Daily Market Report: October 8, 2021
Latest events and figures - make your trading smarter by following the daily summary of the hottest market news and announcements.
October 8, 2021
Oil up; Gold down; Sterling benefits from improved sentiment
US stocks were higher after the close on Thursday, as gains in the Basic Materials, Healthcare and Consumer Goods sectors led shares higher. At the NYSE close, the Dow Jones Industrial Average gained 0.98%, while the S&P 500 index gained 0.83%, and the NASDAQ Composite index gained 1.05%.
The RSI is above its neutrality area at 50%.
For those looking to take long positions if the price goes above 34660, traders may find a chance if the price surpasses 35060 and 35200 in extension.
If the price falls below 34660, the further downside path would be open with 34500 and 34300 as targets.
USDJPY remains subdued in the early Asian session after posting solid gains in the overnight session. USDJPY is trading at 111.668, up 0.03% for the day.
The RSI calls for a new upleg.
If the price exceeds 111.45, the bullish trend will then be defined, with targets at 111.80 and 111.95 in extension.
A breakout below 111.45 would, on the other hand, open the downside with 111.30 and 111.15 as targets.
Gold futures ended with a loss on Thursday, trading less than $1 lower for the week so far. The pair was down 0.35% on a daily basis at $1,755.
As long as 1763.00 is resistance, look for choppy price action with a bearish bias.
A sell opportunity could arise if the price falls below 1763.00. The next targets to have in mind would be at 1745.00 and 1740.00 in extension.
If there is an upward move above 1763.00, traders could look for a further upside with 1770.00 and 1775.00 as targets.
Oil futures rebounded on Thursday, as the market deemed it unlikely that the United States would release emergency crude reserves or ban exports to ease tight supplies. Crude oil takes rounds to $79.10 following the heaviest daily jump since mid-June.
The RSI is bullish and calls for a further advance.
A buy opportunity could present itself if the price climbs above 77.60. Should this be the case, the next targets would be at 79.80 and 80.40 in extension.
For a price dip below the 77.60 mark, traders may seek a further downside with 76.55 and 75.70 as targets.
After two consecutive days of printing losses, reaching a new yearly low at 1.1528, the EURUSD is staging a comeback, is trading at 1.1564, modestly up 0.06%.
As long as 1.1570 is resistance, look for choppy price action with a bearish bias.
If the price breaks out below 1.1570, the targets at 1.1540 and 1.1525 in extension could be kept in mind.
An price climb above 1.1570 could present the opportunity to look for further upside with 1.1585 and 1.1600 as targets.
GBPUSD consolidates recovery above 1.36153, near weekly highs.
The RSI calls for a bounce.
Long positions could be taken if the price surpasses 1.3580, with the next targets at 1.3645 and 1.3670 in extension.
Should the price fall below 1.3580, the next targets to look at could be 1.3560 and 1.3540 in extension.
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