Oil prices held near a two-week low after dropping about 5% over the past two sessions as investors absorbed OPEC’s latest downward revision for demand growth, a stronger U.S. dollar and disappointment over China’s latest stimulus plan.
The Oil-Dollar pair rose 0.2% in the last session after gaining as much as 1.3% during the session. The CCI is giving a negative signal.
Support: 66.17 | Resistance: 70.129
The U.S. dollar rose to a near five-month high against major peers, buoyed by expectations of inflationary import tariffs from Republican President-elect Donald Trump, while bitcoin pared gains from a record rally.
Wall Street’s indexes were near record highs, ahead of an upcoming batch of economic data that could influence the Federal Reserve’s pace of interest rate cuts. Several stocks added to gains they have notched since Donald Trump won the election, as traders expect them to benefit from his return to the White House.
The euro dropped to its lowest level in 6-1/2 months against the greenback as investors worried about possible U.S. tariffs that would hurt the euro area’s economy. Meanwhile, the U.S. dollar index slightly overshot the highs seen right after the U.S. presidential election.
The last session saw the Euro drop 0.5% against the Dollar. According to the Williams indicator, we are in an oversold market.
EUR/USD fell 0.5% in the last session.
Support: 1.0509 | Resistance: 1.0806
The Silver-Dollar pair fell 2.9% following a 3.2% intra-session dip. According to the CCI, we are in an oversold market.
XAG/USD dove 2.9% in the last session.
The CCI is signalling an oversold market.
Support: 29.051 | Resistance: 32.468
Investors will focus in the coming week on whether inflation trends can help sustain the record-breaking stock rally that has received a boost from Donald Trump’s victory in the U.S. presidential race. The benchmark S&P 500 surged to an all-time high and hit the 6,000 level for the first time.
