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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.

24 October

Market News Summary

Consumer sentiment in the Eurozone has worsened during the current October, according to preliminary data released by the European Commission on Monday. The Consumer Confidence Index in the Eurozone, which includes 20 countries, decreased to -17.9 points this month compared to -17.8 points last month, while analysts had expected it to drop to -18.3 points.

Traders are anticipating several events this week, including the European Central Bank meeting, the release of US Gross Domestic Product data, and the preferred inflation gauge of the Federal Reserve.

Dollar Index (USDX)

US Dollar Index chart on 24 October 2023

The US dollar declined against a basket of currencies yesterday, following the retreat of US Treasury bond yields from the earlier 5% level they reached during the session. Traders are awaiting new US economic data scheduled to be released later this week.

Furthermore, the yield on US 10-year Treasury bonds dropped on Monday after briefly rising above 5.0%, reaching a level not seen since July 2007. It had briefly attempted to extend its reach the previous week and posed a greater threat to economic slowdown due to increased borrowing costs.

Pivot Point: 105.60

Resistance levelSupport level
105.90105.10
106.45104.75
106.75104.25

Spot Gold (XAUUSD)

Spot Gold chart on 24 October 2023

Gold prices, often sought as a safe haven, experienced a slight decline on Monday, momentarily halting their upward momentum that had taken them close to the $2,000 mark in the previous session. Traders are closely monitoring further developments in the Middle East conflict and upcoming US economic data.

The spot price of gold saw a 0.3% decrease, resting at $1,976.19 per ounce. Meanwhile, US gold futures settled 0.3% lower at $1,987.80.

Pivot Point: 1972

Resistance levelSupport level
19821962
19921953
20021942

Dow Jones Index (DJ30ft – US30)

DOW JONES Index chart on 24 October 2023

The US stock indices closed with mixed results on Monday as bond yields fell, diverting investor attention toward corporate earnings and economic data. Investors are eagerly anticipating the results of about one-third of the listed companies this week, including giants like Microsoft, Alphabet, and Amazon.

Among the 86 companies in the S&P 500 that have reported their earnings, a remarkable 78% have surpassed expectations. Currently, there are expectations that third-quarter earnings will grow by a modest 1.2% on a yearly basis, slightly lower than the 1.6% anticipated earlier this month.

The Dow Jones index declined by approximately 0.6%, equivalent to 191 points, marking its fourth consecutive daily loss. In contrast, the Nasdaq index rose by about 0.3%, rebounding from its lowest levels in five months, supported by interest-rate-sensitive stocks following the decline in bond yields.

Pivot Point: 33165

Resistance levelSupport level
3332032965
3351532815
3366532620

US Crude Oil (USOUSD)

US Crude Oil chart on 24 October 2023

Oil prices declined by more than 2% on Monday as diplomatic efforts in the Middle East were strengthened in an attempt to contain the conflict in Gaza, reducing investor concerns about potential supply disruptions.

Brent crude futures dropped by $2.33, equivalent to 2.5%, settling at $89.83 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude futures decreased by $2.59 or 2.9% to $85.49 per barrel at the close.

Pivot Point: 86.55

Resistance levelSupport level
87.7584.85
89.4083.65
90.6081.95

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.

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