Daily Market Report: January 10, 2022

Latest events and figures - make your trading smarter by following the daily summary of the hottest market news and announcements.

Oil down; Gold sluggish

US Stock Market

Last: 36,232

Pivot: 35,760

Review:

US stocks were slightly lower in overnight trading Sunday after a rocky start to 2022 for equity markets as interest rates rise. Futures on the Dow Jones Industrial Average shed about 85 points, or 0.2%. S&P 500 futures dipped 0.2% and Nasdaq 100 futures lost 0.1%.

Technical comment:

The RSI is mixed to bullish.

Preference scenario:

For long positions above 35760, look for new targets at 36960 and 37640 in extension.

Alternative scenario:

In the event of a downside breakout below 35760, look for a further downside with 34700 and 34000 as targets.

Resistance 36,960 37,640 37,750
Support 35,760 34,700 34,000
Oil down; Gold sluggish
USDCAD

Last: 1.2645

Pivot: 1.268

Review:

The USD/CAD finished the week exactly where it began, balancing revived crude oil pricing and the excellent performance of Canada’s labour market against the Federal Reserve’s new-found inflation purpose. The pair are trading at 1.2644, at the time of writing.

Technical comment:

The RSI advocates for further downside.

Preference scenario:

For short positions below 1.2680, check out targets at 1.2620 and 1.2600 in extension.

Alternative scenario:

Should the price rise above 1.2680, look for a further upside with 1.2700 and 1.2725 as targets.

Resistance 1.268 1.27 1.2725
Support 1.262 1.26 1.258
Oil down; Gold sluggish
Gold

Last: 1,795

Pivot: 1,786

Review:

Gold (XAU/USD) offers a sluggish week-start to the markets while fading the previous day’s rebound near $1,795 per ounce, during Monday’s Asian session.

Technical comment:

The RSI is mixed with a bullish bias.

Preference scenario:

In the event of a price climb above 1786.00, seek out fresh targets at 1801.00 and 1807.00 in extension.

Alternative scenario:

If the price falls below 1786.00, look for a further downside with 1780.00 and 1774.00 as targets.

Resistance 1,801 1,807 1,813
Support 1,786 1,780 1,774
Oil down; Gold sluggish
Oil

Last: 78.46

Pivot: 79.6

Review:

Oil prices traded lower on Monday as rapidly climbing cases of the Omicron COVID-19 variant hit economic activity (WTI) crude was down 34 cents, or 0.43%, to $78.56 a barrel.

Technical comment:

The RSI has broken down its 30 level.

Preference scenario:

Should there be a price decline below 79.60, look for targets at 77.75 and 77.15 in extension.

Alternative scenario:

If the price climbs above 79.60, look for a further upside with 80.45 and 81.00 as targets.

Resistance 79.6 80.45 81
Support 77.75 77.15 76.75
Oil down; Gold sluggish
EURUSD

Last: 1.1354

Pivot: 1.133

Review:

EUR/USD grinds higher after rallying the most in one month. EUR/USD treads around 1.1355-60 during early Monday morning in Asia.

Technical comment:

The RSI is bullish and calls for further upside.

Preference scenario:

For long positions above 1.1330, the next targets at are 1.1370 and 1.1390 in extension.

Alternative scenario:

Should the rate dip below 1.1330, look for a further downside with 1.1310 and 1.1290 as targets.

Resistance 1.137 1.139 1.141
Support 1.133 1.131 1.129
Oil down; Gold sluggish
GBPUSD

Last: 1.359

Pivot: 1.3555

Review:

GBP/USD buyers struggle for clear directions as the cable pair takes rounds to 1.3590 during Monday’s Asian session, following the strongest daily run-up in over a week.

Technical comment:

The RSI calls for a new upleg.

Preference scenario:

If the price surpasses the rate of 1.3555, new targets are found at 1.3610 and 1.3630 in extension.

Alternative scenario:

If the price falls below 1.3555, look for a further downside with 1.3535 and 1.3515 as targets.

Resistance 1.361 1.363 1.365
Support 1.3555 1.3535 1.3515
Oil down; Gold sluggish

Customer Notice: The charts are provided by Trading Central, which is a respected third party research provider. The information provided should not be considered as trading or investment advice. 1Market provides Trading Central chart analysis to support clients in their trading decisions, which should be independently evaluated. The recipient acknowledges that he is solely responsible for his decisions. The analysis offered reflects the views of Trading Central and are subject to change at any time. Past performance of a financial asset is not a reliable indicator of its future performance. 1Market cannot be held liable for any information provided by Trading Central. 1Market makes no representation and assumes no liability as to the accuracy or completeness of the information provided nor any loss arising from any investment based on this material, forecast or other information supplied by an employee of 1Market, a third party or otherwise.

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