Daily Markets

• Oil prices clawed back some ground on Thursday after sliding to 15-month lows in the previous session as markets calmed somewhat after Credit Suisse was thrown a financial lifeline by Swiss regulators. But battered by fears of a deepening crisis for banks worldwide, market sentiment remained fragile with both benchmarks giving up some early Thursday gains that saw Brent climb by more than $1. On Wednesday, the third straight day of declines, U.S. crude fell below $70 a barrel for the first time since December 20, 2021. Credit Suisse on Thursday said it would borrow up to $54 billion from the Swiss central bank to shore up its liquidity and investor confidence after a slump in its shares intensified fears about a global financial crisis. OPEC's rosier outlook for China oil demand also supported oil prices, said Lim Tai An, analyst at Phillip Nova Pte. OPEC increased its Chinese demand forecast for 2023 earlier this week and a monthly report from the International Energy Agency (IEA) on Wednesday flagged an expected boost to oil demand from resumed air travel and China's economic reopening after abandoning its zero-COVID policy But oversupply concerns remain The IEA said in the report that commercial oil stocks in developed OECD countries have hit an 18-month high, while Russian oil output stayed near pre-war levels in February despite sanctions on its seaborne exports. U.S. crude oil stockpiles also rose last week by 1.6 million barrels, exceeding an analysts' expectation of a 1.2 million barrels rise, the Energy Information Administration said on Wednesday. Later on Thursday, European Central Bank policymakers are seen leaning towards a half-percentage-point rate hike as the euro zone economy is picking up strength and inflation is set to remain high for years. Higher interest rates can lead to depressed demand for oil as economic growth slows, but concerns about a widening financial crisis for the banking sector could also weigh on oil demand.

Gold – XAU

Gold on Wednesday made it’s intraday high of US$1937.22/oz and low of $1885.65/oz. Gold is up by 0.751% at US$1917.99/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 1915-1950 keeping stop loss closing above 1950, targeting 1894-1882-1874 and 1860-1844-1832. Buy in between 1900-1832 with risk below 1832, targeting 1915-1929-1940 and 1950-1959.

Silver - XAG

Silver on Wednesday made its intraday high of US$21.91/oz and low of US21.65/oz settled up by 0.285% at US$21.71/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 21.60-18.30, targeting 21.90-22.10-23.00 and 24.40-25.00-25.90 with stop loss should be placed on the breakage below 18.00. Sell in between 22.10-26.20 with a stop loss above 26.20; targeting 21.60-21.00-20.05 and 19.90-19.50.

Oil - WTI

Crude Ol on Wednesday made an intra‐day high of US$72.66/bbl, an intraday low of US$65.78/bbl, and settled down by 4.60% to close at US$68.36/bbl.

Technicals in Focus:

On daily charts, oil is sustaining below its 200DMA i.e. 68.50 which is a support level and breakage below will call for 68.40. 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 69.90-74.00 with stop loss at 74.00; targeting 68.00-67.10-65.80 and 65.00-64.10. Buy above 68.00-64.10 with risk daily closing below 64.10; targeting 69.90-70.30-70.90 and 71.70-73.00-73.60.

EUR/USD

EUR/USD on Wednesday made an intraday low of US$1.0515/EUR, a high of US$1.0759/EUR, and settled the day down by 1.456% to close at US$1.0575/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 1.0700-1.0990, targeting 1.0590-1.0520 and 1.0480-1.0450-1.0400 with stop-loss at daily closing above 1.1032. Buy above 1.0600-1.0450 with risk below 1.0450 targeting 1.0700-1.0750-1.0810-1.0890 and 1.0950-1.0990-1.10320..

GBP/USD

GBP/USD on Wednesday made an intra‐day low of US$1.2046/GBP, a high of US$1.2181/GBP, and settled the day down 0.874% to close at US$1.2046/GBP.

Technicals in Focus:

On daily charts, prices are sustaining below 200DMA (1.2112) 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 oversold 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 1.2050-1.1750 with a target of 1.2120-1.2170-1.2290 and 1.2340-1.2400-1.2440 with a stop loss closing below 1.1650. Sell in between 1.2010-1.2650 with targets at 1.1820 and 1.1900-1.1820-1.1750 and 1.1650-1.1600 with stop loss should be 1.2445.

USD/JPY

USD/JPY on Wednesday made an intra‐day low of JPY132.21/USD and made an intraday high of JPY135.10/USD and settled the day down by 0.680% at JPY133.32/USD.

Technicals in Focus:

In daily charts, JPY is sustaining above 200DMA (134.05), which is major 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 overbought territory and signaling to buy as it has given a positive crossover to confirm a bullish stance.

Trading Strategy: Neutral to Sell

Sell below 134.00-140.60 with risk above 140.60 targeting 133.90 and 132.90-132.00-131.60. Long positions above 133.10-131.20 with targets of 134.00-134.90-135.50 and 136.20-137.00-138.10 with stops below 130.00.