Daily Markets

• Oil prices extended gains for a second session on Friday as the prospect of lower exports from Russia offset rising inventories in the United States. The benchmarks ended about 2% higher in the previous session on Russia's plans to cut oil exports from its western ports by up to 25% in March which exceeded its announced production cuts of 500,000 barrels per day. U.S. inventories are at their highest level since May 2021. U.S. crude stocks rose by 7.6 million barrels to about 479 million barrels in the week to Feb. 17, data from the U.S. Energy Information Administration said. For the week, oil prices are slightly lower, after the previous week's about 4% declines, dragged also by concerns about rising interest rates that could strengthen the dollar. Minutes from the latest U.S. Federal Reserve meeting indicated that a majority of officials remained hawkish on inflation and tight labour market conditions, signalling further monetary tightening. The prospect of further rate hikes supported the dollar index, which was set for a fourth straight week of gains. The index is now up about 2.5% for the month. A firm dollar makes commodities priced in the greenback more expensive for holders of other currencies.

Gold – XAU

Gold on Thursday made it’s intraday high of US$1833.65/oz and low of $1817.43/oz. Gold is down by 0.161% at US$1822.16/oz.

Technicals in Focus:

In daily charts, prices are above 200DMA (1809) and breakage below will call for 1790. MACD is above the zero line and histograms are a2lso increasing trend and it will bring an upward stance in the upcoming sessions. RSI is in the overbought region and more upside is expected before it gets stretched. The Stochastic Oscillator is in neutral territory and giving a negative crossover to a bearish stance for intraday trade.

Trading Strategy: Sell on Strength

Sell below 1840-1918 keeping stop loss closing above 1918, targeting 1823-1815-1800 and 1790-1774. Buy in between 1815-1790 with risk below 1815, targeting 1830-1844-1853 and 1874-1887-1900.

Silver - XAG

Silver on Thursday made its intraday high of US$21.67/oz and low of US21.25/oz settled down by 0.897% at US$21.30/oz.

Technicals in Focus:

On daily charts, silver is sustaining below 100DMA (21.00), breakage above will lead to 21.60. MACD is below the zero line and histograms are decreasing trend and it will bring a bearish stance in the upcoming sessions. RSI is approaching the neutral region, indicating a buy signal for now. The Stochastic Oscillator is in the oversold region and gives a positive crossover to show an upside move for the intraday trade.

Trading Strategy: Buy on Dips

Buy in between 21.10-19.00, targeting 22.10-23.00-24.40 and 25.00-25.90- 26.20 with stop loss should be placed on the breakage below 20.30. Sell in between 21.50-26.20 with stop loss above 26.20; targeting 21.10-20.70-19.90 and 19.50-19.01.

Oil - WTI

Crude Oil on Thursday made an intra‐day high of US$76.00/bbl, an intraday low of US$73.85/bbl, and settled down by 2.35% to close at US$75.69/bbl.

Technicals in Focus:

On daily charts, oil is sustaining above its 20DMA i.e. 68.50 which is a support level and breakage below will call for 65.40. MACD is above the zero line and histograms are in increasing mode will bring a bullish stance in the upcoming sessions. The Stochastic Oscillator is in the neutral region, giving a positive crossover for confirmation of a bullish stance; while the RSI is in the neutral region and more upside can be expected to reach the overbought region, which is highly probable.

Trading Strategy: Neutral to Sell

Sell in between 77.00-80.40 with stop loss at 80.40; targeting 75.10-74.00-73.10 and 72.40-71.90-71.00. Buy above 75.10-71.20 with risk daily closing below 71.20; targeting 77.00-78.10 and 78.95-79.65-80.30.

EUR/USD

EUR/USD on Thursday made an intraday low of US$1.0576/EUR, a high of US$1.0627/EUR, and settled the day down by 0.0726% to close at US$1.0594/EUR.

Technicals in Focus:

On daily charts, prices are sustaining above 50DMA (1.0736), which becomes immediate support, a break below will target 1.0647. MACD is above the zero line and histograms are increasing mode which will bring a bullish view. Stochastic is in overbought territory and giving positive crossovers to the bullish outlook for intraday. 14D RSI is currently in a neutral region and giving no directions to consider right now.

Trading Strategy: Neutral to Sell

Sell below 1.0650-1.1100, targeting 1.0590-1.0520-1.0480 and 1.0450-1.0400 with stop-loss at daily closing above 1.1100. Buy above 1.0590-1.0450 with risk below 1.0450 targeting 1.0650-1.0690-1.0750 and 1.0810-1.0900-1.0945.

GBP/USD

GBP/USD on Thursday made an intra‐day low of US$1.1991/GBP, a high of US$1.2074/GBP, and settled the day down 0.0726% to close at US$1.2011/GBP.

Technicals in Focus:

On daily charts, prices are sustaining below 20DMA (1.21) is becoming a resistance level. 14-D RSI is currently in a neutral region and direction is difficult to predict on RSI bases. The Stochastic Oscillator is in overbought territory and gives a positive crossover to confirm bullish a stance. MACD is above the zero line but histograms are increasing leading to movement.

Trading Strategy: Neutral to Buy

Based on the charts and explanations above; buy in between 1.1900 0-1.1650 with a target of 1.2010-1.2090-1.1.2120 and 1.2170-1.2290- 1.2390 with a stop loss closing below 1.1650. Sell in between 1.2010-1.2650 with targets at 1.1900-1.1820-1.1750 and 1.1650-1.1600 with stop loss should be 1.2445.

USD/JPY

USD/JPY on Thursday made an intra‐day low of JPY134.48/USD and made an intraday high of JPY135.36/USD and settled the day up by 0.0542% at JPY134.70/USD.

Technicals in Focus:

In daily charts, JPY is sustaining above 200DMA (108.30), which is initial support on the daily chart. 14-D RSI is currently in the overbought region and chances of downward are expected based on RSI. MACD is above the zero line but histograms are in decreasing mode which might lead to downward movement. The Stochastic Oscillator is in neutral territory and signaling to sell as it has given a negative crossover to confirm a bearish stance.

Trading Strategy: Neutral to Sell

Sell below 134.90-135.10 with risk above 133.00 targeting 129.50-129.00-127.45 and 126.90-126.20-125.00. Long positions above 132.50-126.20 with targets of 133.90—134.80-135.50 and 136.50-138.10 with stops below 130.00.