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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

English

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Language

Positive Data Brings Back Concerns About High Interest Rates

Market News Summary

Chinese electric car company stocks fell after Tesla reported disappointing financial results and negative expectations about the company’s future spread. This was the first time since the second quarter of 2019 that Tesla achieved quarterly profits and revenues below expectations.

As for Netflix, the company announced its quarterly results for the third quarter of 2023 yesterday, which showed strong performance, supported by the company’s efforts to prevent password sharing, which increased the number of subscribers to its services.

Dollar Index (USDX)

US Dollar Index chart on 19 October 2023

The US dollar rose after data showed US single-family home construction rebounded in September, raising concerns that interest rates will remain high for longer.

The dollar index is now trading above its pivot point at $106.45.

Pivot Point: 106.20

Resistance levelSupport level
106.55105.95
106.80105.55
107.20105.30

Spot Gold (XAUUSD)

Spot Gold chart on 19 October 2023

Gold prices were traded near their highest level in two and a half months on Thursday, October 19th, as escalating tensions in the Middle East boosted demand for the safe-haven asset. Investors are also awaiting a speech by the US Federal Reserve Chairman Jerome Powell later in the day.

Spot gold settled at $1,947.45 per ounce after reaching its highest level since August 1st on Tuesday. US gold futures dipped 0.4% to $1,959.70.

Pivot Point: 1944

Resistance levelSupport level
19651926
19831905
20041886

Dow Jones Index (DJ30ft – US30)

DOW JONES Index chart on 19 October 2023

US stock indices closed with sharp losses on Wednesday as bond yields rose again, and investors evaluated third-quarter corporate earnings expectations. Yields increased after data showed a recovery in single-family home construction in the United States in September, raising concerns about the possibility of interest rates remaining high for longer.

US indices recorded their largest daily losses in two weeks, with the Dow Jones falling by approximately 1%, equivalent to around 332 points, and the Nasdaq dropping by about 1.6%.

Pivot Point: 33900

Resistance levelSupport level
3406533655
3431033490
3447533245

US Crude Oil (USOUSD)

US Crude Oil chart on 19 October 2023

Oil prices fell during trading on Thursday, October 19, erasing the gains made in the previous session. This decline was due to OPEC’s lack of support for Iran’s call to impose an oil embargo on Israel.

Additionally, the United States eased sanctions on Venezuela, allowing more of its oil to flow globally. This move may alleviate the pressures on global oil prices amid the conflict between Israel and Hamas, sanctions on Russia, and decisions by the OPEC+ alliance to reduce production.

Pivot Point: 87.30

Resistance levelSupport level
88.3586.05
89.6084.95
90.6583.75

Risk Warning

This article provides real-time market analysis from contributing analysts. Please note that any views expressed in this article do not constitute operational advice. It is important to assess your risk tolerance and make independent trading decisions. STARTRADER holds no responsibility for any trading consequences that may arise from relying on the views expressed in this article.

Related Articles

Expectations About Raise of Interest Rate Increase

Oil Declines as Demand Concerns Ease Amid Inventory Decrease

Fed’s Meeting to Conclude Interest Rate Today

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