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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.

22 June

market news summary

The price of the cryptocurrency Bitcoin reached its highest level in over a month during trading on Wednesday, June 21. Traders were optimistic about the possibility of Bitcoin exchange-traded funds (ETFs) being made available, following recent applications by companies including BlackRock.

Bitcoin’s price jumped by 10% to $29,405.22, its highest level since May 6, according to CoinGecko data, adding to earlier gains made during the day.

Technology stocks led European stock markets to decline on Wednesday after comments leaning towards monetary tightening from Jerome Powell, the Chairman of the Federal Reserve. Real estate company stocks also fell as expectations of interest rate hikes raised concerns about mortgage loan costs amid ongoing inflation declines in the UK.

Dollar index (USDX)

US Dollar Index chart for 22 June 2023

Powell told US lawmakers that the battle against inflation still has a “long way to go” and that officials agree on the need to lean towards raising borrowing costs despite temporarily pausing interest rate hikes in the latest meetings of the monetary policy committee. He also said in his remarks that raising interest rates again is a “very good guess” for where the Federal Reserve is headed if the economy continues on its current path.

The dollar index fell 0.5% after Powell’s testimony began.

Pivot point: 101.85

Resistance levelSupport level
102.10101.40
102.50101.15
102.75100.75

Spot Gold (XAUUSD)

Spot Gold chart for 22 June 2023

Gold trimmed its losses yesterday, Wednesday, supported by the decline of the dollar. However, the rise in bond yields after Jerome Powell’s testimony before Congress kept the precious metal near its lowest levels in three months.

Gold settled at $1,936.96 per ounce in spot trading. US gold futures fell 0.1% to $1,944.9 at the close.

Pivot point: 1930

Support level Resistance level
19201941
19091950
19001961

Dow Jones Index (DJ30ft – US30)

Dow Jones Index Chart for 22 June 2023

US indices closed with collective declines in yesterday’s session, marking the third consecutive daily decline. Federal Reserve Chairman Jerome Powell’s testimony before Congress reinforced the central bank’s goal of curbing inflation, hinting at the possibility of another interest rate hike.

Financial markets priced in a 74% probability of a 25 basis point interest rate increase at the upcoming monetary policy meeting in July.

The Dow Jones Industrial Average fell by approximately 0.3%, equivalent to around 100 points, in yesterday’s session, extending the losses to 1.3% over the past three sessions.

Pivot point: 34260

Support levelResistance level
3414034365
3403534485
3391534590

US Crude (USOUSD)

US Crude chart for 22 June 2023

Oil prices rose by one dollar per barrel yesterday, Wednesday, as US corn and soybean prices reached their highest levels in several months, raising expectations that global corn shortage would reduce biofuel blending operations and increase demand for oil.

Brent crude futures rose by $1.22, or 1.6%, to $77.12 per barrel at the close. West Texas Intermediate (WTI) crude futures increased by $1.34, or 1.9%, to settle at $72.53 per barrel.

Pivot point: 71.95

Support levelResistance level
71.2073.10
70.0573.85
69.3074.90

Risk Warning

This material provides real-time market analysis from contributing analysts. Please note that any views expressed in this material 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 material.

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