COMMODITIES VANTAGE

Thursday, April 4, 2024

REP-019
Gold plows to record high after Powell’s remarks
TECHNICAL VIEW

GOLD: Gold prices raced to a record high yet again on 4-Apr-24

1st 2nd 1st 2nd
Wednesday, after Federal Reserve Chair Jerome Powell Support Support Resistance Resistance
reiterated that recent readings on job gains and higher- Gold $2,276 $2,253 $2,312 $2,324
than-expected inflation do not materially change the Silver $26.45 $25.73 $27.52 $27.88
overall picture of economic policy this year. Spot gold
rose 0.5% to $2,292.31 per ounce after hitting a record WTI $84.92 $84.21 $86.26 $86.89
high of $2,294.99 earlier in the session. U.S. gold
futures settled 1.5% higher at $2,315. “Gold surged to EURUSD $1.0787 $1.0738 $1.0859 $1.0884
yet another historic high on elevated trading volume
GBPUSD $1.2590 $1.2529 $1.2683 $1.2716
after Powell stresses that ‘bumps’ in the road don’t
change the overall rosy picture,” said Tai Wong, a New USDJPY 151.42 151.17 151.94 152.20
AKD SECURITIES LIMITED

York-based independent metals trader. Silver rose 3.1%

to $26.92 per ounce and was trading at its highest level
DJIA-30 39,010 38,863 39,306 39,454
in over two years. Platinum was up 1.7% at $931.13,
and palladium gained 1.2% to $1,015.70. S&P-500 5,199 5,179 5,235 5,251
NSDQ-100 18,055 17,932 18,273 18,367
Source: AKD Research and MT4
OIL: Oil prices rose in early Asian trade on Thursday on concerns of lower supply as major producers are keeping output
cuts in place and on signs of stronger economic growth in the U.S., the world’s biggest oil consumer. Brent futures for
June rose 15 cents, or 0.2%, to settle at $89.51 a barrel at 0037 GMT. U.S. West Texas Intermediate (WTI) futures for May
rose 15 cents, or 0.2%, to $85.59 a barrel. Both the June Brent contract and the May WTI contract have risen for the past
four days and closed on Wednesday at the highest since the end of October. Oil has gained as Ukraine’s attacks on
Russian refineries have cut fuel supply and amid concerns that the Israel-Hamas War in Gaza may spread to include Iran,
possibly disrupting supplies in the key Middle East region.

US-EQUITIES: U.S. stock futures were mixed Wednesday night after the Dow Jones Industrial Average registered its
third straight losing session. Futures tied to the 30-stock Dow dipped 43 points, or 0.11%. S&P 500 futures gained 0.11%,
while Nasdaq 100 futures added 0.38%. During Wednesday’s main trading session, the Dow slipped 0.1% to post a three-
day negative streak. Meanwhile the S&P 500 and Nasdaq Composite inched up just 0.1% and 0.2%, respectively. On the
economic front, investors will be looking to initial jobless claims numbers for the week ending March 30. The U.S. trade
deficit as of February will also be released Thursday morning. All eyes are on Friday for the release of March’s nonfarm
payrolls.

US DOLLAR: The dollar was pinned beneath recent peaks on Thursday with traders taking remarks from Federal
Reserve Chair Jerome Powell as reassuring on the likelihood of interest rate cuts this year while waiting for the latest U.S.
labor market readout. An unexpected slowdown in U.S. services growth also supported cut expectations and weighed on
the dollar, though for the year so far it remains the best-performing G10 currency as those expectations are far more
modest than three months ago. Jerome Powell made balanced remarks noting policymakers will be guided by economic
data. Traders focused on his view that recent figures had not changed his broad outlook, and his reminder that “most
FOMC participants see it as likely to be appropriate to begin lowering the policy rate at some point this year.”
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,
05:30PM USD High Unemployment Claims 213K 210K Karachi, Pakistan
UAN: 92-111-253-111
Source: www.forexfactory.com
 COMMODITIES VANTAGE
GOLD: KEY HIGHLIGHTS
GOLD SPOT
Date 3-Apr
Open 2,279.56
High 2,300.98
Low 2,265.28
Close 2,299.52
MA(50) 2,096.00
MA(100) 2,059.55
Technical Strategy: Buy on Weakness
MA(200) 1,993.30
Gold closed at US$2299.52/Oz above its 50-DMA which is at US$2096/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 $2280 - 2310/Oz.

SILVER: KEY HIGHLIGHTS SILVER

Date 3-Apr
Open 26.12
High 27.17
Low 26.09
Close 27.16
MA(50) 23.64
MA(100) 23.62 Technical Strategy: Play the Range
Silver closed at US$27.16/Oz above its 50-DMA which is at US$23.64/Oz. However, RSI and
MA(200) 23.39
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 $25.73 - 27.88/Oz.

WTI SPOT: KEY HIGHLIGHTS WTI SPOT (CRUDE OIL)

Date 3-Apr
Open 85.46
High 86.19
Low 84.85
Close 85.62
MA(50) 78.48
MA(100) 76.06 Technical Strategy: Buy on Weakness
MA(200) 78.82 Oil closed at US$85.62/bbl above its 50-DMA which is at US$78.48/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$84.21 - 86.89/bbl.

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

 COMMODITIES VANTAGE
EUR/USD: KEY HIGHLIGHTS
EUR-USD
Date 3-Apr
Open 1.0768
High 1.0836
Low 1.0763
Close 1.0835
MA(50) 1.0831
MA(100) 1.0872
MA(200) 1.0829
Technical Strategy: Play the Range
EURUSD closed at US$1.0835 above its 50-DMA which is at US$1.0831. 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 $1.0738 - 1.0884.

GBP-USD
GBP/USD: KEY HIGHLIGHTS

Date 3-Apr
Open 1.2575
High 1.2655
Low 1.2562
Close 1.2651
MA(50) 1.2669
MA(100) 1.2664 Technical Strategy: Play the Range
MA(200) 1.2584 GBPUSD closed at US$1.2651 below its 50-DMA which is at US$1.2669. 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 $1.2529 - 1.2716.

USD/JPY: KEY HIGHLIGHTS JPY-USD

Date 3-Apr
Open 151.52
High 151.94
Low 151.43
Close 151.68
MA(50) 149.68
MA(100) 147.71 Technical Strategy: Play the Range
MA(200) 147.09 USDJPY closed at US$151.68 below its 50-DMA which is at US$149.68. 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$151.17 - 152.20.

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

 COMMODITIES VANTAGE
DJIA-30: KEY HIGHLIGHTS
DJIA-30
Date 3-Apr
Open 39,182
High 39,307
Low 39,011
Close 39,157
MA(50) 38,827
MA(100) 37,742
Technical Strategy: Play the Range
MA(200) 36,013 Dow Jones closed at 39,157 below its 50-DMA which is at 38,827. 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 38,860 – 39,450.

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

Date 3-Apr
Open 5,212
High 5,231
Low 5,195
Close 5,219
MA(50) 5,075
MA(100) 4,872 Technical Strategy: Play the Range
S&P closed at 5,219 below its 50-DMA which is at 5,075. However, RSI and Stochastic are
MA(200) 4,639
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 5,180 – 5,250.

NASDAQ-100: KEY HIGHLIGHTS NASDAQ-100

Date 3-Apr
Open 18,133
High 18,244
Low 18,027
Close 18,178
MA(50) 17,901
MA(100) 17,153 Technical Strategy: Play the Range
MA(200) 16,130 NASDAQ closed at 18,178 below its 50-DMA which is at 17,901. 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 17,900 – 18,300.

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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