A lot of economic news came up this week, led by the purchasing managers’ indices in America and Europe, and the minutes of the Federal Reserve meeting. As for Turkey, it is expected that we will witness a new cut in interest rates during the central bank meeting. On the other hand, the New Zealand central bank is expected to raise interest rates in accordance with the decisions of the Federal Reserve and the monetary policies of central banks in developed countries. This week, the holiday season will begin in America, so the US markets will be off on Thursday during the Thanksgiving holiday.
Next Wednesday evening, the markets are waiting the minutes of the US Federal Reserve’s meeting, which will give more clarity about the bank’s movements during the coming period, especially with the announcement by Jerome Powell, head of the Federal Reserve, in his meeting that interest rates may be higher than previous expectations. The Federal Reserve raised interest rates by 75 basis points for the fourth time in a row at this pace, and the markets expect rate hike by 50 basis points in the next meeting, despite the slowdown in inflation growth for the fourth month in a row.
Dollar index (USDX)
On Friday, November 18, the dollar headed towards its best week in a month, as statements by Federal Reserve officials and stronger-than-expected Retail Sales data curbed the US currency’s decline after signs of declining in the inflation rate.
Technically, the US dollar started to improve relatively, in an attempt to hold above the resistance levels at $107.10.
Pivot point: 106.65
| Resistance Level | Support Level |
| 107.10 | 106.40 |
| 107.35 | 105.95 |
| 108.05 | 105.30 |
British Pound (GBPUSD)
The pound sterling fell at the beginning of today’s session, Monday, November 21st, as both the British budget of tax increases and spending cuts disappointed investors.
The pound sterling stabilizes below its pivot point at 1.1895, supported by the stability of the US dollar.
Pivot point: 1.1895
| Resistance Level | Support Level |
| 1.1935 | 1.1840 |
| 1.1990 | 1.1800 |
| 1.2050 | 1.1715 |
Spot Gold (XAUUSD)
Gold prices ended last week Friday (November 18th) lower, a day after St. Louis Fed James Bullard suggested during a presentation that the Fed’s policy reference rate could need to rise as much as 7%.
Gold prices fell by $8.60, or 0.5%, to close at $1,754.40 an ounce on Friday. It ended the week with a loss of 0.9%, after rising more than 5% last week.
Gold registered weekly losses, but still managed to hold on to most of its gains from the past two weeks, suggesting that the precious metal may have finally broken the downtrend that has affected it all year.
Pivot point: 1,755
| Resistance Level | Support Level |
| 1,762 | 1,742 |
| 1,775 | 1,735 |
| 1,788 | 1,714 |
US Crude (USOUSD)
Oil fell by more than three dollars per barrel at the settlement of Friday, November 18th, to record a decline for the second week due to uncertainty, with weak demand in China and the interest rate hike by the US Federal Reserve.
Brent crude fell by $2, or 2.2%, to $87.74 a barrel, and US West Texas Intermediate crude fell $1.5, or 1.87%, to $80.11 a barrel.
The two crudes recorded a decline for the second week in a row, as Brent prices fell by about 9%.
Pivot point: 80.05
| Resistance Level | Support Level |
| 82.55 | 77.70 |
| 84.30 | 75.50 |
| 86.00 | 74.00 |
