Market News Summary
After four days of losses, European stocks rebounded at the end of trading yesterday, led by gains in the healthcare sector, particularly the Danish pharmaceutical company Novo Nordisk.
The European Stoxx 600 index closed up 0.1% to reach 448 points, after rising 0.9% during the trading session. It had closed at its lowest level in six weeks on Friday. Energy company stocks rose by 0.6% and mining stocks by 0.4%, following the impact of crude oil and metals prices.
Investors are anticipating the meeting of central bank governors on Thursday in Jackson Hole, with Federal Reserve Chair Jerome Powell scheduled to speak on Friday.
Dollar Index (USDX)
Within its sideways movement, the dollar is currently trading below its pivot point at $103.50, and investors are looking forward to the Jackson Hole Symposium that is going to be held by the Federal Reserve later this week.
Pivot point: 103.20
| Resistance level | Support level |
| 103.40 | 103.05 |
| 103.55 | 102.85 |
| 103.95 | 102.45 |
Spot Gold (XAUUSD)
Gold prices oscillated around their lowest level in five months yesterday, as rising bond yields weighed on the precious metal. Investors are looking forward to the Jackson Hole Symposium hosted by the Federal Reserve later this week, aiming to gain a clearer picture of the interest rate trajectory.
While the spot gold price experienced a modest uptick of approximately 0.3%, reaching $1893.82 per ounce, it continues to hold steady in close proximity to its recent five-month low of $1883.70, which was observed last Friday.
Pivot point: 1892
| Resistance level | Support level |
| 1900 | 1886 |
| 1906 | 1878 |
| 1914 | 1872 |
Dow Jones Index (DJ30ft – US30)
The US indices closed with a mixed tone in yesterday’s Monday session, as the Nasdaq Composite and S&P 500 indices recorded gains driven by the technology sector, while the Dow Jones index retreated under pressure from the healthcare sector.
The Dow Jones index declined by 0.1%, equivalent to about 37 points, losing the 35,000 level once again and marking its lowest close in approximately 6 weeks. Meanwhile, Nvidia’s stock surged by over 8% on Monday, recording its highest daily gains in 3 months and adding more than $90 billion to the company’s market value in a single day.
Pivot point: 34,500
| Resistance level | Support level |
| 34705 | 34300 |
| 34905 | 34100 |
| 35105 | 33900 |
US Crude (USOUSD)
Oil prices declined today as the market is awaiting to see whether Iraqi exports through the Jeyhan port in Turkey would resume, potentially easing supply constraints resulting from OPEC+ production cuts. Meanwhile, lingering concerns over China’s struggling economy continue to cast shadows on global demand expectations.
Brent crude fell by 8 cents to $84.38 per barrel, while West Texas Intermediate (WTI) crude, the American benchmark, dropped by 7 cents to $80.65 per barrel.
Pivot point: 80.60
| Resistance level | Support level |
| 81.30 | 79.50 |
| 82.35 | 78.85 |
| 83.05 | 77.75 |
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