Daily Market Report: May 9, 2022

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

US stocks down; Gold falls

US Stock Market

Last: 12

Pivot: 13

Review:

US equities were lower at the close on Friday, as losses in the consumer services, basic materials and technology sectors propelled shares lower. At the close in the NYSE, the Dow Jones Industrial Average fell 0.30% to hit a new 1-month low, while the S&P 500 index declined 0.57%, and the NASDAQ Composite index lost 1.40%.

Technical comment:

The RSI advocates for further decline.

Preference scenario:

For short positions below 13560.00, look for targets at 12240.00 and 11700.00 in extension.

Alternative scenario:

In the event of a price rise above 13560.00, look for a further upside with 14275.00 and 14630.00 as targets.

Resistance 13 14 14
Support 12 11 11
US stocks down; Gold falls
USD/CAD

Last: 1.2947

Pivot: 1.2905

Review:

The USD/CAD pair has reclaimed its previous week’s high at 1.2913 in the early trade on the strengthening US dollar index.

Technical comment:

The RSI shows upside momentum.

Preference scenario:

For long positions above 1.2905, discover new targets at 1.2975 and 1.2995 in extension.

Alternative scenario:

If the price falls below 1.2905, look for a further downside with 1.2880 and 1.2860 as targets.

Resistance 1.2975 1.2995 1.302
Support 1.2905 1.288 1.286
US stocks down; Gold falls
Gold

Last: 1,871.6

Pivot: 1,886

Review:

Gold Price is back in the red zone on Monday after facing rejection below the $1,900-mark last Friday. XAU/USD eyes $1,850 yet again amid a potential bear flag.

Technical comment:

The RSI is bearish and calls for further decline.

Preference scenario:

Should the rate slide below 1886.00, look for targets at 1861.00 and 1850.00 in extension.

Alternative scenario:

Should the rate climb above 1886.00, look for a further upside with 1893.00 and 1900.00 as targets.

Resistance 1,886 1,893 1,900
Support 1,861 1,850 1,840
US stocks down; Gold falls
Oil

Last: 109.4

Pivot: 108.3

Review:

Crude oil was at the price of $109.24 a barrel, down 53 cents, or 0.5%.

Technical comment:

A support base at 108.30 has formed and has allowed for a temporary stabilisation.

Preference scenario:

For long positions above 108.30, check out targets at 111.30 and 112.80 in extension.

Alternative scenario:

In the case of a price fall below 108.30, look for a further downside with 107.20 and 105.80 as targets.

Resistance 111.3 112.8 114.3
Support 108.3 107.2 105.8
US stocks down; Gold falls
EUR/USD

Last: 1.0511

Pivot: 1

Review:

EUR/USD remains very soft. Economists at ING expect high volatility again this week, with a break under 1.05 opening up the 1.0350 mark.

Technical comment:

The RSI shows downside momentum.

Preference scenario:

If the price declines below 1.0545, check out new targets at 1.0480 and 1.0460 in extension.

Alternative scenario:

If the price climbs above 1.0545, look for a further upside with 1.0570 and 1.0595 as targets.

Resistance 1 1 1
Support 1 1 1
US stocks down; Gold falls
GBP/USD

Last: 1.2284

Pivot: 1.2335

Review:

The GBP/USD pair is oscillating in a narrow range of 1.2323-1.2369 as renewed recession fears after the monetary policy.

Technical comment:

The RSI shows downside momentum.

Preference scenario:

If the rate slides below 1.2335, discover fresh targets at 1.2230 and 1.2200 in extension.

Alternative scenario:

Should the price surpass the rate of 1.2335, look for a further upside with 1.2375 and 1.2400 as targets.

Resistance 1.2335 1.2375 1.24
Support 1.223 1.22 1.217
US stocks down; Gold falls

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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