Daily Market Report by GulfBrokers 2020-2021

[syamfx2020]

Shares of the iconic Premier League club Manchester United (NYSE: MANU) rises more than 60% in the last week following the news that the club has been put up for sale and most importantly, different buyers are already running up their interests in acquiring it. On the other hand, the club also agreed on a mutual termination of Portuguese football superstar Cristiano Ronaldo’s contract.

Manchester United's stock price has displayed a significant degree of volatility throughout the last week. In the coming days, Intraday volatility can be expected to continue as more attention understandably turns to who could potentially take control of the club. The soccer club is currently in the fifth position in the Premier League.

Apple has reportedly joined the race to buy $MANU, who else?



Earlier this week, United said in a statement that the board will "consider all strategic alternatives, including new investment into the club, a sale, or other transactions involving the company". Since the statement, several names have been linked with buying the club. Manchester United already appointed two big investment banks, the Raine Group and Rothschild & Co, to advise on a potential sale.

Manchester United’s current owners – the Glazer family from the United States owning the club since 2005. “As we seek to continue building on the club’s history of success, the board has authorized a thorough evaluation of strategic alternatives,” - executive Co-Chairmen and Directors Avram Glazer and Joel Glazer said in a statement:

Last week, a report claimed that the California-based tech giant Apple had expressed an interest in purchasing Manchester United for around $7 billion. Meanwhile, Britain’s richest man, Sir Jim Ratcliffe is reportedly once again interested in buying Manchester United after the Glazer family said it is considering selling the club. Elon Musk, the world's richest person and owner of Twitter, also joked on the social media platform that he wanted to buy United.

Can United’s stock continue to pop?

The daily chart shows that the stock has been in a strong bullish trend in the past few days. The stock has rallied from a low of $12 to over $22 after it formed Inverted Head and Shoulders chart pattern. Therefore, the stock is expected to continue its upward path due to takeover rumours and long-term potential. Meanwhile, there are chances the stock is likely to pull back before the bounce because the stock already bounced more than 60% last week.



In the short term, if the stock holds above $20 the next upside target at $23 and $27.70. On the other side, if the price break and close below $20, the next immediate support is to watch $19.20 and then $18. In the long term, watch for the break below $15 or above $28, which will give a larger confirmation of direction in the long term.

Check out the original article here - https://gulfbrokers.com/en/manchester-is-red-manu-stock-jumped-60-last-week

 

[syamfx2020]

Crude Oil prices traditionally have been more volatile than many other commodity or asset prices. In recent months, oil traders and investors remain concerned over rising Covid-19 cases in China, which could dent demand for oil as travel is restricted.

On Monday the oil prices started the new week on a bearish note driven by concerns about strict Covid-19 curbs in China. Meanwhile, Oil futures recovered from the previous session's lows after Eurasia Group reported that OPEC+ will "seriously consider" a production cut next week. “OPEC+ will seriously consider a new production cut at its upcoming meeting, particularly if crude prices fall much below their current level in the next week.” - Eurasia Group said.

EQUITIES

European shares trade flat on Tuesday morning ahead of the German Inflation data. On the other hand, US stock futures extend the losses after St. Louis Fed President James Bullard said the central bank still “got a way to go to get restrictive,”.

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

OIL

Crude oil futures held the early gains on Tuesday Morning. Moving ahead to the mid of the week investors continue to follow the new updates about COVID outbreaks in China and weekly oil inventory reports.

CURRENCIES

In the currency market, the Euro's uptrend against the USD is losing momentum after the strong rally. On Monday, EURUSD hit a fresh 5-month high of 1.0495 supported by broad-based weakness in the dollar and hawkish comments from European Central Bank policymakers. European Central Bank Governing Council member Klaas Knot said on Monday, “recession not a foregone conclusion.”

GOLD

The safe-haven metal rebounded back to above $1750 supported by dovish comments from the FED policymakers. Richmond Federal Reserve Bank President Thomas Barkin recently mentioned that he supports smaller interest-rate hikes ahead as the central bank moves to bring down too-high inflation. While FOMC member Bullard emphasized financial markets may be too optimistic by pricing slower rate hikes by the US central bank.

Economic Outlook

On the data front, Japan reported lower-than-expected retail sales data. The latest data showed the retail sales were 4.3% higher in October than a year earlier, below the 5.0% expected by economists.

Moving ahead today, the important events to watch:

Germany – CPI: GMT – 13.00

US – Consumer Confidence: GMT – 15.00

Coronavirus update:

Worldwide, more than 641 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

EURUSD: The currency pair slightly retreats from the weekly highs. On the downside, the decline is more extensive, and it will be hard to rule out a retreat towards 1.0310 the 1.0280. On the upper side, 1.0500 is the key resistance zones to watch.



The important levels to watch for today: Support- 1.0300 and 1.0270 Resistance- 1.0400 and 1.0430.

GOLD: In the short-term perceptive, the immediate bias will remain bullish as long as prices are held above $1740. On the flip side, any break below $1740 then the next support near $1732 followed by the $1725 level.



The important levels to watch for today: Support- 1745 and 1738 Resistance- 1758 and 1765.

Quote of the day - I think investment psychology is by far the more important element, followed by risk control, with the least important consideration being the question of where you buy and sell - Tom Basso.

Read more - https://gulfbrokers.com/en/daily-market-report-580

 

[syamfx2020]

German consumer prices in November slowed from the prior month, the federal statistics agency Destatis reported on Tuesday. The surprise dip comes as “energy prices have eased slightly”, Destatis said.

The data showed, the consumer price inflation in Germany unexpectedly fell to 10.0 percent year-on-year in November 2022, down from October's all-time high of 10.4 percent and below the market consensus of 10.4 percent. Meanwhile, annual inflation in Spain also fell more than expected. Spain's inflation unexpectedly eased to 6.8% in November 2022, from 7.3% in October.

Moving ahead, investors should closely monitor the release of Eurozone inflation data, which is set to be released later today. Because on Monday, European Central Bank President Christine Lagarde said the eurozone had not yet reached peak inflation.

EQUITIES

US stock futures were little changed on Wednesday Morning after a two-day slide as investors keenly awaited the US quarterly GDP data and ADP non-farm employment data for key insight into the economy.

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

OIL

Crude oil futures extended the gains after the API data showed a large drop in US crude inventories. The data showed that US crude inventories fell by almost 8 million barrels last week, following a 4.819-million-barrel drop in the previous week.

CURRENCIES

In the currency market, the GBPUSD rebounded back to above 1.2000 on Wednesday Morning helped by a softer dollar. Meanwhile, the EURUSD struggling to find upside momentum following the release of a weak German employment report. The latest data showed the unemployment rate in Germany edged up to 5.6 percent in November 2022 from 5.5 percent in the previous month.

GOLD

The safe-haven metal edges up on a softer dollar and weak PMI data from China. Moving ahead to the North American session, gold traders should closely monitor the Federal Reserve chairman Jerome Powell's speech, for more cues on future U.S. monetary policy.

Economic Outlook

On the data front, the purchasing managers' index (PMI) for China's manufacturing sector came in at 48 in November, down from 49.2 in October, data from the National Bureau of Statistics showed Wednesday.

Moving ahead today, the important events to watch:

Eurozone – CPI: GMT – 10.00

US – ADP employment: GMT – 13.15

US – GDP: GMT – 13.30

Coronavirus update:

Worldwide, more than 641 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

EURUSD: For today, the first nearest support level is located at 1.0340. In case it breaks below this level, it will head towards the next support level which is located near 1.0310/00. On the upper side, 1.0410 will act as an immediate and strong hurdle while 1.0440 will be a critical resistance zone.



The important levels to watch for today: Support- 1.0340 and 1.0300 Resistance- 1.0410 and 1.0440.

GOLD: For today, the key resistance is located above the last week's high around 1765, a break above this level will confirm a possible move to 1770 and 1775. On the downside, any meaningful pullback now seems to find some support near the 1752/45 zones.



The important levels to watch for today: Support- 1752 and 1745 Resistance- 1765 and 1774.

Quote of the day - In the long run, it's not just how much money you make that will determine your future prosperity. It's how much of that money you put to work by saving it and investing it - Peter Lynch.

Read more - https://gulfbrokers.com/en/daily-market-report-581

 

[syamfx2020]

Wall Street ends sharply higher on Wednesday after Fed Chairman Jerome Powell signaled that interest rate hikes will slow down in the next meeting. “The time for moderating the pace of rate increases may come as soon as the December meeting.” – Powell said. "There is considerable uncertainty about what rate will be sufficient, although there is no doubt that we have made substantial progress, raising our target range for the federal funds rate by 3.75 percentage points since March," he added. The bullish sentiment was also lifted by the stronger-than-expected US Q3 GDP second reading.

EQUITIES

European shares slightly reversed from the early strong gains after the release of weaker-than-expected economic data. Retail sales in Germany plunged 2.8% in October, the most significant decline this year. On the other hand, the latest PMI data from Eurozone and Germany also came lower than expected.

On the earnings front, Dollar General and ChargePoint are amongst those reporting the last quarter's financial results today.

OIL

Crude oil futures traded flat on Thursday Morning while overall momentum remained bullish throughout this week boosted by a huge U.S. crude inventory draw. The latest EIA data showed that US crude inventories slumped by nearly 13 million barrels in the week ended Nov. 25, compared to the market expectations for a much smaller 2.758-million-barrel decrease.

CURRENCIES

In the currency market, GBPUSD climbed to a fresh monthly high of 1.2150 on Thursday amid broad US Dollar weakness and UK Manufacturing activity was stronger than expected in November. UK PMI Manufacturing came at 46.5 in November, up from October’s 46.2.

GOLD

The safe-haven metal gained strong bullish momentum after the US Federal Reserve Chair Jerome Powell confirmed smaller rate hikes could start in December. Moving ahead to the North American session, the gold traders should closely monitor the release of US ISM manufacturing and PEC data.

Economic Outlook

On the data front, the U.S. real gross domestic product (GDP) increased at an annual rate of 2.9 percent—0.3 percent more than estimated in last month's advance data. On the other hand, the ADP National Employment Report showed private employment increased by 127,000 in November, below expectations of 200,000 jobs.

Moving ahead today, the important events to watch:

US – Personal spending and income: GMT – 13.30

US – ISM manufacturing PMI: GMT – 15.00

Coronavirus update:

Worldwide, more than 641 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 totals in the world.

Technical Outlook and Review

EURUSD: For Euro, the resistance for the pair remains above 1.0470, and any break over targets 1.0500/10. On the other side, the immediate support is near 1.0380 and any break will drag the euro to 1.0340 levels.



The important levels to watch for today: Support- 1.0380 and 1.0340 Resistance- 1.0470 and 1.0500.

GOLD: For today, If the upside momentum continues then the next upside level is to watch at 1785 and 1789. 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 1765/62 regions.



The important levels to watch for today: Support- 1772 and 1765 Resistance- 1785 and 1789.

Quote of the day - A trading philosophy is something that cannot just be transferred from one person to another; it’s something that you have to acquire yourself through time and effort - Richard Driehaus.

Read more - https://gulfbrokers.com/en/daily-market-report-582

 

[syamfx2020]

With weak US economic data sparking worries of a recession, the employment report will be closely watched for fresh insight into the strength of the U.S. economic recovery. The US Bureau of Labor Statistics (BLS) will release the November jobs report today at 13.30 GMT. The market participants are anticipating 200k new nonfarm jobs in November, the unemployment rate is forecast to remain unchanged at 3.7%.

Leading indicators point to a weak number, especially after a poor ADP employment report and ISM PMI numbers were released earlier this week. The ADP data showed private-sector payrolls rose by 127,000, which was far less than the gain of 200,000 expected. While the recent US factory activity data showed the ISM manufacturing PMI declined to 49 in November of 2022 from 50.2 in October.

EQUITIES

Wall Street managed to close slightly higher despite the release of weak US economic data supported by robust earnings results and commodity prices rally. Shares of the cloud-based cybersecurity company Okta (NASDAQ: OKTA) bounced more than 25% on Thursday after the company reported better-than-expected third-quarter earnings results.

OIL

Crude oil futures eased after hitting fresh weekly highs. However, today could see increased volatility spikes after the release of the US jobs report. During the previous session, the oil prices made strong gains after the latest EIA report showed that US crude inventories slumped by nearly 13 million barrels last week.

CURRENCIES

In the currency market, the Greenback, in terms of the US Dollar Index (DXY) extends the slide on Friday Morning. The overall momentum remains bearish after the currency pair experienced a sharp slide in the last two sessions. Moving ahead, the traders should closely monitor the result of the US employment, which is set to be released later today to get a clear picture of the greenback's long-term direction.

GOLD

The price of an ounce of gold traded steady above $1800 on Friday ahead of the US employment report. The strong bullish momentum was supported by the weak US dollar and dovish comments from FED chair Jerome Powell.

Economic Outlook

On the data front, the United States Core Personal Consumption Expenditures (PCE) Price Index, the Federal Reserve’s preferred inflation gauge slowed to a ten-month low in October. The core personal consumption expenditures price index for October rose 0.2% for the month, up 5% compared to a year ago. That's lower than September's rise of 0.5%.

Moving ahead today, the important events to watch:

US – Non-farm payrolls: GMT – 13.30

Canada – Employment report: GMT – 13.30

Coronavirus update:

Worldwide, more than 641 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 totals in the world.

Technical Outlook and Review

EURUSD: For today, If the upside momentum continues then the next upside level is to watch at 1.0550 and 1.0600. On the downside, any meaningful pullback now seems to find some support near the 1.0470 zones, below which the slide could further get extended towards the 1.0410/00 regions.



The important levels to watch for today: Support- 1.0470 and 1.0410 Resistance- 1.0550 and 1.0600.

GOLD: For today as long as the metal trades above $1800 levels, the medium-term uptrend will remain in place. On the downside, $1794 is the immediate support level, followed by $1790. Further selling pressure will intensify only if the metal break below $1790 levels.



The important levels to watch for today: Support- 1790 and 1785 Resistance- 1808 and 1812.

Quote of the day - People who succeed in the stock market also accept periodic losses, setbacks, and unexpected occurrences. Calamitous drops do not scare them out of the game. – Peter Lynch.

Read more - https://gulfbrokers.com/en/daily-market-report-583

 

[syamfx2020]

Geopolitical instability and inflation remain a top concern while many market participants continue to digest the shift of focus away from inflation and back to economic slowdown following the last week's European and US manufacturing reports showing a considerable growth slowdown.

This week the world’s major central banks, the Reserve Bank of Australia and Bank of Canada will kick off this month's central banks policy meetings. On the other hand, China's inflation will be the highlight of the final trading day of the week.

On the earnings front, the companies scheduled to release their last quarter financial results this week will be GameStop, Costco, Chewy and Lululemon.

GOLD

The precious metal ended last week firmly in positive territory. Meanwhile, the metal failed to close above $1800 on Friday after the robust US jobs report reinforced bets for aggressive Federal Reserve rate hikes. The main attraction for the gold this week is the US ISM services PMI, PPI and the latest inflation data from China.



Technically, the medium-term trend remains supportive while If the US dollar regains upside strength this week we could see a pullback in the precious metals. For this week, the first nearest support level is located at 1772. If it breaks below this level, it will head towards the next support level, located near 1760 then 1752. On the flip side, the first immediate resistance level for the metal is 1810, then the stronger resistance is 1818/20.

DOLLAR INDEX

The US dollar index which measures the greenback against major peers traded with a strong bearish tone for the entire last week, with some upside momentum seen only on Friday after the release of a better-than-expected US employment report but later most other major currencies pushed back up to unchanged on the day against the USD. However, we can expect some recovery by this week, the key events to watch are the US service's PMI and PPI numbers.



Technically the current price action signals suggest that the medium-term bearish trend remains intact after the buyers failed to remain momentum following the release of US NFP data. On the downside, the decline is more extensive, and it will be hard to rule out a run towards 103.80 and 103.50 if the bearish momentum continues. On the bullish side, the resistance stays above 105.10, and a break above this exposes the Index towards the 105.50 and 105.80 levels.

EURUSD

EURUSD started the new on a positive note, the currency pair reached a fresh monthly high of 1.0582 on Monday Morning. Last week the markets witnessed the euro recording solid gains in relation to the US dollar supported by dovish comments from FED policymakers. Moving ahead to this week, there are no important economic reports scheduled to be released in Europe this week except the Eurozone GDP data.



This week, the critical resistance for gold is located above 1.0550, a break above this level will confirm a possible move to 1.0600 and 1.0640. On the downside, any meaningful pullback now seems to find some support near the 1.0470/30 zones, below which the slide could further get extended towards the 1.0400 and 1.0370 regions.

DOW JONES

The Dow Jones ended flat on Friday as investors scaled back their expectations of a hawkish Fed after releasing a better-than-expected US employment report. The NFP data showed that 263,000 jobs were added last month, versus estimates of 200,000. This week, the Dow traders should monitor guidance and comments coming from central banks of major economies about the rising inflation.



From a technical perspective, The 34,000 and 33,800 area of confluence has recently been held as firm support, failure to defend the mentioned support levels has the potential to drag the pair further towards the 33,200 support zone. On the upper side, in case the index manages to settle above 34,700, it will continue upside momentum and head towards the next resistance level at 35,000/100.

Trading is risky and your entire investment may be at risk. Please ensure that you fully understand the risks involved.

Read more here - https://gulfbrokers.com/en/weekly-review-gold-usd-eurusd-and-dow-jones-58

 

[syamfx2020]

Shares of Chinese electric-vehicle maker XPeng (NYSE: XPEV) recovered and enjoyed solid gains. XPeng is a leading Chinese Smart EV company that designs, develops, manufactures, and markets smart Electric vehicles.

The share price surged roughly 70% despite the car maker reported a wider loss for the third quarter. The stock rose 50% on Wednesday after the company expressed confidence in recovery in the coming months. It then gained an additional 15% in Friday's trading and as of this writing, the stock advanced 13% in pre-market trading on Monday as bullish momentum continued to shape the broader market.

XPeng delivered a total of 29,570 electric vehicles in the third quarter with a 15% YoY increase, missing the market-projected 30,300 vehicles. While the carmaker expects the deliveries to rise significantly in December 2022 and return to 10,000 units monthly delivery level. The company also expected to announce the launch of three new products by the first quarter of 2023 to enhance the competitiveness of XPeng products.

“As we plan a number of upcoming product and technology rollouts, we are confident that we can achieve significant improvement in both sales volumes and average selling price,” XPeng president Hongdi Brian Gu said.

$XPEV technical outlook

In the short-term, if the stock continues the short-term bullish momentum, then the immediate resistance near $13.10 breaks and closes above this resistance level then expects the market to zoom up to $14. On the downside, $11.50 is the immediate support level, followed by $11. If the stock breaks below $11, the slump will quickly extend toward $9.60 then $9.00.

Read more - https://gulfbrokers.com/en/xpeng-extend-rally-stock-jumps-70-in-4-days

 

[syamfx2020]

The dollar index, which tracks the currency against key rivals regained strong bullish momentum on Monday lifted by the release of the latest better-than-expected US ISM services PMI and non-farm payrolls data. The strong economic figures sparked concerns that the Federal Reserve could continue its aggressive policy-tightening course. Friday’s employment report showed November Nonfarm Payrolls increased by 263K, above 200K projections. The ISM Services PMI unexpectedly jumped to 56.5 in November from 54.4 in October.

EQUITIES

The Dow Jones and other US stock indexes remain under pressure for the second consecutive day after the recent strong US economic data fueled expectations the Federal Reserve would maintain its path of interest rate hikes to combat inflation.

On the earnings front, AutoZone and Stitch Fix are amongst those reporting the last quarter's financial results today.

OIL

Crude oil futures extended the loss on Tuesday Morning as a strong dollar and economic woes outweighed optimism over consumer demand. On the other hand, the oil traders braced for another aggressive interest rate hike from the U.S. Federal Reserve that they fear could lead to recession and plunging fuel demand.

CURRENCIES

In the currency market, the EURUSD recovered back to above 1.0500 supported by stronger-than-expected German factory orders data. The latest data published by the Federal Statistics Office showed that German Factory Orders jumped 0.8% in October. Meanwhile, the British pound struggling to regain upside momentum following the previous session's sell-off.

GOLD

The precious metal slightly rebounded but the overall momentum remains bearish as an elevated dollar weighed on bullion demand. The metal dropped more than 30$ on Monday as a stronger dollar and robust macroeconomic dented the appeal of bullion. Moving ahead, again the trend of the metal would largely depend on the trend of the greenback.

Economic Outlook

On the data front, the Reserve Bank of Australia (RBA) has announced eight consecutive month of interest rate increases. The central bank raised its interest rate by 25 basis points to 3.10%, the highest level since November 2012.

"The board expects to increase interest rates further over the period ahead, but it is not on a pre-set course, It is closely monitoring the global economy, household spending and wage and price-setting behaviour” – RBA Governor Philip Lowe said.

Coronavirus update:

Worldwide, more than 645 million people have been confirmed infected and more than 6.6 million have died. The United States has confirmed over 98.9 million cases and has had more than 1.08 million deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: The currency pair needs to stay above 1.0500; otherwise. 1.0430/10 may be visible soon. On the upper side, 1.0550 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 1.0600/30.



The important levels to watch for today: Support- 1.047 and 1.0430 Resistance- 1.0510 and 1.0550.

GOLD: For today, the first key support level is located at 1760. If it breaks below this level, it will head towards the next support level, located near 1750/45. On the flip side, the first resistance is located around 1780, a break above this level will confirm a possible move to 1785/90.



The important levels to watch for today: Support- 1765 and 1760 Resistance- 1780 and 1786.

Quote of the day - “In many ways, the stock market is like the weather, in that if you do not like the current conditions, all you have to do is wait.” - Low Simpson.

Read more - https://gulfbrokers.com/en/daily-market-report-584

 

[syamfx2020]

Crude oil prices fell heavily on Tuesday weighed down by the strong US dollar and fuel demand worries. U.S. West Texas Intermediate crude dropped below $74 per barrel, the lowest since December 2021 while Brent crude fell below $80 for the first time since January.

The oil traders and investors anticipated aggressive interest rate hikes from central banks to trigger a global economic slowdown and drag on demand. Recently the latest US factory orders and ISM services PMI data showed a strong U.S. economy which fueled worries that the Federal Reserve will continue more aggressive interest rate increases in coming meetings.

Meanwhile, the EIA released a short-term energy outlook report on Tuesday evening. The report showed the EIA again lowered its forecast for global demand growth next year. On the positive side, there are signs that China, the world's largest importer of oil is reopening its economy. On Wednesday, health authorities also announced several other new rules easing restrictions nationwide, but the country is still imposing restrictions like lockdowns in some cities and towns.

Moving ahead, oil investors should closely monitor the movement of the US dollar because the strength of the US dollar negatively affected crude oil prices. As of this writing, the crude oil futures slightly recovered from a steep sell-off supported by a large draw in API crude inventory. The investors should also watch closely Wednesday evening to see whether official data from the US Energy Information Administration (EIA) confirms the API numbers.

Check out the original article here - https://gulfbrokers.com/en/oil-prices-plunges-to-12-month-low

 

[syamfx2020]

Euro regained momentum against the other major currencies after the latest economic data showed the eurozone economy grew slightly faster than expected in the third quarter. The GDP in Q3 was revised to an annualized real growth of 2.3 percent from the initially reported 2.1 percent.

On the other hand, the Australian dollar falls to a fresh weekly low on downbeat Australian Q3 GDP. Australian Bureau of Statistics released the latest GDP data on Wednesday early Moring. The Australian economy expanded less than expected in the third quarter. Australia's economy has grown by 5.9% compared to one year ago, while GDP increased by 0.6% between July and September.

EQUITIES

US stock futures edged lower as investors bet on more interest rate hikes by the U.S. federal reserve. On the earnings front, the videogame retailer GameStop Corp (NYSE: GME) is set to report financial results for the company’s third-quarter 2022 financial results today after the market close. GameStop is expected to post a loss per share of $0.44 and revenues are expected to be $1.35 billion.

OIL

Crude oil futures extended the losses on Wednesday. Meanwhile, the latest API crude inventory data showed the inventories tumbled by 6.426 million barrels in the week ended December 2nd, 2022, well above market expectations of a 3.884-million-barrel decrease and following a 7.850 million barrels draw in the previous week.

CURRENCIES

In the currency market, the EURUSD dropped to a fresh weekly low of 1.0443 on Wednesday morning. The strong bearish sentiment was also fueled by the resurgence in the US dollar. The dollar rally comes after renewed concerns about aggressive interest rate hikes. As of this writing, the currency pair slightly rebounded after the release of better-than-expected Eurozone GDP data.

GOLD

Bullion prices extended their weekly decline as a stronger dollar and higher interest rates continued to hammer investment demand in the precious metals. The precious metal has been under intense selling pressure since Monday after the release of stronger-than-expected US macroeconomic data.

Economic Outlook

On the data front, China's trade balance falls more than expected. The exports fell 8.7 per cent in November compared to the same month last year, following a 0.3% fall month earlier. While the Imports have tumbled by 10.6% against the projections of 6.0%.

Coronavirus update:

Worldwide, more than 645 million people have been confirmed infected and more than 6.6 million have died. The United States has confirmed over 98.9 million cases and has had more than 1.08 million deaths from COVID-19, the highest total in the world.

Technical Outlook and Review

EURUSD: The currency pair hovers above the 1.0500 area. If the bullish momentum continues the next upside levels to watch are 1.0530 and 1.0550. On the downside side, 1.0430 is a crucial support area to watch.



The important levels to watch for today: Support- 1.0450 and 1.0430 Resistance- 1.0530 and 1.0550.

GOLD: For today, the resistance for metal is around $1782, any break over targets $1788. On the downside, any meaningful pullback now seems to find some support near the $1760 zones, below which the slide could further get extended towards the $1745/40 region.



The important levels to watch for today: Support- 1760 and 1752 Resistance- 1782 and 1788.

Quote of the day - “The trick is not to learn to trust your gut feelings, but rather to discipline yourself to ignore them. Stand by your stocks as long as the fundamental story of the company hasn’t changed.” ― Peter Lynch.

Read more - https://gulfbrokers.com/en/daily-market-report-585