Oil Prices Rise High, and Gold Stabilizes Above 1960

Market News Summary

Microsoft revealed its financial results for the second quarter yesterday, Tuesday, July 25th, which surpassed expectations. The earnings per share were $2.69, higher than the expected $2.55.

Nvidia’s stocks experienced tremendous growth during the year 2023, almost doubling in value. This surge was driven by the increased demand for the artificial intelligence chips produced by the company. On Monday, Nvidia’s shares rose by approximately 0.7% to $446, marking a 205% increase since the beginning of the year.

Attention is now focused on major central bank meetings during the week, starting with the Federal Reserve’s monetary policy decision today, Wednesday, followed by the European Central Bank on Thursday and the Bank of Japan on Friday.

A survey showed that consumer confidence reached its highest level in two years in July, amid ongoing optimism about the job market despite recession concerns.

Dollar Index (USDX)

The dollar index has declined by approximately 0.1% against a basket of major currencies, and it is expected that we will witness fluctuations today and tomorrow after the Federal Reserve announces its future plans for interest rates and monetary policy.

Currently, the dollar index is trading near its pivot point at $101.10.

Pivot point: 101.10

Resistance level	Support level
101.25	100.80
101.55	100.65
101.75	100.35

Spot Gold (XAUUSD)

Gold prices rose at the close of trading yesterday, Tuesday, supported by a weaker dollar and expectations that the Federal Reserve will end its tightening cycle.

In the spot market, gold prices increased by around 0.4% to $1962.83 per ounce. Similarly, gold futures rose by approximately 0.1% at the settlement, reaching $1963.70 per ounce.

Pivot point: 1960

Resistance level	Support level
1969	1955
1974	1946
1984	1941

Dow Jones Index (DJ30ft – US30)

The US stock market closed with collective gains in yesterday’s session, Tuesday, supported by major technology stocks, one day ahead of the Federal Reserve meeting among expectations about a decision to raise interest rates by 25 basis points.

The Dow Jones Industrial Average rose by approximately 0.08%, equivalent to around 26 points, marking gains for the 12th consecutive session and achieving its highest closing level in 18 months.

Pivot point: 35595

Resistance level	Support level
35664	35000
35760	35430
35830	35335

US Crude (USOUSD)

Oil prices rose to their highest level in three months on Tuesday at the close of trading, supported by supply declines and the Chinese authorities’ commitment to supporting the economy.

Brent crude futures rose by 90 cents to $83.64 per barrel at the settlement, after reaching $83.87 earlier during the session, the highest level since April 19th.

West Texas Intermediate (WTI) crude also climbed by 89 cents to reach $79.63 per barrel at the settlement, having previously risen to $79.90, its highest level since April 19th.

Both crudes have already achieved gains for four consecutive weeks, driven by expectations of supply tightening due to production cuts announced by OPEC+.

Pivot point: 79.15

Resistance level	Support level
80.00	78.45
80.75	77.55
81.65	76.80

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.