Daily Markets

• Crude prices retreated on Tuesday after rallying the previous session, with markets focused on developments in the banking crisis and indications of strengthening demand in China. Prices rose in the previous session after Turkey stopped pumping crude from Kurdistan via a pipeline following an arbitration decision that confirmed Baghdad's consent was needed to ship the oil. Monday's announcement that First Citizens BancShares Inc will acquire deposits and loans of failed Silicon Valley Bank spurred optimism about the condition of the banking sector that has roiled financial markets. Oil prices were also likely to continue drawing support from indications of recovering Chinese demand. China's crude oil imports are expected to rise 6.2% in 2023 to 540 million tonnes, according to an annual forecast by a research unit of China National Petroleum Corp on Monday. U.S. crude oil stockpiles were seen rising about 200,000 barrels last week, a preliminary Reuters poll showed on Monday. The American Petroleum Institute (API), an industry group, will publish its inventory data at 4:30 p.m. EDT on Tuesday and the U.S. Energy Information Administration at 10:30 a.m. on Wednesday.

Gold – XAU

Gold on Monday made it’s intraday high of US$1979.42/oz and low of $1943.93/oz. Gold is down by 1.103% at US$1956.25/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 1959-2020 keeping stop loss closing above 2020, targeting 1969-1950-1940 and 1933-1921-1910. Buy in between 1950-1900 with risk below 1900, targeting 1959-1969-1980 and 1990-2000-2009.

Silver - XAG

Silver on Friday made its intraday high of US$23.51/oz and low of US22.95/oz settled up by 0.567% at US$23.22/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 22.60-18.30, targeting 23.00 and 24.40-25.00-25.90 with stop loss should be placed on the breakage below 18.00. Sell in between 23.00-26.20 with a stop loss above 26.20; targeting 22.05-21.60-21.00-20.05 and 19.90-19.50.

Oil - WTI

Crude Ol on Monday made an intra‐day high of US$73.10/bbl, an intraday low of US$69.14/bbl, and settled up by 4.76% to close at US$72.88/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 70.30-74.25 with stop loss at 74.25; targeting 69.75-68.00 and 67.10-65.80-65.00. Buy above 69.75-64.50 with risk daily closing below 64.50; targeting 70.90-71.70-72.75 and 73.50-74.25.

EUR/USD

EUR/USD on Monday made an intraday low of US$1.0744/EUR, a high of US$1.0799/EUR, and settled the day up by 0.201% to close at US$1.0796/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 1.0900-1.1090, targeting 1.0750-1.0700-1.0650 and 1.0590-1.0520-1.0480 with stop-loss at daily closing above 1.1032. Buy above 1.0810-1.0450 with risk below 1.0450 targeting 1.0810-1.0890 and 1.0950-1.0990-1.1030.

GBP/USD

GBP/USD on Monday made an intra‐day low of US$1.2218/GBP, a high of US$1.2292/GBP, and settled the day up 0.503% to close at US$1.2286/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 1.2290-1.2050 with a target of 1.2290-1.2340-1.2400-1.2445 and 1.2490-1.2545 with a stop loss closing below 1.2050. Sell in between 1.2290-1.2545 with targets at 1.2340-1.2240-1.2200 and 1.2170-1.2100-1.2050 with stop loss should be 1.2445.

USD/JPY

USD/JPY on Monday made an intra‐day low of JPY130.43/USD and made an intraday high of JPY131.74/USD and settled the day down by 0.776% at JPY131.53/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 131.10-140.60 with risk above 140.60 targeting 130.60-130.00-129.40 and 128.90-128.00. Long positions above 130.60-128.00 with targets of 131.40-132.00-132.90 and 134.00-134.90-135.50 with stops below 130.00.