COMMODITIES VANTAGE

Tuesday, March 26, 2024

REP-019
Gold holds tight range as focus turns to U.S. inflation data
TECHNICAL VIEW

GOLD: Gold prices were stuck in a tight range on 26-Mar-24

1st 2nd 1st 2nd
Tuesday as investor focus turns to U.S. inflation data Support Support Resistance Resistance
due later this week, which could shed more light on the Gold $2,163 $2,154 $2,181 $2,190
timing of the Federal Reserve’s first interest rate cut Silver $24.51 $24.35 $24.84 $25.02
this year. Spot gold was flat at $2,170.59 per ounce, as
of 0310 GMT. U.S. gold futures edged 0.2% lower to WTI $80.88 $79.80 $82.76 $83.56
$2,171.20 per ounce. Gold prices hit a record high last
week after Fed policymakers indicated they still EURUSD $1.0811 $1.0786 $1.0851 $1.0867
expected to reduce interest by three-quarters of a
GBPUSD $1.2600 $1.2564 $1.2661 $1.2687
percentage point by 2024 end despite recent high
inflation readings. The dollar index meanwhile, slipped USDJPY 151.11 150.83 151.61 151.82
AKD SECURITIES LIMITED

0.3% against its rivals, making gold less expensive for

other currency holders. Spot silver eased 0.2% to
DJIA-30 39,257 39,193 39,422 39,523
$24.63 per ounce, platinum fell 0.1% to $901.30 and
palladium edged 0.1% lower to $1,003.75. S&P-500 5,214 5,205 5,236 5,249
NSDQ-100 18,197 18,096 18,381 18,464
Source: AKD Research and MT4

OIL: Oil prices were on track to gain for a second straight day on Tuesday after settling up more than a dollar on
expectations of tighter supply driven by Russian production cuts and attacks on Russian refineries. Brent crude rose 23
cents to $86.98 a barrel by 0118 GMT. U.S. crude futures climbed 28 cents to $82.23. Crude oil gained on supply side
issues and continued Middle East tensions, according to a note from ANZ analysts. Both contracts settled $1.32 higher in
the previous trading session. On Monday, the United Nations Security Council passed a resolution calling for a ceasefire
between Israel and Palestinian militants Hamas, after the U.S. abstained from the vote.

US-EQUITIES: U.S. stock futures were all higher Tuesday morning, after the major averages took a breather from their
rally. Dow Jones Industrial Average futures inched up 42 points, or 0.11%. Futures tied to both the S&P 500 and Nasdaq-
100 added 0.26% and 0.41% respectively. The three major averages ended Monday lower. The 30-stock Dow dipped
0.4%, while the S&P 500 and Nasdaq Composite fell around 0.3% each. The pullbacks come on the back of last week’s
strong gains, during which the indexes reached new all-time closing high levels.

US DOLLAR: The dollar was on the back foot on Tuesday, owing to profit taking and pressured in part by a slightly
stronger yen as Japanese government officials continued with their jawboning to defend the currency. The U.S. core
personal consumption expenditures, or PCE, price index is seen rising 0.3% in February, which would keep the annual
pace at 2.8%. The dollar index was last 0.02% lower at 104.20, while the euro rose 0.03% to $1.0840. Against the
greenback, the New Zealand dollar rebounded from a four-month low and last bought $0.5999, and likewise for sterling
which firmed to $1.2636, away from last week’s one-month trough of $1.25755.

Source: Reuters,CNBC,Bloomberg

Kamal Ahmed
Key Economic Indicators for Today kamal.ahmed@akdsl.com
Time Currency Impact Economic Indicator Forecast Previous AKD Securities Limited
602, Continental Trade Centre,Clifton Block 8,
CB Consumer Karachi, Pakistan
07:00PM USD High -5 -5
Confidence
UAN: 92-111-253-111
Source: www.forexfactory.com
 COMMODITIES VANTAGE
GOLD: KEY HIGHLIGHTS
GOLD SPOT
Date 25-Mar
Open 2,165.34
High 2,181.17
Low 2,163.34
Close 2,171.51
MA(50) 2,070.01
MA(100) 2,043.03
Technical Strategy: Buy on Weakness
MA(200) 1,984.17
Gold closed at US$2171.51/Oz above its 50-DMA which is at US$2070/Oz. However, RSI and
So urce: A KD Research & M T4 Stochastic are neutral in the short term charts and suggest range bound trading. We
recommend playing within the range of US $2155 - 2190/Oz.

SILVER: KEY HIGHLIGHTS SILVER

Date 25-Mar
Open 24.67
High 24.87
Low 24.54
Close 24.66
MA(50) 23.30
MA(100) 23.46 Technical Strategy: Play the Range
Silver closed at US$24.66/Oz above its 50-DMA which is at US$23.3/Oz. However, RSI and
MA(200) 23.32
Stochastic are neutral in the short term charts and suggest range bound trading. We
So urce: A KD Research & M T4 recommend playing within the range of US $24.35 - 25.02/Oz.

WTI SPOT: KEY HIGHLIGHTS WTI SPOT (CRUDE OIL)

Date 25-Mar
Open 80.87
High 82.47
Low 80.59
Close 81.97
MA(50) 77.28
MA(100) 75.72 Technical Strategy: Buy on Weakness
MA(200) 78.44 Oil closed at US$81.97/bbl above its 50-DMA which is at US$77.28/bbl. However, RSI and
So urce: A KD Research & M T4 Stochastic are neutral in the short term charts and suggest range bound trading. We
recommend playing within the range of US$79.8 - 83.56/bbl.

Find AKD research on Bloomberg, firstcall.com, Reuters Knowledge and researchPool

 COMMODITIES VANTAGE
EUR/USD: KEY HIGHLIGHTS
EUR-USD
Date 25-Mar
Open 1.0807
High 1.0842
Low 1.0801
Close 1.0836
MA(50) 1.0840
MA(100) 1.0869
MA(200) 1.0833
Technical Strategy: Play the Range
EURUSD closed at US$1.0836 below its 50-DMA which is at US$1.084. However, RSI and
So urce: A KD Research & M T4 Stochastic are neutral in the short term charts and suggest range bound trading. We
recommend playing within the range of US $1.0780 - 1.0860.

GBP-USD
GBP/USD: KEY HIGHLIGHTS

Date 25-Mar
Open 1.2598
High 1.2652
Low 1.2590
Close 1.2635
MA(50) 1.2682
MA(100) 1.2645 Technical Strategy: Play the Range
MA(200) 1.2587 GBPUSD closed at US$1.2635 below its 50-DMA which is at US$1.2682. However, RSI and
Stochastic are neutral in the short term charts and suggest range bound trading. We
So urce: A KD Research & M T4
recommend playing within the range of US $1.2564 - 1.2687.

USD/JPY: KEY HIGHLIGHTS JPY-USD

Date 25-Mar
Open 151.38
High 151.54
Low 151.04
Close 151.39
MA(50) 149.18
MA(100) 147.68 Technical Strategy: Play the Range
MA(200) 146.82 USDJPY closed at US$151.39 above its 50-DMA which is at US$149.18. However, RSI and
So urce: A KD Research & M T4 Stochastic are neutral in the short term charts and suggest range bound trading. We
recommend playing within the range of US$150.83 - 151.82.

Find AKD research on Bloomberg, firstcall.com, Reuters Knowledge and researchPool

 COMMODITIES VANTAGE
DJIA-30: KEY HIGHLIGHTS
DJIA-30
Date 25-Mar
Open 39,438
High 39,458
Low 39,294
Close 39,322
MA(50) 38,610
MA(100) 37,422
Technical Strategy: Play the Range
MA(200) 35,850 Dow Jones closed at 39,322 below its 50-DMA which is at 38,610. However, RSI and
So urce: A KD Research & M T4 Stochastic are neutral in the short term charts and suggest range bound trading. We
recommend playing within the range of 39,193 – 39,523.

S&P-500
S&P-500: KEY HIGHLIGHTS

Date 25-Mar
Open 5,234
High 5,239
Low 5,217
Close 5,224
MA(50) 5,024
MA(100) 4,821 Technical Strategy: Play the Range
S&P closed at 5,224 below its 50-DMA which is at 5,024. However, RSI and Stochastic are
MA(200) 4,613
neutral in the short term charts and suggest range bound trading. We recommend playing
So urce: A KD Research & M T4 within the range of 5,205 – 5,249.

NASDAQ-100: KEY HIGHLIGHTS NASDAQ-100

Date 25-Mar
Open 18,329
High 18,364
Low 18,180
Close 18,298
MA(50) 17,767
MA(100) 16,975 Technical Strategy: Play the Range
MA(200) 16,033 NASDAQ closed at 18,298 below its 50-DMA which is at 17,767. However, RSI and Stochastic
So urce: A KD Research & M T4 are neutral in the short term charts and suggest range bound trading. We recommend
playing within the range of 18,096 – 18,464.

Find AKD research on Bloomberg, firstcall.com, Reuters Knowledge and researchPool

COMMODITIES VANTAGE

Glossary of Terms
Support: Support is the level at which the stock is likely to see increased interest from buyers. The buying support will prevent the stock
from falling further.

Resistance: Resistance is the level at which the stock is likely to see increased interest from sellers. The selling pressure will prevent the
stock from rising further.

RSI: The Relative Strength Index (RSI) is a momentum oscillator that ranges from 0 to 100. It compares the extent of the stock's recent price
movements by evaluating recent gains and losses. Stocks with RSI above 70 could be considered overbought, and below 30 could be
considered oversold. Generally, if the RSI falls below 70, it is a bearish signal. Conversely, if the RSI of a stock rises above 30 it is considered
bullish. The RSI used is of 14 days.

Bollinger Bands: A Bollinger Band, developed by famous technical trader John Bollinger, is plotted two standard deviations away from a
simple moving average. BB highly popular technical analysis technique. Many traders believe the closer the prices move to the upper band,
the more overbought the market, and the closer the prices move to the lower band, the more oversold the market.

MACD: MACD shows the relationship between a longer period moving average and a short period Moving average of a stock’s price.
Generally, the 26-day exponential moving average (EMA) and the 12-day EMA are used to calculate MACD.

EMA: Exponential moving average (EMA) is the weighted average of the prices of a given security where higher weights are given to recent
data points. EMA is used to analyze the trend of a stock.

SMA: A simple moving average (SMA) is the average of the closing price of a security for a given period.
The parabolic SAR: is a technical indicator used to determine the price direction of an asset, as well as draw attention to when the price
direction is changing. Sometimes known as the "stop and reversal system," the parabolic SAR was developed by J. Welles Wilder Jr., creator
of the relative strength index (RSI).

DISCLAIMER SECTION

Analyst Certification of Independence

The analysts hereby certify that their views about the companies and their securities discussed in this report are accurately expressed and
that they have not received and will not receive direct or indirect compensation in exchange for expressing specific recommendations or
views in this report.
The research analysts, strategists or research associates principally having received compensation responsible for the preparation of this
AKDS research report based upon various factors including quality of research, investor client feedback, stock picking, competitive factors
and firm revenues.

Disclosure of Interest Area

AKDS and the authoring analyst do not have any interest in any companies recommended in this research report irrespective of the fact
that AKD Securities Limited may have, within the last three years, served as manager or co-manager of a public offering of securities for, or
currently may make a primary market in issues of, any or all of the entities mentioned in this report or may be providing, or have provided
within the previous 12 months, significant advice or investment services in relation to the investment concerned or a related investment.

Regional Disclosures (Outside Pakistan)

The information provided in this report and the report itself is not intended for distribution to, or use by, any person or entity in any
jurisdiction or country where such distribution or use would be contrary to law or regulation or which would subject AKDS or its affiliates to
any registration or licensing requirements within such jurisdiction or country.
Furthermore, all copyrights, patents, intellectual and other property in the information contained in this report are held by AKDS. No rights
of any kind are licensed or assigned or shall otherwise pass to persons accessing this information. You may print copies of the report or
information contained within herein for your own private non-commercial use only, provided that you do not change any copyright, trade
mark or other proprietary notices. All other copying, reproducing, trans-mitting, distributing or displaying of material in this report (by any
means and in whole or in part) is prohibited.
For the United States

The securities referred to in this Report may not be eligible for sale in some jurisdictions. This Report is not intended for, and must not be
distributed to private customers in the UK, the US or any other part of the world. This report is intended only for, and may be distributed
only to, accredited investors, expert investors or institutional investors in Pakistan who may contact AKD Securities Limited’s Head Office,
6th Floor, Continental Trade Centre, Clifton Block 8, Karachi.