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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 October

Market News Summary

Snap’s shares rose by approximately 12% on Monday after reports of an internal memo from the CEO indicating that the social media company could achieve better results than expected by 2024.

Investors last week turned to exchange-traded funds (ETFs) investing in defense companies in the United States and Europe amid expectations that the conflict in Gaza could spill over into neighboring regions. The iShares fund linked to the American defense and aerospace industries, with a total value of 5 billion dollars, saw net inflows of 7.2 million dollars for the week ending on October 11th, following seven consecutive weeks of outflows, as shown by data from Bloomberg.

Dollar Index (USDX)

US Dollar index chart on 17 October 2023

US officials have warned that the conflict between Israel and the armed group Hamas could escalate as US warships head to the region amid increasing clashes on Israel’s northern border with Lebanon.

While investors await further updates on the Israel-Hamas conflict, they are also closely watching Federal Reserve Chairman Jerome Powell’s upcoming speech later this week for more clarity on the path of US interest rates. Markets are pricing in a roughly 90% probability that the Federal Reserve will leave interest rates unchanged at its policy meeting next month, according to the CME FedWatch tool.

Pivot Point: 106.10

Resistance levelSupport level
106.25105.85
106.55105.65
106.70105.35

Spot Gold (XAUUSD)

Spot Gold chart on 17 October 2023

Gold prices retreated after strong gains in previous sessions, but the safe-haven metal held above the key level of $1,900 per ounce due to the escalating conflict in the Middle East, which continued to create anxiety among investors.

The spot price of gold fell 0.7% to $1,918.20 per ounce after reaching its highest level since September 20th in the previous session.

Pivot Point: 1919

Resistance levelSupport level
19301911
19411908
19521897

Dow Jones Index (DJ30ft – US30)

DOW JONES Index chart on 17 October 2023

On Monday, US stock indices closed with collective gains, as investors were buoyed by optimism at the commencement of the earnings season and the expectation of no interest rate increase. LSEG data indicates an anticipated 2.2% year-on-year increase in third-quarter profits for S&P 500 companies.

The Dow Jones Industrial Average rose by 0.93%, equivalent to around 314 points, marking its highest daily gains in a month. Lululemon Athletica’s stock surged by over 10% on Monday, reaching its highest levels in 22 months, adding approximately $5 billion to the company’s market capitalization in a single day.

Pivot Point: 3075

Resistance levelSupport level
3433533905
3451033650
3476533475

US Crude Oil (USOUSD)

US crude chart on 17 October 2023

Oil prices dipped slightly on Tuesday, October 17, after dropping by over a dollar the previous day, amid hopes that the United States may ease sanctions on oil-producing Venezuela and as Washington intensifies its efforts to prevent an escalation of the conflict between Israel and Hamas.

Brent crude futures fell five cents to $89.60 per barrel. Additionally, West Texas Intermediate (WTI) crude dropped 23 cents to $86.43 per barrel.

Pivot Point: 86.20

Resistance levelSupport level
88.1086.10
89.2585.20
90.1084.10

Risk Warning

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.