had more than 999,000 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: The currency pair retreated back to below 1.0570 on Friday morning. On the downside, 1.0520 will act as an initial cushion, any break below this level will open doors to 1.0470/50. On the flip side, if the bullish momentum continues the key resistance area to watch 1.0640/50.



The important levels to watch for today: Support- 1.0540 and 1.0520 Resistance- 1.0610 and 1.0640.

GOLD: For today as long as the metal trades above $1830 levels, the medium-term uptrend will remain in place. On the downside, $1835 is the immediate support level, followed by $1830. Further selling pressure will intensify only if the Index break below $1830 levels.



The important levels to watch for today: Support- 1835 and 1830 Resistance- 1848 and 1865.

Quote of the day - Think for yourself and don’t let the market direct you. Security prices sometimes fluctuate, not based on any apparent change in reality, but on changes in investor perception- Seth Klarman.

Read more - https://gulfbrokers.com/en/daily-market-report-497

 

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Global equities and commodities started the new week slightly higher on Monday as investors took a breather following the previous week's sell-off. During the last week, the as global equities plunged on concerns that high inflation and monetary policy tightening will fuel an economic slowdown. This week is expected to be a busy one, the main focus on the FOMC minutes on Wednesday as well as the earnings results from retailers including Costco and Macy’s.

On the earnings front, the companies due to release their results will be the Nvidia, Zoom, Costco and Macy‘s will be among those reporting earnings this week.

GOLD

The safe-haven metal after making a low at $1788, staged a smart recovery back to above $1860. The geopolitical risk spurred buying in precious metals despite imminent rate hike expectations from US FED. The U.S. Federal Reserve will release the minutes from its last meeting later in the week which may keep volatility high in bullion prices.

For this week, $1875/80 remains the key resistance to watch. However, as long as the metal is trading above $1850, a pullback rally is likely to continue up to $1870/72. On the downside, the first nearest support level is located at $1848. In case it breaks below this level, it will head towards the next support level which is located at near $1836 then $1830.

DOLLAR INDEX

The US dollar index extend the losses on Monday after the index closed last week for its worst week since early February. The recent bearish momentum was driven by the disappointing US macroeconomic data. The biggest driver for the greenback this week is the minutes from the latest Federal Open Market Committee (FOMC) Minutes and the US GDP figures.

Technically the overall momentum remained bearish for the Index after the bulls failed to extend the rally. In the short term, if the price breaks below 102.30 it would open doors toward 101.10. On the upper side, the first immediate resistance is around 102.85 and then 103.30.

EURUSD

The euro is showing solid growth against the US dollar during the Asian session on Monday. The currency pair bounced to a fresh two weeks high of 1.0680 on Monday during the European session boosted by the release of stronger-than-expect German IFO business climate data. The German business climate index increased to 93.0 from 91.9 in April. The Euro also received strong upside momentum after the ECB took a significant hawkish turn last week. Moving ahead, the economic data is limited this week to the German GDP and Eurozone PMI figures.

Technically If the bullish momentum continues then the next upside level is to watch 1.0690/1.07 and 1.0750. On the flip side, a breakdown through 1.0570 would negate that bias and suggest a test of the 1.0500 and 1.0470 support regions.

DOW JONES

Major stock indices and Dow jones continued to slide lower last week as the global trend and the risk-off mood dominates. However, the Dow started this week slightly higher but the overall momentum remains bearish as Investors remain worried that a more aggressive move by major central banks and weak earnings results from the retailer giants Walmart and Target.

For Dow this week, the first nearest support level is located at 31,200. In case it breaks below this level, it will head towards the next support level which is located at near 30,900 then 30,500. On the upside, the key resistance is located for the Dow at around 31,800/900, a break above this level will confirm a possible move to 32,200/300.

Read more technical analysis here - https://gulfbrokers.com/en/weekly-review-gold-usd-eurusd-and-dow-jones-31

 

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Shares of the video-chat company Zoom video communications (NASDAQ: ZM) bounced more than 10% in Monday's after-hours session after the company announced better-than-expected first-quarter financial results. Zoom also provided profitability guidance for the current quarter and full year. The Upbeat financial results were boosted by growth in customer metrics, with the company having about 198,900 enterprise customers as of the end of the quarter.

• Earnings per share: $1.03 vs. $0.87 expected
• Revenue: $1.07 Billion vs. $1.08 Billion expected

"We launched Zoom Contact Center, Zoom Whiteboard and Zoom IQ for Sales, demonstrating our continued focus on enhancing the customer experience and promoting hybrid work. We believe these innovative solutions will further expand our market opportunity for future growth and expansion with customers," Zoom CEO, Eric Yuan said.

EQUITIES

European and UK shares traded lower on Tuesday driven by weak PMI data. On Monday, Wall Street ended higher supported by positive comments from US President Joe Biden. Biden said he will discuss tariffs on Chinese imports with Treasury Secretary Janet Yellen upon return from his Asia trip.

OIL

Crude oil prices struggling to break higher due to increasing worries about wider virus restrictions in Beijing. While the bearish momentum is limited as Shanghai prepares to reopen at the beginning of June. On the other hand, the Oil traders also waiting for the release of API and EIA crude inventories reports.

CURRENCIES

In the currency market, Euro extended gains against the US dollar and British pound on Tuesday morning following the hawkish comments from the European central bank president Christine Lagarde. Lagarde said the negative rate exit message is an important turning point. We are definitely at a turning point right now. We are not in a panic. At the end of the third quarter, we may move into the positive zone in interest rates.

GOLD

The safe-haven metal holding the previous session gains on Tuesday supported by the sharp decline in the US dollar. Overall, the momentum remains bullish throughout the European session. At the time of writing, the metal trades were above $1855.

Economic Outlook

On the data front, UK and Eurozone posted weaker than expected PMI readings on Tuesday. Meanwhile, Germany's Manufacturing PMI edged higher to 54.7 in May of 2022 from 54.6 in April, better than market forecasts of 54. Moving ahead to the North American session, the US will release the latest manufacturing PMI numbers.

Moving ahead today, the important events to watch:

US – Manufacturing PMI: GMT – 13.45

US – New home sales: GMT – 14.00

Coronavirus update:

Worldwide, more than 527 million people have been confirmed infected and more than 6.28 million have died. The United States has confirmed over 83 million cases and has had more than 100,000 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: Technically the overall momentum remains bullish, the immediate support for the Euro stands near the level of 1.0680/60. On the flip side, the first resistance at 1.0740 any break above this level will open 1.0770 minimum.



The important levels to watch for today: Support- 1.0700 and 1.0660 Resistance- 1.0740 and 1.0770.

GOLD: The precious metal trades above $1850. On the upside, a move above $1865 will push the metal towards the next resistance area of $1870/72. In case it settles above this level, it will head towards the next resistance at $1890.



The important levels to watch for today: Support- 1848 and 1840 Resistance- 1860 and 1865.

Quote of the day - Remind yourself that today is not the last day you will ever have to trade. You have time, the market isn’t going anywhere – Nial Fuller.

Read more - https://gulfbrokers.com/en/daily-market-report-498

 

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Computer graphics card maker Nvidia (NASDAQ: NVDA) is set to announce its last-quarter financial results on Wednesday, May 25, after the markets close. The company is expected to post quarterly earnings of $1.3 per share and revenues are expected to be $8.12 billion.

In the fourth quarter, Nvidia posted strong financial results helped by performance in its data center and gaming businesses. The Californian-based company generated record revenue of $7.64 billion, up 53% year over year, as earnings per share of $1.18 surged 103%.

Recently Nvidia has announced a Liquid-cooled Graphic card for data centers at Computex 2022, designed for data centers and supercomputers. The card consumes 30% less power than the air-cooled version. "Liquid cooling is the next step in accelerated computing for NVIDIA GPUs that already deliver up to 20x better energy efficiency on AI inference and high-performance computing jobs than CPUs," – Nvidia said.

Nvidia short-term stock forecast​

Nvidia shares have lost 40% year-to-date and the stock extended losses on Tuesday currently trading at roughly $162. The $NVDA stock is currently supported at $150, and the resistance is around $210. The stock has been under pressure over the past few months. $NVDA has a 52-week low of $151.76 and a 52-week high of $346.47.

Technically the overall momentum remains bearish after the last few week's sell-off. However, considering the recent strong bearish sentiment if the stock momentum picks up then $185 is the first immediate resistance area to watch, a break above this level will confirm a possible move to $200/10. On the downside, if the bearish momentum continues the next crucial support at $150. In case the price is close below the $150 area the next short-term target will be around $130/25.

Read more - https://gulfbrokers.com/en/nvidia-stock-forecast-and-earnings-preview

 

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Germany released stronger-than-expected gross domestic product data. The GDP increased 0.2 percent on quarter in the first three months of 2022, recovering from a 0.3 percent contraction in the previous period. The GDP expanded by 4% on year in the first quarter, compared to a 1.8% expansion in the fourth quarter of 2021. On a yearly basis, the economy grew by 3.8 percent, from 3.7%.

While the Euro pause the upside momentum despite the release of strong economic data. EURUSD retreated back to below 1.0670 on Wednesday during the European session, the focus shifted to the FOMC meeting minutes.

EQUITIES

US futures slightly retreated from the early session gains as investors await the minutes from the last Federal Reserve meeting, which is set to be released at 18.00 GMT.

On the earnings front, Nvidia and Snowflake are amongst those reporting the last quarter's financial results today.

OIL

Crude oil futures extended the gains supported by a weakening U.S. dollar and rallying equities. On the other hand, the API inventory data showed the US inventories unexpectedly rose by 5,67,000 barrels last week. Moving ahead to the North American session, the oil traders should closely monitor the release of the EIA inventory report.

CURRENCIES

In the currency market, the New Zealand dollar bounced after the RBNZ released more hawkish guidance on its future policy path. The US dollar index rebounded back to above 102 on Wednesday morning while the British pound recovered from the previous session lows, currently trading above 1.2540.

GOLD

The safe-haven metal struggling to find the upside momentum as gold investors remain cautious ahead of the release of last US Federal Reserve's policy meeting minutes. The metal is expected to be extra volatile after the release of the FOMC meeting minutes. At the time of writing, the gold prices trade below $1860.

Economic Outlook

On the data front, the Reserve Bank of New Zealand raised its key interest rate by half a point, as widely expected. RBNZ now projects the cash rate will double to 4% over the next year and remain there into 2024.

"A larger and earlier increase in the interest rate reduces the risk of inflation becoming persistent, while also providing more policy flexibility ahead in light of the highly uncertain global economic environment," the RBNZ said in its statement.

Moving ahead today, the important events to watch:

US – Durable goods orders: GMT – 12.30

US – FOMC meeting minutes: GMT – 18.00

Coronavirus update:

Worldwide, more than 527 million people have been confirmed infected and more than 6.28 million have died. The United States has confirmed over 83 million cases and has had more than 100,000 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: For today, the resistance for the pair is above 1.0740, any break over targets 1.0770/1.0810. On the other side, the immediate support is near 1.0650 and any break will drag the pair to 1.0620/00 levels.



The important levels to watch for today: Support- 1.0650 and 1.0620 Resistance- 1.0710 and 1.0740.

GOLD: The yellow metal trades above $1855 on Wednesday. Any break below the $1845 will open the doors to $1838/36. On the upper side, $1870/72 is a crucial resistance area to watch.



The important levels to watch for today: Support- 1850 and 1845 Resistance- 1865 and 1872.

Quote of the day - “A lot of people get so enmeshed in the markets that they lose their perspective. Working longer does not necessarily equate to working smarter. In fact, sometimes it is the other way around.” - Martin Schwartz.

Read more - https://gulfbrokers.com/en/daily-market-report-499

 

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US Federal Reserve released the minutes from their last policy meeting on Wednesday. The Fed’s meeting minutes indicated that the US central bank will likely raise interest rates by 50 basis points at its next two meetings in June and July as an aggressive move to curb inflation. Fed policymakers also saw several risks to the U.S. economy and the central bank’s bid to bring inflation down without causing a recession looming on the horizon.

EQUITIES

US futures trade flat following the previous session's gains. Moving ahead to the North American session, the investors and traders will now be focused on the release of the first-quarter U.S. GDP number which is set to be released at 12.30 GMT.

On the earnings front, Costco, GAP and Alibaba are amongst those reporting the last quarter's financial results today.

OIL

Crude oil futures hold the gains while the upside momentum is limited as the European Union (EU) tussles with Hungary over plans to ban imports from Russia. "This problem was created by the European Commission, so the solution must be also proposed by the European Commission," Hungarian foreign minister Peter Szijjarto said on Wednesday. "We see it unrealistic that such a comprehensive solution will be proposed this week."

CURRENCIES

In the currency market, the Japanese yen regain the bullish momentum against the US dollar following the comments from Bank of Japan Governor Haruhiko Kuroda. "The key would be how to raise interest rates and scale back the BOJ's expanded balance sheet," Kuroda said. The USDJPY retreated back to below 126.60 after his speech.

GOLD

The Safe-haven metal struggling to find the upside momentum above $1850. However, the fundamental picture is generally quite optimistic, and the geopolitical tensions provide additional support to the quotes.

Economic Outlook

On the data front, US Durable Goods Orders, growth slowed to 0.4 percent versus market forecasts and was revised down from 0.6 percent previously. In addition, Core Durable Goods Orders increased 0.3 percent , compared to 0.6 percent expected and 1.1 percent prior.

Moving ahead today, the important events to watch:

US – GDP: GMT – 12.30

US – Jobless claims: GMT – 12.30

Coronavirus update:

Worldwide, more than 527 million people have been confirmed infected and more than 6.28 million have died. The United States has confirmed over 83 million cases and has had more than 100,000 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: For today, the pair is supported at the 1.0640 level, any break below this level will open the doors to 1.0610/00. On the flip side, if the euro breaks above 1.0710 it would open doors towards the next resistance area of 1.0750/70.



The important levels to watch for today: Support- 1.0640 and 1.0600 Resistance- 1.0710 and 1.0770.

GOLD: The precious metal needs a clear break above $1870 to move further upside $1890/1900. On the flip side, a breakdown through $1840 would negate that bias and suggest a test of the $1830 support region.



The important levels to watch for today: Support- 1840 and 1835 Resistance- 1860 and 1872.

Quote of the day - “A lot of people get so enmeshed in the markets that they lose their perspective. Working longer does not necessarily equate to working smarter. In fact, sometimes it is the other way around.” - Martin Schwartz.

Read more - https://gulfbrokers.com/en/daily-market-report-500

 

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The iPhone maker Apple (NASDAQ: AAPL) stock pulled back more than 20% after hitting its record high at the start of 2022. $AAPL touched their lowest level in a year this week. The stock bearish sentiment continues in the last couple of weeks as the stock market has experienced broader losses since the start of April.

Recently the Investors are worried that the Fed's aggressive shift to raise interest rates could end up tipping the U.S. into a recession, and those fears are pushing many people out of tech stocks in particular. On the other hand, the complete tech industry is bracing for a slowdown in consumer spending as rising fuel and materials prices.

Apple released a stellar earnings report by end of April for its second fiscal quarter of 2022, the revenue rose 9% year-over-year. But Apple stock failed to regain the upside momentum following the release of robust financial results after the company warned that supply chain constraints in China would cut into the company’s revenues in the upcoming quarter. Apple expects that Covid-related shutdowns in China and semiconductor shortages would lower its June-quarter sales by $4 billion to $8 billion.

“We have estimated the constraints to be in the range of $4 to $8 billion and these constraints are primarily centred around the Shanghai corridor”. Apple CEO Tim Cook had said this during the Q2 earnings call. “The Covid-related disruptions are also having some impact on customer demand in China,” Apple CFO Luca Maestri said.

According to a report by Nikkei Asia, one of the upcoming iPhone 14 "models is about three weeks behind the usual schedule due to the lockdowns in Shanghai." The production issues apparently also affect the production of new iPhone 13-series units. Meanwhile, Apple is reportedly exploring ways to expand manufacturing outside of China. India and Vietnam are two countries targeted by the tech giant to build new facilities.

Read more here - https://gulfbrokers.com/en/apple-stock-dives-below-140-fueled-by-covid-lockdowns-in-china

 

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Shares of the computer company Dell Technologies (NYSE: DELL) advanced 12% in extended trading on Thursday after the company reported upbeat first-quarter earnings results. The company posted record revenue and operating profit in the first fiscal quarter. The company’s operating profit jumped 57% to $1.55 billion and revenue from Dell’s customer solutions group, which includes PCs, notebooks, and tablets, rose 17% in the quarter.

• Earnings per share: $1.84 vs. $1.39 expected
• Revenue: $26.12 Billion vs. $25 Billion expected

"Our first quarter – with record Q1 revenue, operating income and diluted EPS – demonstrates the benefits of having a strong, geographically and sector-diverse business covering the edge to the core data center to the cloud," Dell co-chief operating officer, Chuck Whitten said.

EQUITIES

Wall Street ended higher on Thursday supported by strong earnings results from the retail giant's Dollar Tree (NASDAQ: DLTR), Dollar General (NYSE: DG) and Macy’s (NYSE: M). All these three stocks bounced more than 10% on Thursday.

OIL

Crude oil prices surged to a fresh weekly high on Thursday after the latest EIA data showed a larger-than-expected drawdown in US crude inventories last week. US crude oil inventories fell by 1.019 million barrels in the week ended May 20th, following a 3.394-million-barrel decline in the previous week.

CURRENCIES

In the currency market, the Euro hit a fresh weekly high of 1.0763 on Friday against the US dollar. The currency pair traded in the positive territory for this whole week boosted by the hawkish comments from the ECB policymakers, which raised expectations of faster than expected monetary tightening.

GOLD

The precious metal inched a little higher on Friday. However, today could see increased volatility spikes after the release of the US Core PCE Price Index. At the time of writing, the metal trades were above $1855.

Economic Outlook

On the data front, the US GDP contracted at a 1.5% annual pace from January through March, a slight downward revision from its first estimate of 1.4%, which it issued last month. Meanwhile, the latest US jobless claims report showed initial jobless claims dipped to 210,000, a decrease of 8,000 from the previous week's unrevised level of 218,000.

Moving ahead today, the important events to watch:

US – Personal spending and income: GMT – 12.30

US – Michigan consumer sentiment: GMT – 14.00

Coronavirus update:

Worldwide, more than 527 million people have been confirmed infected and more than 6.28 million have died. The United States has confirmed over 83 million cases and has had more than 100,000 deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: Technically the overall momentum remains bullish, the immediate support for the Euro stands near the level of 1.0700. On the flip side, the first resistance at 1.0760 any break above this level will open 1.0800/10 minimum.



The important levels to watch for today: Support- 1.0700 and 1.0660 Resistance- 1.0760 and 1.0800.

GOLD: The precious metal trades near the $1860 area. On the upside, a move above $1870 will push the metal towards the next resistance area of $1870/72. In case it settles above this level, it will head towards the next resistance at $1890.



The important levels to watch for today: Support- 1850 and 1845 Resistance- 1865 and 1872.

Quote of the day - To make money in stocks you must have the vision to see them, the courage to buy them, and the patience to hold them – Warren Buffet.

Read more here - https://gulfbrokers.com/en/daily-market-report-501