Daily Market Report: January 12, 2022

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

Oil rises; Gold makes gains

US Stock Market

Last: 4,709

Pivot: 4,650

Review:

US stocks were higher after the close on Tuesday, as gains in the oil & gas, basic materials and technology sectors led shares higher. At the close in the NYSE, the Dow Jones Industrial Average rose 0.51%, while the S&P 500 index gained 0.92%, and the NASDAQ Composite index gained 1.41%.

Technical comment:

The RSI is above its neutrality area at 50%.

Preference scenario:

For long positions above 4650.00, look for targets at 4752.00 and 4816.00 in extension.

Alternative scenario:

Should the price fall below 4650.00, look for a further downside with 4581.00 and 4532.00 as targets.

Resistance 4,752 4,816 4,900
Support 4,650 4,581 4,532
Oil rises; Gold makes gains
USDCAD

Last: 1.2574

Pivot: 1.2615

Review:

The pair closed below 1.2580 on Tuesday amidst USD weakness. At the time of writing, USD/CAD is trading at 1.2570 and consolidates above the overnight night low of 1.2567.

Technical comment:

The RSI advocates for further decline.

Preference scenario:

For short positions below 1.2615, check out targets at 1.2540 and 1.2520 in extension.

Alternative scenario:

If the price rises above 1.2615, look for a further upside with 1.2635 and 1.2660 as targets.

Resistance 1.2615 1.2635 1.266
Support 1.254 1.252 1.25
Oil rises; Gold makes gains
Gold

Last: 1,822

Pivot: 1,810

Review:

Gold futures gained 1.34% to $1,822.50 an ounce on Tuesday to advance across the key $1,800 support level ahead of the release of the latest reading on US inflation.

Technical comment:

The RSI is bullish and calls for further advance.

Preference scenario:

In the event of an upward curve above 1810.00, check targets at 1829.00 and 1836.00 in extension.

Alternative scenario:

In the case of a downside breakout below 1810.00, look for a further downside with 1803.00 and 1795.00 as targets.

Resistance 1,829 1,836 1,843
Support 1,810 1,803 1,795
Oil rises; Gold makes gains
Oil

Last: 81.28

Pivot: 80.1

Review:

Oil rose to nearly $82 a barrel on Tuesday, supported by tight supply and hopes that rising coronavirus cases and the spread of the Omicron variant would not derail a global demand recovery.

Technical comment:

The next resistances are at 82.40 and then at 83.30.

Preference scenario:

For long positions above 80.10, with targets at 82.40 and 83.30 in extension.

Alternative scenario:

If the price dips below 80.10, look for a further downside with 79.50 and 78.85 as targets.

Resistance 82.4 83.3 84.4
Support 80.1 79.5 78.85
Oil rises; Gold makes gains
EURUSD

Last: 1.1367

Pivot: 1.134

Review:

EUR/USD retreats from weekly top to 1.1365 during Wednesday’s Asian session.

Technical comment:

The RSI is bullish and calls for further advance.

Preference scenario:

If the price rises above 1.1340, look for targets at 1.1385 and 1.1400 in extension.

Alternative scenario:

If the price drops below 1.1340, look for a further downside with 1.1325 and 1.1310 as targets.

Resistance 1.1385 1.14 1.1415
Support 1.134 1.1325 1.131
Oil rises; Gold makes gains
GBPUSD

Last: 1.3633

Pivot: 1.36

Review:

GBP/USD seesaws near November highs after crossing the key resistance line to refresh multi-day peak the previous day. The pair are trading at 1.3630-35 during the initial Asian session on Wednesday.

Technical comment:

The RSI advocates for further advance.

Preference scenario:

For long positions above 1.3600, check for fresh targets at 1.3660 and 1.3680 in extension.

Alternative scenario:

Should the rate decline below 1.3600, look for a further downside with 1.3580 and 1.3560 as targets.

Resistance 1.366 1.368 1.37
Support 1.36 1.358 1.356
Oil rises; Gold makes gains

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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