Daily Markets

• Oil prices were down in Asian trade on Thursday as the U.S. dollar strengthened on rate-hike expectations and after recent economic data from the U.S. and China did not do enough to encourage expectations that demand will improve. Both benchmarks, declining for a second day after a 2% fall on Wednesday, are at their lowest since OPEC+ announced its surprise production cut on April 2. The U.S. dollar index has moved up around 0.40% over the course of this week. A strengthening greenback makes oil more expensive for holders of other currencies. U.S. economic activity was little changed in recent weeks, with employment growth moderating somewhat and price increases appearing to slow, according to a Federal Reserve report published on Wednesday. U.S. crude stockpiles fell by 4.6 million barrels last week as refinery runs and exports rose, while gasoline inventories jumped unexpectedly on disappointing demand, according to the U.S. Energy Information Administration (EIA). The crude stockpile decline was far steeper than analysts' estimate of 1.1 million barrels, and the American Petroleum Institute's estimates late on Tuesday of 2.7 million barrels. On the supply side, oil loading from Russia's western ports in April is likely to rise to the highest since 2019, above 2.4 million barrels per day, despite Moscow's pledge to cut output, trading and shipping sources said.

Gold – XAU

Gold on Wednesday made it’s intraday high of US$2008.12/oz and low of $1969.13/oz. Gold is down by 0.520% at US$1994.49/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 2000-2080 keeping stop loss closing above 2080, targeting 2009-1994 and 1981-1969-1950. Buy in between 1994-1959 with risk below 1959, targeting 2009-2,020-2,034 and 2,050-2,058-2,069-2,080.

Silver - XAG

Silver on Tuesday made its intraday high of US$25.36/oz and low of US$24.63/oz settled up by 0.425% at US$25.27/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 25.00-18.30, targeting 25.00-25.90-26.30 and 26.90-27.50 with stop loss should be placed on the breakage below 18.00. Sell in between 25.90-27.50 with a stop loss above 27.50; targeting 25.00-24.60-23.60-23.00 and 22.05-21.60-21.00.

Oil - WTI

Crude Ol on Wednesday made an intra‐day high of US$81.18/bbl, an intraday low of US$78.49/bbl, and settled down by 2.36% to close at US$78.97/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 78.70-87.60 with stop loss at 87.60; targeting 78.00-77.30-76.70 and 76.05-75.00. Buy above 78.70-84.40 with risk daily closing below 84.40; targeting 81.70-83.30-84.40-85.50 and 86.45-87.00-87.60.

EUR/USD

EUR/USD on Wednesday made an intraday low of US$1.0916/EUR, a high of US$1.0983/EUR, and settled the day up by 0.157% to close at US$1.0953/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 1.0990-1.1250, targeting 1.0990-1.0960-1.0900 and 1.0810-1.0750-1.0700 with stop-loss at daily closing above 1.1032. Buy above 1.0950-1.0525 with risk below 1.0525 targeting 1.1030-1.1090-1.1150 and 1.1200-1.1250.

GBP/USD

GBP/USD on Wednesday made an intra‐day low of US$1.2391/GBP, a high of US$1.2473/GBP, and settled the day up % to close at US$1.2437/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 1.2400-1.2200 with a target of 1.2445-1.2490-1.2545 and 1.2600-1.2640-1.2745 with a stop loss closing below 1.2200. Sell in between 1.2545-1.2745 with targets at 1.2490-1.2400-1.2340 and 1.2240-1.2200-1.2170 with stop loss should be 1.2745.

USD/JPY

USD/JPY on Wednesday made an intra‐day low of JPY133.94/USD and made an intraday high of JPY135.13/USD and settled the day up by 0.447% at JPY134.68/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 134.90-140.60 with risk above 140.60 targeting 134.00-132.90-132.20 and 131.40-130.60-130.00. Long positions above 134.00-130.00 with targets of 130.00 and 134.90-135.50-136.00 and 137.00-137.40-137.90 with stops below 130.00.