Daily Markets

• The U.S. dollar edged higher Thursday, bouncing slightly after relatively hawkish comments from Federal Reserve Chairman Jerome Powell, while the euro weakened ahead of the latest European Central Bank meeting. The dollar has suffered this month as the uncertainty surrounding the Trump administration’s trade policy has undermined confidence in U.S. economic growth and stability. Powell noted on Wednesday, at the Economic Club of Chicago, that U.S. economic growth appears to be slowing, noting the likely impact of the tariffs imposed on U.S. imports, but added that the Fed is likely to keep its benchmark interest rate steady "to wait for greater clarity before considering any adjustments to our policy stance." Traders have been digesting some optimism over trade talks with Japan, while the economic slate includes the Federal Reserve Bank of Philadelphia’s Manufacturing Business Outlook Survey for April, as well as weekly jobless claims and a string of housing numbers. In Europe, EUR/USD traded 0.2% lower to 1.1377, with the single currency slipping slightly after gains of near 5% in little more than two weeks. The European Central Bank is widely expected to announce a 25-basis-point cut later in the session, bringing its deposit rate to 2.25%, as it attempts to support a struggling economy that also faces a hefty hit from U.S. tariffs. GBP/USD edged higher to 1.3244, not far removed from the recently reached six-month high, but capped by a softer-than-expected inflation reading on Wednesday, raising the possibility of a rate cut at the next Bank of England meeting in May. The BOE held interest rates at 4.5% at its meeting in March, with the voting pattern showing 8-1 in favor of holding rates, while one member voted to cut President Donald Trump announced "big progress" after meeting with a Japanese trade delegation in Washington on Wednesday, kicking off formal tariff negotiations.

Gold – XAU

Gold on Thursday its intraday high of US$3342.80/oz and low of $3229.62/oz. Gold is up by 3.46% at US$3342.74/oz.

Technicals in Focus:

On the daily charts, gold trades higher than 20DMA (2197). If it drops below this level, it could lead to 2,100. The MACD is currently above the zero line and the histograms are showing an increasing trend, indicating that there may be upward movement in the coming sessions. The RSI is currently at 83.04, which is in the overbought region, suggesting there may be selling pressure in the next 2 to 3 sessions. The Stochastic Oscillator is also in the overbought territory but has given a positive crossover, indicating a bullish stance for intraday trades, but rebound in expected in all the overbought indicators.

Trading Strategy: Sell on Strength

Sell below 3280-3330 keeping stop loss closing above 3330, targeting 3270-3249-32403200-3180-3167 and 3151-3136-3120. Buy in between 3270-3150 with risk below 3150 targeting 3280-3287-3300 AND 3310-3320-3330

Silver - XAG

Silver on Thursday its intraday high of US$33.09/oz and low of US$32.25/oz settle up by 1.365% at US$32.74/oz.

Technicals in Focus:

On daily charts, silver is sustaining above 20MA (25.05), breakage above will lead to 23.73. MACD is below the zero line and histograms are increasing trend, bringing a bullish stance in the upcoming sessions. RSI is in the oversold region, indicating a sell signal for now. The Stochastic Oscillator is in the overbought region and gives a positive crossover to show an upside move for the intraday trade.

Trading Strategy: Buy on Dips

Buy in between 32.90-27.10, targeting 30 j.50-30.90-31.40 ad 32.10-32.60-33.10-33.90 with stop loss should be placed on the breakage below 27.00. Sell in between 32.50-34.00 with a stop loss above 34.00 targeting 30.90-30.50-29.90 and 29.20-28.60-27.80.

Oil - WTI

Crude Oil on Thursday high of US$62.25/bbl, an intraday low of US$59.85/bbl, and settled up by 1.603% to close at US$61.89/bbl.

Technicals in Focus:

On daily charts, oil is sustaining above its 100DMA i.e. 75.37, a support level, and breakage above will call for 77.48. 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 overbought region, giving a negative crossover to confirm a bearish stance; while the RSI is in the neutral region, more upside can be expected to reach the overbought region, which is highly probable.

Trading Strategy: Neutral to Sell

Sell in between 63.00-65.00 with stop loss at 64.00; targeting 62.10-61.50-61.00 and 60.25-59.80-59.20. Buy above 61.25-53.00 with risk daily closing below 53.00, targeting 62.75-63.50-64.20.

EUR/USD

EUR/USD on Thursday an intraday low of US$1.13347/EUR, a high of US$1.1408/EUR, and settled the day up by 2.80% to close at US$1.1358/EUR.

Technicals in Focus:

On daily charts, prices are sustaining above 100DMA (1.0800), which becomes immediate support, a break below will target 1.0717. MACD is above the zero line and histograms are increasing mode, bringing a bullish view. Stochastic is in oversold territory, giving negative 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 1.1400-1.1035, targeting 1.1250-1.1200-1.1145 and 1.1107-1.0935-1.0890 with stop-loss at daily closing above 1.1035. Buy above 1.1340-1.1010 with risk below 1.1010 targeting 1.1420-1.1490-1/1520 and 1.1550.

GBP/USD

GBP/USD on Thursday low of US$1.3201/GBP, a high of US$1.3291/GBP, and settled the day up 0.192% to close at US$1.3264/GBP.

Technicals in Focus:

On daily charts, prices are sustaining above 50DMA (1.2674) is becoming a support level. 14-D RSI is currently in a neutral region and direction is difficult to predict on an RSI basis. The Stochastic Oscillator is in oversold territory and gives a positive crossover to confirm a bullish 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 1.2990-1.2690 with a target of 1.3040-1.0390 with a stop loss closing below 1.2380. Sell in between 1.2850-1.3140 with targets at 1.2753-1.2690 and 1.2660-1.2590-1.2510 with a stop loss of 1.3140.

USD/JPY

USD/JPY on Thursday an intra‐day low of JPY141.59/USD an intraday high of 143.07/USD, and settled the day up by % at JPY142.28/USD.

Technicals in Focus:

In daily charts, JPY is sustaining above 100DMA (155.35), 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 sell as it has given a negative crossover to confirm a bearish stance.

Trading Strategy: Neutral to Sell

Sell below 144.00-150.50 with risk above 151.00 targeting 143.90-143.20-142.50 and 141.90-141.00. Long positions above 143.10-141.50 with targets of 144.50-145.00 and 146.00-146.50-147.10 and 148.00-148.60-149.00 with stops below 143.00.