XAU/USD Price Forecast: Technical outlook

 Gold (XAU/USD) bias is still up, but it would remain under selling pressure. Failure to reclaim February 24 daily high at $1974 left the precious metal exposed to selling pressure unless XAU bulls recover the aforementioned. It is worth noting that the 200-day moving average (DMA) at $1816.85, from an upslope, is horizontal, indicating that the steep rally above $2000 might be subject to a further correction lower.

Upwards, XAU/USD’s first resistance would be $1974. Once cleared, the next resistance would be $2000, and the YTD high at $2075.82.

On the flip side, and the most likely scenario, XAU/USD’s first support would be March 20 low at $1950.30. Breach of the latter would expose March 16 daily low at $1895.06, followed by November 16, 2021, low at $1877.14.

FBM KLCI - closed higher for the seventh consecutive session above 1,600

Stocks on Bursa Malaysia ended higher yesterday with the benchmark FBMKLCI finished higher for the seventh consecutive day to close above the 1,600 psychological level, accumulating gains of 5% during its seven-day rally. Read more >>

Check out the news happening in the past 24 hours!!!

  1️⃣ Yesterday's main news

 - Cryptocurrencies collapsed in panic, Bitcoin once plummeted 30% to nearly $30,000.

 - Fed meeting minutes hint that QE will be discussed, rate hike expectations are heating up and gold breaks below 1870.

 - European Central Bank warns of financial stability risks as markets boom, but risks in cryptocurrencies are limited.

 Iran's President shows significant progress in new round of Iran nuclear talks.

 - Netanyahu said after calling Biden that he would continue military operations in the Gaza Strip.

 - EIA gasoline inventories fell the most since the week of March 5, 2021.

 - Tesla's plunge since January has wiped out Tesla's market value by $300 billion.

 2️⃣ Today's important facts and data

 - On the side of the Central Bank, today, the President of the European Central Bank Lagarde gave a speech. Today , Governor of the Bank of Canada McClum held a press conference.

 - In terms of numbers, the number of initial jobless claims from the US through May 15 was published, and the market is expected to drop to a new low.

 - In addition, at the next day, the price of New York crude oil for June term completed the last trading session on the floor.

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Bursa Noon Market Report by Money Life Research

 Noon Market

Bursa ends morning session in positive territory

KUALA LUMPUR (April 8): Bursa Malaysia ended the morning session in positive territory on persistent buying support for heavyweight stocks, led by the healthcare counters.

At the lunch break, the FBM KLCI was 1.69 points better at 1,602.28 from yesterday’s close at 1,600.59.

The index opened 0.78 of a point easier at 1,599.81, and moved between 1,599.51 and 1,609.39 throughout the morning session.

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However, on the broader market, losers led gainers 519 versus 486, while 419 counters were unchanged, 732 untraded and 25 others suspended.

Total volume stood at 4.54 billion shares worth RM2.61 billion.

“The FBM KLCI is able to sustain above the 1,600 today, but sentiments remain tepid on the absence of any clear buying catalysts.

Singapore’s Straits Times Index edged up 0.05 per cent to 3,197.49, Japan’s Nikkei was 0.25 per cent easier at 29,747.46, Hong Kong’s Hang Seng was up by 0.83 per cent to 28,913.50, and South Korea’s Kospi fell 0.04 per cent to 3,136.49

Back home, heavyweights Maybank fell 18 sen to RM8.30, Public Bank shed two sen to RM4.20, Petronas Chemicals slipped 10 sen to RM7.85, Tenaga reduced four sen to RM10.22 and IHH Healthcare was down eight sen to RM5.32.

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