COMMODITIES VANTAGE

Thursday, March 28, 2024

REP-019
Gold holds steady as traders await U.S. data for more Fed cues
TECHNICAL VIEW

GOLD: Gold prices steadied on Thursday as investors 28-Mar-24

1st 2nd 1st 2nd
digested comments from Federal Reserve Governor Support Support Resistance Resistance
Christopher Waller on interest rate cuts and looked Gold $2,179 $2,164 $2,204 $2,213
forward to more U.S. economic data for policy clues. Silver $24.41 $24.19 $24.75 $24.86
Spot gold was flat at $2,194.36 per ounce, as of 0305
GMT. U.S. gold futures edged 0.2% higher to $2,193.90. WTI $80.90 $80.13 $82.09 $82.51
“The Fed signaled they want to be cutting rates and
there’s a geopolitical risk concern that continues to EURUSD $1.0811 $1.0796 $1.0839 $1.0853
linger in the markets around these wars, both in
GBPUSD $1.2613 $1.2591 $1.2649 $1.2662
Ukraine and in the Middle East, which is gold
supportive,” Ilya Spivak, head of global macro at USDJPY 150.86 150.46 151.80 152.35
AKD SECURITIES LIMITED

Tastylive said. “Gold prices are in a rangebound trade

for most time this month and a break above current
DJIA-30 39,488 39,218 39,912 40,066
resistance level around $2,225 per ounce could see
prices heading towards the $2,300 mark.” S&P-500 5,226 5,199 5,269 5,285
NSDQ-100 18,175 18,068 18,370 18,458
Source: AKD Research and MT4

OIL: Global oil prices edged up on Thursday, recovering from two consecutive sessions of decline, as investors
reassessed the latest U.S. crude oil and gasoline inventories data and returned to buying mode. Brent crude futures for
May were up 29 cents, or 0.34%, at $86.38 a barrel while the more actively traded June contract rose 28 cents, or 0.33%,
to $85.69 at 0041 GMT. The May contract expires on Thursday. U.S. West Texas Intermediate (WTI) crude futures for May
delivery were up 41 cents, or 0.50%, to $81.76 a barrel. In the prior session, oil prices were under pressure after U.S.
crude oil and gasoline inventories rose unexpectedly last week driven by a rise in crude imports and sluggish gasoline
demand, according the Energy Information Administration data.

US-EQUITIES: Stock futures are trading near the flatline Thursday as the S&P 500 approached its best first-quarter
performance in five years. Futures tied to the Dow Jones Industrial Average slipped 17 points, or 0.04%. S&P 500 futures
inched lower by 0.02%, while Nasdaq 100 futures declined 0.03%. On a monthly basis, the S&P 500 is up 3%. The Nasdaq
and the Dow are both pacing for advances of more than 1.9%. Investors are awaiting data on jobless claims, gross
domestic product and consumer sentiment out Thursday.

US DOLLAR: The U.S. dollar received a boost against major currency peers on Thursday, as a Federal Reserve official
said he wasn’t in a hurry to cut rates amid sticky inflation, and as traders braced for key economic data. Meanwhile,
although still not far from the 152 mark, the yen was holding its ground against the greenback after Japan’s top monetary
officials on Wednesday suggested they were ready to intervene. The dollar index, a measure of the greenback against
major peer currencies, ticked up in the wake of Waller’s comments and last held mostly unchanged at 104.41. It’s gained
around 3% so far in 2024.
Source: Reuters,CNBC,Bloomberg

Key Economic Indicators for Today

Time Currency Impact Economic Indicator Forecast Previous Kamal Ahmed
kamal.ahmed@akdsl.com
05:30PM USD High Unemployment Claims 212K 210K AKD Securities Limited
602, Continental Trade Centre,Clifton Block 8,
Pending Home Sales
07:00PM USD High
m/m
1.4% -4.9% Karachi, Pakistan
UAN: 92-111-253-111
Source: www.forexfactory.com
 COMMODITIES VANTAGE
GOLD: KEY HIGHLIGHTS
GOLD SPOT
Date 27-Mar
Open 2,177.53
High 2,197.48
Low 2,173.16
Close 2,194.66
MA(50) 2,076.79
MA(100) 2,047.06
Technical Strategy: Buy on Weakness
MA(200) 1,986.50
Gold closed at US$2194.66/Oz above its 50-DMA which is at US$2077/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 $2170 - 2210/Oz.

SILVER: KEY HIGHLIGHTS SILVER

Date 27-Mar
Open 24.42
High 24.64
Low 24.31
Close 24.63
MA(50) 23.37
MA(100) 23.48 Technical Strategy: Play the Range
Silver closed at US$24.63/Oz above its 50-DMA which is at US$23.37/Oz. However, RSI and
MA(200) 23.33
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 $24.19 - 24.86/Oz.

WTI SPOT: KEY HIGHLIGHTS WTI SPOT (CRUDE OIL)

Date 27-Mar
Open 81.29
High 81.73
Low 80.54
Close 81.68
MA(50) 77.65
MA(100) 75.73 Technical Strategy: Buy on Weakness
MA(200) 78.54 Oil closed at US$81.68/bbl below its 50-DMA which is at US$77.65/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$80.13 - 82.51/bbl.

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

 COMMODITIES VANTAGE
EUR/USD: KEY HIGHLIGHTS
EUR-USD
Date 27-Mar
Open 1.0832
High 1.0838
Low 1.0810
Close 1.0826
MA(50) 1.0837
MA(100) 1.0872
MA(200) 1.0832
Technical Strategy: Play the Range
EURUSD closed at US$1.0826 below its 50-DMA which is at US$1.0837. 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 $1.0796 - 1.0853.

GBP-USD
GBP/USD: KEY HIGHLIGHTS

Date 27-Mar
Open 1.2629
High 1.2640
Low 1.2604
Close 1.2636
MA(50) 1.2679
MA(100) 1.2652 Technical Strategy: Play the Range
MA(200) 1.2586 GBPUSD closed at US$1.2636 below its 50-DMA which is at US$1.2679. 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 $1.2591 - 1.2662.

USD/JPY: KEY HIGHLIGHTS JPY-USD

Date 27-Mar
Open 151.51
High 151.96
Low 151.02
Close 151.25
MA(50) 149.31
MA(100) 147.69 Technical Strategy: Play the Range
MA(200) 146.90 USDJPY closed at US$151.25 below its 50-DMA which is at US$149.31. 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$150.46 - 152.35.

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

 COMMODITIES VANTAGE
DJIA-30: KEY HIGHLIGHTS
DJIA-30
Date 27-Mar
Open 39,394
High 39,795
Low 39,372
Close 39,759
MA(50) 38,701
MA(100) 37,531
Technical Strategy: Play the Range
MA(200) 35,903 Dow Jones closed at 39,759 above its 50-DMA which is at 38,701. 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 39,500 – 40,000.

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

Date 27-Mar
Open 5,217
High 5,258
Low 5,215
Close 5,253
MA(50) 5,044
MA(100) 4,838 Technical Strategy: Play the Range
S&P closed at 5,253 above its 50-DMA which is at 5,044. However, RSI and Stochastic are
MA(200) 4,621
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 5,199 – 5,285.

NASDAQ-100: KEY HIGHLIGHTS NASDAQ-100

Date 27-Mar
Open 18,259
High 18,352
Low 18,157
Close 18,281
MA(50) 17,826
MA(100) 17,038 Technical Strategy: Play the Range
MA(200) 16,065 NASDAQ closed at 18,281 above its 50-DMA which is at 17,826. 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 18,150 – 18,458.

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).

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