Today Overview on Gold by Money Life Research

  ‼️ ️In the trading session yesterday, after the precious metal Gold decreased from 1736 to 1723 ($ 13), there was a sharp increase to the 1748 price range in the US session right after that.  Closing the daily candle with a bullish candle around the 1743 price range. As you can see, after rising and falling, the price of Gold is still moving sideways in the 1725-1755 area without any significant breakout.  So we can trade within this price range.

- Considering D1's daily chart timeframe, the support around MA20 on the daily time frame had a downward trend, but at the close, the price still stood firm and maintained above this MA20.  As for the resistance zone, around the price zone 1746-1755 is the upper resistance level of the precious metal Gold that it has accumulated many days.  If the volatility moves up and down, the sideways range remains the same and in my personal opinion we continue to sell down around this resistance zone down to the aforementioned support.

 - Switching to a shorter time frame of H4, currently gold precious metal is having a slight resistance zone around 1746 and if in the next candle, H4, the candlestick force continues to rise and surpasses 1748.  Last night, there was a possibility that it would retest the 1755-1758 zone.  Here we can establish a short position on the Gold precious metal in the short term.

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Weekly Overview on Glod

 Gold

MARKET VIEW

Weekly changes: XAUUSD +1.06%

The price of gold rallied towards the 1,758 USD this week, marking the highest trading level for the yellow metal in about five weeks. Weakness in the U.S. dollar and the promise of continued quantitative easing from the Federal Reserve helped propel gold higher this week.

Gold has suffered its worst start to the year in over a decade and has been in a protracted downtrend since falling below its 200-day moving average in February. From a seasonal perspective, the month of April is not a strong one for gold. However, the promise of more quantitative easing and low rates in the United States helps drive the recovery so far this month.

KEY POINTS

India's gold imports in March surged 471% from a year earlier to a record 160 tonnes, as a reduction in import taxes and a correction in prices from record highs drew retail buyers and jewellers.

Important levels: 1,715, 1,727, 1,745, and 1,759 USD.

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Top Forex News by Money Life Research

 1️⃣ The main news over the weekend

 - Biden seeks to increase its budget for fiscal year 2022 to 8.4%.

 Biden will form a committee to study controversial topics such as the expanding Supreme Court.

 - Powell: The US economy is at an inflection point.

 - Saudi Aramco will sell a 49% stake in its oil pipeline, worth $ 12.4 billion.

 2️⃣ Notable facts and data this week

 More Fed officials, including Powell, are set to hit this week:

 - At Monday morning, Powell attends a news program and will speak at the Economic Club of Washington on Wednesday.

 From Wednesday to Friday morning, many officials, including Fed Vice Chairman Clarida, will deliver speeches.

 Economic data and reports for the US market should be focused on:

 At Tuesday, the US seasonally adjusted March CPI was announced and the market expected it to be at 0.5%.  If the CPI figure exceeds expectations, it could once again make people worry about uncontrollable inflation.

 - The rate of monthly US retail sales for March is announced on Thursday 5. Some analysts predict that March data will rise again.

 On Tuesday and Wednesday, OPEC and IEA will publish two main oil reports.

 As for other data, the Reserve Bank of New Zealand announced its rate decision on Wednesday.  China's first-quarter GDP rate every year is announced at on Friday, and the market is expected to grow 18.20%. 

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Top Forex Market News by Money Life Research

 1️⃣ Series about American - Chinese Straight:

 "The US Commerce Department said Thursday that it has added seven Chinese supercomputer entities to the US economic blacklist for supporting China's military efforts."

 2️⃣ Fed President - J. Powell's speech at the IMF Conference at tonight:

 - "Federal Reserve Chairman Jerome Powell said on Thursday that an increase in spending as the US economy reopens, coupled with supply bottlenecks, is likely to push prices higher in this year, but will not lead to price increases year after year constituting inflation.

 - "We think there will be bullish pressure that can be passed on to consumers in the form of price increases - we think that is only temporary," said Powell at an International Monetary Fund event,  Note that inflation has been at a 25-year low, nurturing a sentiment of low inflation expectations.

 - “If inflation is sudden, contrary to our expectation, the move means above the level we are comfortable with - and especially inflation expectations ... if we see them moving continuous and essential on the level we are comfortable with, we will react to that. "

  => There are 2 main ideas: Price may rise but does not mean inflation, and as long as we see inflation above the 2% target and there is real pressure, we will see Fed action, otherwise, the interest rate will remain low Zero.

 3️⃣ Notable facts and economic data today

 - Tonight the US announced the PPI producer price index and Canada will announce the employment index in March.

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Today KLSE Market Open Positive

 Bursa opens easier but rebounds thereafter-

KUALA LUMPUR (April 8): Bursa Malaysia opened easier but rebounded thereafter today, attempting to extend yesterday’s gains, despite the flat overnight performance on Wall Street.

The US stock markets staged a modest recovery after the US Federal Reserve signals no changes to the current bond-buying program.

At 9.10am, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) gained 2.02 points to 1,602.61 from Wednesday’s close of 1,600.59.

The index opened 0.78 of-a-point easier at 1,599.81.

“We believe the foreign buying support yesterday may continue to lift FBM KLCI members in the near term. Given the higher oil prices resulting from the recovery of global economy, coupled with the smooth ongoing COVID-19 vaccination, it should bring some optimism to the market.

“The key index may have a positive bias moves over the near term with the resistance envisaged along 1,615 to 1,635, while the support level is set at 1,565 to 1,575.

It added that sector-focus traders will still look out for the recovery-theme sector such as consumer, aviation, tourism, construction and property on the back of the ongoing vaccination plan on the local front.

Of the heavyweights, Public Bank gained three sen to RM4.25,  Petronas Chemicals added four sen to RM7.99,  while Maybank fell eight sen to RM8.40, Tenaga shed two sen to RM10.24, and IHH Healthcare was flat at RM5.31.

Among the active counters, Luster Industries and its warrant added one sen each to 24.5 sen and 14.5 sen, respectively, DGB Asia and Pasukhas Group edged up half- a-sen each to 6.5 sen and three sen, respectively, while Permaju was flat at 22 sen.

Sector-wise, the Industrial Products and Services Index edged up 0.24 of-a-point to 195.12, the Financial Services Index slipped 15.5 points to 15,363.71, while the Plantation Index went down 17.48 points to 7,060.43.

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Comment on Gold on April 7, 2021

 ‼️ ️ End of trading yesterday, precious metal Gold had 1 day of increasing from 1727 to 1745 ($ 18) closing the day with bullish candle at 1742. As we can see around 1745-1755 price zone is the price zone.  old resistance was quite strong before.  So in my personal opinion, around this price level, I am still inclined to the downward trend of gold precious metal.

Although the buying force of this precious metal on the daily chart is still available, in my opinion, for a sustained uptrend there is still a need for a downward correction, and in my opinion, in the beginning of today's session, it is.  You can set a sell-down position.  Safe target we could maintain around 1730 and beyond 1725 in today's trading session.

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Weekly Overview on Crude OIL

 MARKET VIEW

Weekly changes: XBRUSD -0.11%

The price of XBRUSD moved above the 63.00 USD level this week after OPEC members agreed to start increasing oil output over the next few months gradually. OPEC ministers had decided to hold production back by around 8 million barrels per day over recent months due to fears about oversupply and lack of consumption globally.

The news that OPEC would attempt to increase oil output by around 350,000 barrels per day over the coming months was seen as a bullish bet on the global economy. As the vaccine rollout continues, oil demand would increase as developed economies and travels go back to normality.

KEY POINTS

Oil demand boosted by the highest number of flights since COVID started. Rising numbers of air travellers could help global aviation fuel demand, which the pandemic has hit the hardest with international flight restrictions and quarantines.

Saudi Arabia raised prices for oil shipments to customers in its primary market of Asia, signalling the kingdom's confidence in the region's economic recovery.

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