Daily Market Report: May 10, 2022
Latest events and figures - make your trading smarter by following the daily summary of the hottest market news and announcements.
May 10, 2022
US stocks lower; Gold drops
US stocks were lower after the close on Monday, as losses in the oil and gas, technology and basic materials sectors led shares lower. At the close in the NYSE, the Dow Jones Industrial Average lost 1.99% to hit a new 52-week low, while the S&P 500 index lost 3.20%, and the NASDAQ Composite index fell 4.29%.
The RSI is below its neutrality area at 50%.
For short positions below 4073.00, look for targets at 3990.00 and 3985.00 in extension.
In the event of a price rise above 4073.00, look for a further upside with 4197.00 and 4299.00 as targets.
USD/CAD has ended the correction and is challenging the 2021 high at 1.2947/63.
The break above 1.2980 is a positive signal that has opened a path to 1.3060.
For long positions above 1.2980, discover new targets at 1.3060 and 1.3085 in extension.
Should the rate move below 1.2980, look for a further downside with 1.2940 and 1.2905 as targets.
Spot gold dropped 1.6% to the rate of $1,852.58 an ounce.
The RSI is mixed with a bearish bias.
In the event of a price drop below 1871.00, check out fresh targets at 1848.00 and 1833.00 in extension.
If the price increases above 1871.00, look for a further upside with 1882.00 and 1892.00 as targets.
US crude recently fell 9.45% to the price of $100.45 per barrel.
The RSI shows downside momentum.
Should the rate slide below 103.40, check out new targets at 99.80 and 98.20 in extension.
If the price climbs above 103.40, look for a further upside with 104.70 and 106.50 as targets.
EUR/USD stays defensive around mid-1.0500s as global markets consolidate recent moves during Tuesday’s Asian session.
The RSI lacks downward momentum.
If the price climbs above 1.0540, look for targets at 1.0575 and 1.0595 in extension.
Should the rate drop below 1.0540, look for a further downside with 1.0515 and 1.0495 as targets.
GBP/USD remains on the back foot at around 1.2330, the lowest level since June 2020.
The RSI calls for a new upleg.
For long positions above 1.2305, check out new targets at 1.2375 and 1.2405 in extension.
If the price dips below 1.2305, look for a further downside with 1.2280 and 1.2260 as targets.
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