Oil and Gold Prices Experience Declines Amid Economic Uncertainty
Portuguese stocks sharply declined on Tuesday, marking the worst performance on the broader European index following the resignation of Prime Minister António Costa due to an investigation into alleged irregularities concerning lithium and hydrogen mining projects in the country. The Portuguese index dropped by 2.5%, with Mota-Engil’s stock falling by 5.6%, leading the losses in Lisbon.
Meanwhile, Uber’s stock jumped by about 4% in Tuesday’s session, reaching its highest level in over two years. This added $3.6 billion to the company’s market value in a single day.
After the Federal Reserve paused its interest rate hikes for consecutive meetings, economists at JPMorgan Chase have issued their predictions regarding the Fed’s future decisions, particularly in the upcoming period. Experts at the American bank indicated that the U.S. Federal Reserve will heavily rely on economic data in the future, suggesting that the Fed is inclined towards a patient and cautious stance.
The dollar index is currently trading above its pivotal point at $105.50.
| Resistance level | Support level |
| 105.60 | 105.10 |
| 105.80 | 104.85 |
| 106.05 | 104.60 |
Yesterday, gold prices declined, supported by the rise and stability of the dollar and amidst the ongoing increase in U.S. Treasury bond yields.
The spot price of gold dropped to $1956 per ounce during yesterday’s trading session, and currently, gold is trading below its pivotal point at $1966 per ounce.
| Resistance level | Support level |
| 1979 | 1957 |
| 1989 | 1946 |
| 2000 | 1935 |
The U.S. indices closed with collective gains in yesterday’s session, supported by growth stocks benefiting from the continued decline in U.S. Treasury bond yields. Markets anticipate a 90% chance that the Federal Reserve will keep interest rates steady once again in the upcoming December meeting.
The Dow Jones rose by 0.2%, equivalent to a 57-point increase, marking its seventh consecutive session of gains and achieving its highest daily close in 7 weeks. The Nasdaq increased by 0.9%, recording gains for the eighth consecutive session and achieving its highest daily close in 4 weeks.
The primary support for the U.S. indices came from Microsoft’s stock, which rose by more than 1%, marking a new record closing, in addition to a 1.4% increase in Apple’s stock.
| Resistance level | Support level |
| 34320 | 34085 |
| 34410 | 33940 |
| 34560 | 33845 |
On Wednesday, November 8, oil prices fell to their lowest levels in over three months after data showed a significant increase in U.S. crude supplies. Meanwhile, conflicting Chinese economic data raised concerns about global demand for crude.
Brent crude futures dropped by 25 cents to $81.36 per barrel, while U.S. crude futures declined by 35 cents to $77.02 per barrel. Both dropped to their lowest levels since July 24 in early Asian trading.
| Resistance level | Support level |
| 79.70 | 75.75 |
| 82.40 | 74.75 |
| 83.65 | 71.80 |
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.
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