Daily Market Report: January 21, 2022

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

Gold gains; Oil edges lower

US Stock Market

Last: 34,715

Pivot: 35,270

Review:

US stocks were lower after the close on Thursday, as losses in the consumer services, basic materials and technology sectors led shares lower. At the close in the NYSE, the Dow Jones Industrial Average lost 0.89% to hit a new 1-month low, while the S&P 500 index lost 1.10%, and the NASDAQ Composite index fell 1.30%.

Technical comment:

The RSI has broken down its 30 level.

Preference scenario:

For short positions below 35270, look for targets at 34300 and 34000 in extension.

Alternative scenario:

In the event of an upside breakout above 35270, look for a further upside with 35650 and 36000 as targets.

Resistance 35,270 35,650 36,000
Support 34,300 34,000 33,660
Gold gains; Oil edges lower
USD/CAD

Last: 1.2503

Pivot: 1.248

Review:

USDCAD traded higher, closing at the rate of 1.2503.

Technical comment:

The RSI advocates for further upside.

Preference scenario:

For long positions above 1.2480, check out targets at 1.2525 and 1.2545 in extension.

Alternative scenario:

If the below slides below 1.2480, look for a further downside with 1.2465 and 1.2450 as targets.

Resistance 1.2525 1.2545 1.2565
Support 1.248 1.2465 1.245
Gold gains; Oil edges lower
Gold

Last: 1,838

Pivot: 1,828

Review:

Gold gains as inflation woes continues to persist across the major economies.

Technical comment:

The immediate trend remains up but the momentum is weak.

Preference scenario:

If the price climbs above 1828.00, look for targets at 1848.00 and 1856.00 in extension.

Alternative scenario:

Should the rate slip below 1828.00, look for a further downside with 1822.00 and 1816.00 as targets.

Resistance 1,848 1,856 1,862
Support 1,828 1,822 1,816
Gold gains; Oil edges lower
Oil

Last: 84.2

Pivot: 85.15

Review:

Oil edged lower on Thursday, posting slim losses after several days of strength that pushed benchmarks to seven-year highs due to concerns about tight supply.

Technical comment:

The RSI has broken down its 30 level.v

Preference scenario:

For short positions below 85.15, seek out targets at 83.60 and 82.95 in extension.

Alternative scenario:

If the price increases above 85.15, look for a further upside with 86.25 and 87.10 as targets.

Resistance 85.15 86.25 87.1
Support 83.6 82.95 81
Gold gains; Oil edges lower
EUR/USD

Last: 1.1311

Pivot: 1.1335

Review:

EUR/USD trades flat after dovish ECB messaging.

Technical comment:

The RSI is bearish and calls for further decline.

Preference scenario:

If the price slides downwards below 1.1335, look for targets at 1.1290 and 1.1275 in extension.

Alternative scenario:

Should the rate climb above 1.1335, look for a further upside with 1.1350 and 1.1365 as targets.

Resistance 1.1335 1.135 1.1365
Support 1.129 1.1275 1.126
Gold gains; Oil edges lower
GBP/USD

Last: 1.3594

Pivot: 1.362

Review:

GBPUSD moves lower, closing at the final rate of 1.3594.

Technical comment:

The RSI calls for a new downleg.

Preference scenario:

Should the rate dip below 1.3620, check for targets at 1.3570 and 1.3550 in extension.

Alternative scenario:

If the price moves above 1.3620, look for a further upside with 1.3640 and 1.3660 as targets.

Resistance 1.362 1.364 1.366
Support 1.357 1.355 1.353
Gold gains; Oil edges lower

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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