Market News Summary
Consumer prices contracted in China last month as the country, the world’s second-largest economy, grapples with a varied recovery from the COVID-19 pandemic. According to data from the National Bureau of Statistics released on Thursday, the Consumer Price Index shrank by about 0.2% in October on a yearly basis, surpassing expectations of a 0.1% decline.
Disney’s profits exceeded expectations during the fourth quarter ending in September, partly attributed to earnings from ESPN+ services and continued growth in amusement parks. However, a decline in advertising revenue impacted the company’s results.
Dollar Index (USDX)
Many officials from the Federal Reserve spoke this week with a balanced tone regarding the next decision of the U.S. central bank. However, they indicated that they would focus on economic data and the impact of rising long-term bond yields.
The dollar index is currently trading near its Pivot point at $105.40.
Pivot Point: 105.45
| Resistance level | Support level |
| 105.60 | 105.15 |
| 105.85 | 105.00 |
| 106.05 | 104.75 |
Spot Gold (XAUUSD)
Gold approached its lowest level in three weeks on Thursday, November 9, as demand for safe havens waned due to easing tensions in the Middle East. Investors are awaiting statements from the Federal Reserve Chairman, seeking further clues about interest rates.
Gold in spot trading decreased by 0.1% to $1948.39 per ounce after reaching its lowest levels since October 19 yesterday, Wednesday. U.S. gold futures also declined by 0.2% to $1953.5
Pivot Point: 1956
| Resistance level | Support level |
| 1964 | 1941 |
| 1979 | 1932 |
| 1988 | 1917 |
Dow Jones Index (DJ30ft – US30)
Stocks in the U.S. showed little change on Wednesday, with investors evaluating the latest comments from Federal Reserve officials to understand the direction of interest rates and focusing on the trend of Treasury bond yields.
The S&P 500 index rose by 4.71 points, or 0.11%, closing at 4383.09 points. The NASDAQ index gained 10.56 points, or 0.08%, reaching 13650.41 points. However, the Dow Jones Industrial Average declined by 39.15 points, or 0.11%, closing at 34113.45 points.
Pivot Point: 34175
| Resistance level | Support level |
| 34295 | 34035 |
| 34435 | 33915 |
| 34555 | 33775 |
US Crude Oil (USOUSD)
Oil prices fell 2% on Wednesday at the close, reaching their lowest levels in over three months due to concerns about a decline in demand in the United States and China.
Brent crude futures dropped by $2.07, or 2.5%, to $79.54 per barrel at the settlement, while U.S. crude futures declined by $2.04, or 2.6%, to $75.33 per barrel.
Pivot Point: 75.95
| Resistance level | Support level |
| 77.05 | 74.45 |
| 78.60 | 73.35 |
| 79.65 | 71.85 |
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.
