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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 July

market news summary

On Thursday, Tesla’s stock recorded its biggest daily loss in three months, losing $90 billion in market value. According to experts, based on the stock price of $290, it is still overvalued by about 1000%.

European stocks rose on Friday, ending the week on a high note. However, German stocks closed lower due to the impact of SAP’s revenue forecast on the technology sector, which also experienced its biggest weekly decline this year.

The European STOXX 600 index rose 0.3% at the close, continuing its fourth consecutive session of gains. The European technology sector, on the other hand, declined by 0.4%, being the biggest loser among the main sectors this week, with a decline of 4.8%.

Dollar Index (USDX)

US Dollar Index chart on 24 July 2023

The US Dollar Index has been trading not far from its lowest levels in 15 months but has returned today to trade near its pivotal point at $100.70.

Investors are awaiting the statement from the Federal Open Market Committee and the interest rate decision this week. It is expected that the Federal Reserve will raise interest rates by 25 basis points for the last time.

Pivot point: 100.70

Resistance levelSupport level
100.95100.50
101.20100.25
101.45100.00

Spot Gold (XAUUSD)

Spot Gold chart on 24 July 2023

Gold prices rose to touch their highest levels in about two months on Friday, July 21st, driven by the weakness of the US dollar and growing expectations that the US Federal Reserve will conclude its interest rate hike cycle in its meeting next week.

Spot gold rose by 0.4% to $1961.75 per ounce, after touching its highest level since May 17th at $1987.39. It ended the week with a gain of 0.35%.4.

Pivot point: 1964

Resistance levelSupport level
19711954
19811947
19881937

Dow Jones Index (DJ30ft – US30)

DOW JONES Index chart on 24 July 2023

On Friday, the US stock market closed with mixed results, as healthcare company stocks rose while some of the largest companies on Wall Street, such as Nvidia, Microsoft, and Meta Platforms, experienced declines. However, the services sector in the S&P 500 saw an increase.

The S&P 500 index rose by about 1.81 points or 0.04% to close at 4536.68 points, while the Nasdaq declined by 30.32 points or 0.22% to close at 14032.99 points. The Dow Jones Industrial Average also saw a slight increase of 8.21 points or 0.02% to close at 35233.39 points.

Pivot point: 35415

Resistance levelSupport level
3548535300
3558035225
3565035140

US Crude (USOUSD)

US Crude chart on 24 July 2023

Oil prices rose by more than a dollar per barrel on Friday, supported by increasing evidence of supply shortages in the coming months and escalating tensions between Russia and Ukraine, which could lead to a continued decline in supplies.

Brent crude futures rose by 1.8% or $1.43 to settle at $81.07 per barrel, with a weekly gain of about 1.2%.

West Texas Intermediate (WTI) crude oil also increased by 1.9% or $1.42 to reach $77.07 per barrel, marking its highest level since April 25th. WTI crude oil saw an increase of about 2% for the week.

Pivot point: 76.55

Resistance levelSupport level
77.5075.90
78.1574.95
79.0574.30

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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