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DAILY MARKET REPORT

The gold price has been benefitting from a safe haven play as uncertainty around global markets continues. The metal reached a fresh 8-month high of $1879 on Tuesday early morning.

DAILY MARKET REPORT

The gold price has been benefitting from a safe haven play as uncertainty around global markets continues. The metal reached a fresh 8-month high of $1879 on Tuesday early morning while the gold price retreated back to below $1860 during the European session.

EQUITIES

US futures and European shares recovered from the early losses following the comments from the Russian defence ministry spokesman. "Units of the Southern and Western military districts, having completed their tasks, have already begun loading onto rail and road transport and today they will begin moving to their military garrisons,"

OIL

Crude oil futures slightly retreat from the highs after the latest news reports suggest some Russian forces returning to their bases. While the overall momentum remains bullish due to escalating geopolitical tensions between Russia.

CURRENCIES

In the currency market, the Euro regains some upside momentum against the US dollar. The British pound remains one of the strongest currencies this week. The New Zealand dollar struggling to find the upside momentum, focus shifts to next week RBNZ meeting.

GOLD

The Safe-haven metal reversed from the early gains amid signs of easing geopolitical tensions after reports that some Russian troops in areas near Ukraine have started returning to their bases.

Economic Outlook

On the data front, the UK reported upbeat employment data. The job data showed the number of people claiming unemployment-related benefits fell 31.9K in January and the Unemployment Rate held steady at 4.1%

Moving ahead today, the important events to watch:

US: PPI – 13.30 GMT

US: Empire State Manufacturing Index – 13.30 GMT

Coronavirus update:

Worldwide, more than 410 million people have been confirmed infected and more than 5.8 million have died. The United States has confirmed over 77 million cases and has had more than 910,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook and Review

EURUSD: For today, If the bullish momentum continues then the next upside level is to watch 1.1350 and 1.1385. On the other hand, the next immediate support prevails at 1.1300, further breakout of 1.1300 can lead the pair towards 1.1270/50 levels.

eurusd 

The important levels to watch for today: Support- 1.1300 and 1.1270 Resistance- 1.1350 and 1.1385.

GOLD: The precious metal fell to the fresh session low of $1853 after the metal failed to break above the key resistance area of $1880.

gold neww

The important levels to watch for today: Support- 1850 and 1842 Resistance- 1864 and 1875.

Quote of the day - “Bull markets are born on pessimism, grow on scepticism, mature on optimism and die of euphoria.” – John Templeton.

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DAILY MARKET REPORT

DAILY MARKET REPORT

Federal Open Market Committee, a committee within the Federal Reserve System (the Fed), will release June’s FOMC meeting minutes later today. In the June meeting, FOMC raised interest rates by 75 bps, the biggest increase in three decades.

DAILY MARKET REPORT

DAILY MARKET REPORT

The Reserve Bank of Australia increased its benchmark interest rate from 0.5% to 1.35% on Tuesday and It is the third consecutive month in which the central bank has hiked rates.

DAILY MARKET REPORT

DAILY MARKET REPORT

Precious metals like gold and silver prices extended declines in early trading on Friday. The strong bearish sentiment fueled by fed Chairman Jerome Powell's hawkish stance on Wednesday encouraged dollar bulls and pressured metal prices lower.

DAILY MARKET REPORT

DAILY MARKET REPORT

Global markets remain volatile following the hawkish comments from the central bank chiefs during the European Central Bank's (ECB) annual forum in Portugal. The central bankers have warned that the era of low-interest rates and moderate inflation has come to an end.