Gold technical analysis: Set-up remains in favour of bullish traders

• Gold built on the overnight bullish breakout momentum and climbed to fresh multi-year tops - around the $1475 region earlier this Tuesday, albeit witnessed some intraday profit-taking thereafter.
• The fact that the precious metal has managed to hold its neck above the resistance breakpoint - now turned support near the $1448-50 region, the set-up remains in favour of bullish traders.

Moreover, technical indicators on the daily chart maintained their positive bias and further reinforce the constructive set-up, albeit overbought conditions on hourly charts seemed to be the only factor holding investors from placing any aggressive bullish bets.

Having said that, a follow-through buying beyond the daily swing high, leading to subsequent strength above $1478-80 intermediate resistance now seems to set the stage for an extension of the recent appreciating move further towards reclaiming the key $1500 psychological mark for the first time since April 2013.

On the flip side, the mentioned resistance-turned-support might continue to protect the immediate downside, which if broken might prompt some long-unwinding trade and accelerate the corrective slide further towards $1440 horizontal support en-route the $1430 region.

Failure to defend the mentioned support levels might turn the commodity vulnerable to head back towards challenging the key $1400 psychological mark with some intermediate support near the $1411-10 region.

Gold daily chart

XAU/USD

OVERVIEW
Today last price	1463.4
Today Daily Change	-0.70
Today Daily Change %	-0.05
Today daily open	1464.1

TRENDS
Daily SMA20	1423.84
Daily SMA50	1385.96
Daily SMA100	1337.56
Daily SMA200	1304.51

LEVELS
Previous Daily High	1469.7
Previous Daily Low	1436.96
Previous Weekly High	1455.8
Previous Weekly Low	1400.9
Previous Monthly High	1452.72
Previous Monthly Low	1382.02
Daily Fibonacci 38.2%	1457.19
Daily Fibonacci 61.8%	1449.47
Daily Pivot Point S1	1444.14
Daily Pivot Point S2	1424.18
Daily Pivot Point S3	1411.4
Daily Pivot Point R1	1476.88
Daily Pivot Point R2	1489.66
Daily Pivot Point R3	1509.62

‘Iran capable of exporting $25b of technical, engineering services’

Farzin Mahdyar although mentioned the problems in the way of exporting these services specially to some of the neighboring countries.

Iran is conducting technical and engineering projects in CIS countries and Iraq, but due to some barriers mainly related to the international limitations which make issuance of guarantees impossible for the both sides, the Iranian operators of those projects will have no choice rather than leaving those countries, the official lamented.

MA/MA

Realme CEO changes Twitter name, hints at new phone 

 Chinese smartphone manufacturer Realme is all set to showcase the 64-megapixel camera smartphone in India on Thursday and ahead of the launch, CEO Madhav Sheth has changed his name on Twitter to Madhav ‘5' Quad, hinting that the new device would be called Realme 5.

Since Chinese consider number four an unlucky number, it might be a possibility that after Realme 3, Realme 3 Pro and Realme 3i, the company might launch Realme 5.

Realme recently took to Twitter to announce it would be showcasing a phone with a 64-megapixel camera on August 8, which was followed by an announcement from Redmi. The upcoming Realme phone is expected to integrate the Samsung's ISOCELL Bright GW1 sensor that was announced earlier this year. 

Samsung GW1 image sensor would be larger than that of the current line of 48MP sensors and would use Pixel-merging Tetracell technology to merge 16MP images into one, thus providing a 64MP shot. 

While a standard 48MP camera bins pixel snaps that compare to a 12MP 1.6-micron pixel camera, the 64MP GW1 sensor would bring pixel binning equivalent to a 16MP 1.6-micron pixel shot.

Crude to test psychological and technical support amid demand worries – TD Securities

Brent crude dropped 1.5 percent to just under $58.94/bbl, which tilted the global oil benchmark into bear market territory. While there are worries that China is sitting on tens of millions of barrels of "illegally" exported Iranian crude, these oil price declines seem to be very much driven by the demand side of the equation, as the supply side still looks well positioned for significantly firmer crude markets

“OPEC+ continues to be committed to its 1.2 million b/d of reductions and delivered 130k b/d less supply in July, Iran is struggling to ship its product, while US shale producers are not punching above their weight as many had expected.”

“US inventories started to erode sharply over the last several weeks. Plus, geopolitical tensions continue to be elevated in the Middle East in the aftermath of another oil tanker being seized by Iran amid claims it was smuggling fuel to Arab States and as Turkey readies to stage an incursion into Syria.”

“We shouldn’t underestimate the potential impact of a full-blown trade war between the world’s two biggest economies, as this could very well mean the market significantly overestimated demand growth for oil and we could easily be in a surplus situation in 2020.”

“Given the current global trade tensions and the risk of currency wars, demand growth could well drop some 400k b/d next year, which would negate OPEC+ hard work to rebalance the market. As such, a WTI move toward just above $50/bbl which is a technical and psychological support level is very much in the cards, should the US-China trade issues remain unsolved.”

WhatsApp Version 'Obsolete' Error Hits Some Users in India, Company Responds

HIGHLIGHTS

• Some WhatsApp users complained about a new bug on Twitter
• Deleting and re-installing the app did not fix the problem, users say
• WhatsApp Beta testers were asked to 'leave testing program'

WhatsApp has been hit with a version 'obsolete' error. Some WhatsApp users in India have complained about a bug that prevents them from using the Facebook-owned messaging app, with the app claiming the version being used is 'obsolete'. When a few WhatsApp users took to Twitter to report the issue, several people chimed in to say they were facing the same problem. Meanwhile, WhatsApp has acknowledged the bug and said it is working to fix it.

The WhatsApp issue was discovered on January 13, as some Twitter users posted screenshots which read as: "This version of WhatsApp became obsolete on 13 Jan 2018. Please go to the Google Play Store to download the latest version." Notably, some users even tried to update the app but to no avail. Instead, Google Play stated that the app is up-to-date. Some reportedthat even after deleting and re-installing the app did not fix the problem and WhatsApp was showing the same message. Interestingly, for some WhatsApp Beta testers, the app also showed the message 'Leave testing program'. Additionally, a user said even the Web version of WhatsApp was unable to scan the QR code to log in.

 

WhatsApp Says 20 Billion Messages Sent on New Year's Eve in India, 75 Billion Worldwide

HIGHLIGHTS

• WhatsApp says this is the highest-ever user activity on a single day
• More than 13 billion images, 5 billion videos were shared worldwide
• Interestingly, WhatsApp suffered an outage late on New Year’s eve

WhatsApp users in India sent over 20 billion messages on December 31 as they ushered in 2018 with wishes to family and friends. In a release, WhatsApp revealed that of the 75 billion messages shared on New Year’s Eve, 20 billion were just from India. These figures the highest-ever number of messages shared on the platform, which has over 1 billion users worldwide and counts India as its biggest market with 200 million users. It is notable that WhatsApp suffered an outage lasting more than an hour late on December 31, 2017 and in the early hours from January 1, 2018.

In a statement, WhatsApp said the 75 billion messages sent worldwide included more than 13 billion images and 5 billion videos. The company says it recorded this data is only for 12am to 11:59pm PST on December 31.

While this data represents huge volume and user activity on the platform, WhatsApp disappointed many in India when it went down as the clock struck midnight on January 1. The service went down across the country and users were unable to send messages to their loved ones for more than an hour. At the time, no reason for the outage was given by the company, which only said, “WhatsApp users around the world experienced a brief outage today that has now been resolved.”

In 2017, the Facebook-owned app introduced a number of new features and changes to the platform. These include the option to delete sent messages, arguably the biggest new feature since the blue ticks were introduced. Similarly, there were features such as the all-new Status, live location sharing, etc. to keep users engaged. However, co-founder Brian Acton also left WhatsApp in 2017 to “start a non-profit focused at the intersection of nonprofit, technology and communications.”

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