Market News Summary
European stocks closed in the green on Monday, in line with market anticipation of data this week that will reveal economic prospects amid major central banks endorsing tighter monetary policies.
The STOXX 600 European index closed up by 0.8%, following its largest single-day drop in three weeks on Friday, November 10, reaching 1% after statements from Federal Reserve Chairman Jerome Powell, which tempered investors’ bets that interest rates had peaked.
Dollar Index (USDX)
The dollar index fell by 0.2%, while inflation data is set to be released on Tuesday, November 14. According to a Reuters survey, it is expected that the core inflation index will rise by 0.3% on a monthly basis in October, with an annual increase of 4.1%. Traders will also be awaiting the release of the Producer Price Index data scheduled for Wednesday.
Pivot Point: 105.55
| Resistance level | Support level |
| 105.75 | 105.35 |
| 105.95 | 105.20 |
| 106.10 | 104.95 |
Spot Gold (XAUUSD)
Gold prices rose on Monday as the dollar weakened. Investors are now looking ahead to key U.S. inflation data scheduled for release this week, which could shed some light on the Federal Reserve’s interest rate stance.
The spot price of gold rose by 0.4% to $1,945.25 per ounce. U.S. gold futures settled higher, up 0.6% at $1,950.20.
Pivot Point: 1942
| Resistance level | Support level |
| 1952 | 1935 |
| 1959 | 1924 |
| 1970 | 1917 |
Dow Jones Index (DJ30ft – US30)
U.S. indices closed mixed on Monday as investors awaited U.S. inflation data, which will play a crucial role in shaping the monetary policy direction of the Federal Reserve and the duration of elevated interest rates.
The Dow Jones index rose by approximately 0.2%, or 55 points, marking its highest close in about two months, primarily supported by Boeing’s stock. Meanwhile, the S&P 500 edged down by around 0.1%, and the Nasdaq declined by 0.22% from its two-month highs, weighed down by losses in Apple and Microsoft shares.
Pivot Point: 34350
| Resistance level | Support level |
| 34500 | 34243 |
| 34606 | 34093 |
| 34756 | 33987 |
US Crude Oil (USOUSD)
On Monday, November 13th, oil prices recorded an increase of more than 1%, following an OPEC report that alleviated concerns about a demand decline.
Brent crude futures rose by $1.09, or 1.3%, settling at $82.52 per barrel. Similarly, West Texas Intermediate (WTI) crude futures increased by $1.09, or 1.4%, reaching $78.26 per barrel at the close.
Pivot Point: 77.75
| Resistance level | Support level |
| 79.35 | 76.90 |
| 80.20 | 75.35 |
| 81.75 | 74.50 |
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.
