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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

17 August

Market News Summary

The minutes of the Federal Reserve’s meeting showed that officials expressed concerns about the pace of inflation in their previous meeting in July, stating that further interest rate hikes would be necessary in the future unless economic conditions change.

The meeting minutes stated, “With inflation continuing to run above the Federal Reserve’s target and labor market tightening persisting, a majority of participants see escalating inflation pressures that require further tightening of monetary policy.”

European stocks declined yesterday, Wednesday, due to the drop in bank stocks as mounting evidence of the Chinese economy losing momentum left investors worried. Meanwhile, British stocks faced pressures from increasing concerns about ongoing inflation.

Dollar Index (USDX)

Graph of USDX for 17th August 2023

The dollar index rose and gained momentum following strong economic data in recent times, which bolstered expectations that the Federal Reserve will continue its monetary policy tightening.

Although a few members had indicated after the prior meeting that additional interest rate hikes might not be imperative, the minutes of the meeting unveiled a prevailing sense of caution among them. Throughout the deliberations, Federal Reserve members reaffirmed their dedication to upholding the course of monetary tightening until inflation gravitates back to the intended threshold of 2% gradually over time.

Pivot point: 103.15

Resistance levelSupport level
103.55102.95
103.75102.55
104.15102.35

Spot Gold (XAUUSD)

Spot gold graph on 17 August 2024

On Thursday, gold prices reached their lowest point in five months as the dollar strengthened and yields on U.S. Treasury bonds gained momentum in response to robust economic data.

The spot market price of gold reached $1891.70 per ounce, marking its lowest level since March 15th.

Pivot point: 1896

Resistance levelSupport level
19011886
19121880
19171870

Dow Jones Index (DJ30ft – US30)

DOW Jones Index graph on 17 August 2023

On Wednesday, US indices continued their downward trend for the second consecutive day. This decline was driven by investors’ apprehensions regarding the possible extension of elevated interest rates, a sentiment stemming from the disclosure of the US Federal Reserve’s meeting minutes.

The Dow Jones index declined by 0.5%, equivalent to about 180 points, closing at its lowest level in a month. Similarly, the S&P 500 index retreated by 0.75%, pressured by a decline in bank stocks. Bank of America led the losses among major banks.

Pivot point: 34945

Resistance levelSupport level
3508534695
3533034555
3547034310

US Crude (USOUSD)

US CRUDE graph on 17 August 2023

Despite a notable decline in US crude oil inventories, oil prices closed lower on Wednesday. Currently, investors are in the midst of evaluating apprehensions linked to China’s weakening economy. In addition, there are expectations of supply shortages in the United States, contributing to the complex market dynamics.

Brent crude futures declined by $1.44 or 1.7% to settle at $83.45 per barrel, while US West Texas Intermediate (WTI) crude dropped by $1.61 or 2% to reach $79.38 per barrel.

Pivot point: 79.90

Resistance levelSupport level
80.7578.40
82.2577.55
83.1076.05

Risk Statement:


All investments entail risks and can result in both profits and losses. Leveraged products, in particular, may not be appropriate for all investors as the effect of leverage is that both gains and losses are magnified. Before deciding to invest in any financial product, you should carefully consider your investment objectives, financial knowledge and experience and affordability as the prices of leveraged products may change to your disadvantage very quickly, it is possible for you to lose more than your invested capital and you may be required to make further payments.