The Dollar Stabilizes and Corporate Profits Are Higher Than Expectations

MARKET NEWS SUMMARY

The Walt Disney Company posted quarterly earnings and revenue that were higher than analysts’ expectations, while the number of subscribers to its paid streaming service Disney+ fell by about 1%. Adjusted earnings per share: $0.99, above Refinitiv’s forecast of $0.78.

Oil prices rose at the settlement of trading on Wednesday, February 8th, for the third consecutive session, despite the increase in US inventories to the highest level in more than a year and a half.

Gold prices rose at the settlement of the trading of Wednesday, February 8th, for the third consecutive session, after the dollar declined and the investors absorbed the statements of the Fed Chairman.

Shares of oil and gas companies gained the lead in the European Stock Exchange, as it rose by 1.6%.

Dollar index (USDX)

The dollar index continues its horizontal trend for the third consecutive session and tries to stabilize near 103.15 levels.

Pivot Point: 103.15

Resistance level	Support Level
103.51	103.00
104.70	102.70
104.20	102.25

British Pound (GBPUSD)

Prices are moving above the pivot point of the day at 1.2070 while awaiting the monetary policy report hearings in England at 1:45pm Dubai time.

Pivot Point: 1.2070

Resistance Level	Support level
1.2105	1.2055
1.2120	1.2030
1.2150	1.2000

Spot Gold (XAUUSD)

Gold prices rose at the settlement of the trading on Wednesday, February 8th, for the third consecutive session, with the dollar’s decline.

Upon settlement, gold futures rose by 0.3%, or $5.90, to $1,890.70 an ounce.

Prices for the yellow metal will likely remain volatile as investors continue to digest Fed Chairman Powell’s message.

Pivot Point: 1,876

Resistance level	Support Level
1,881	1,872
1,888	1,867
1,896	1,860

US Crude (USOUSD)

Oil prices rose at the settlement of trading on Wednesday, February 8th, for the third consecutive session, despite the increase in US inventories to the highest level in more than a year and a half.

Upon settlement, Brent crude futures rose by 1.67% to $85.08 a barrel.

US crude futures rose by 1.7%, recording $78.47 a barrel.

US Energy Information Administration data revealed that oil stocks rose last week to the highest level since June 2021, recording 2.4 million barrels.

Pivot Point: 78.00

Resistance Level	Support Level
78.70	77.50
79.50	76.40
80.45	75.00