Daily Market Report: May 11, 2022

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

US stocks mixed; Gold down

US Stock Market

Last: 12,365

Pivot: 12,550

Review:

US stocks were mixed after the close on Tuesday, as gains in the technology, oil and gas and healthcare sectors led shares higher while losses in the utilities, financials and telecoms sectors led shares lower. At the close in the NYSE, the Dow Jones Industrial Average fell 0.26% to hit a new 52-week low, while the S&P 500 index climbed 0.25%, and the NASDAQ Composite index gained 0.98%.

Technical comment:

The RSI is below its neutrality area at 50%.

Preference scenario:

For short positions below 12550.00, check out fresh targets at 11880.00 and 11490.00 in extension.

Alternative scenario:

If the price moves above 12550.00, look for a further upside with 12960.00 and 13170.00 as targets.

Resistance 12,550 12,960 13,170
Support 11,880 11,490 11,000
US stocks mixed; Gold down
USD/JPY

Last: 130.37

Pivot: 130.05

Review:

USD/JPY fades bounces off the weekly low, steady around 130.30 heading into Wednesday’s Tokyo open.

Technical comment:

The RSI calls for a rebound.

Preference scenario:

Should the rate climb above 130.05, check out targets at 130.55 and 130.80 in extension.

Alternative scenario:

In the event of a rate slide below 130.05, look for a further downside with 129.85 and 129.60 as targets.

Resistance 130.55 130.8 131
Support 130.05 129.85 129.6
US stocks mixed; Gold down
Gold

Last: 1,833.6

Pivot: 1,851

Review:

Spot gold dropped 1.0% to $1,835.86 an ounce as investors eyed the rising dollar and waited for Wednesday's inflation data.

Technical comment:

The RSI is bearish and calls for further downside.

Preference scenario:

For short positions below 1851.00, discover new targets at 1824.00 and 1813.00 in extension.

Alternative scenario:

Should the price rise above 1851.00, look for a further upside with 1865.00 and 1873.00 as targets.

Resistance 1,851 1,865 1,873
Support 1,824 1,813 1,800
US stocks mixed; Gold down
Oil

Last: 99.32

Pivot: 95.8

Review:

US crude oil futures dipped below $100 a barrel to their lowest level in two weeks as the demand outlook was clouded by coronavirus lockdowns in China and growing recession concerns.

Technical comment:

The immediate trend remains up but the momentum is weak.

Preference scenario:

Should the price move above 95.80, discover new targets at 113.50 and 120.50 in extension.

Alternative scenario:

If the price declines below 95.80, look for a further downside with 90.00 and 84.10 as targets.

Resistance 113.5 120.5 130
Support 95.8 90 84.1
US stocks mixed; Gold down
EUR/USD

Last: 1.0581

Pivot: 1.096

Review:

The shared currency continues to be unable to recover above the 1.0600 thresholds and remains trapped in the 1.0500s area for the third consecutive trading days.

Technical comment:

The RSI shows downside momentum.

Preference scenario:

If the price drops below 1.0960, find new targets at 1.0340 and 1.0100 in extension.

Alternative scenario:

In the case of a price rise above 1.0960, look for a further upside with 1.1185 and 1.1280 as targets.

Resistance 1.096 1.1185 1.128
Support 1.034 1.01 0.9935
US stocks mixed; Gold down
GBP/USD

Last: 1.2323

Pivot: 1.234

Review:

The GBP/USD pair is continued to oscillate in a range of 1.2292-1.2377 ahead of the release of the US Consumer Price Index (CPI).

Technical comment:

As long as the resistance at 1.2340 is not surpassed, the risk of the break below 1.2300 remains high.

Preference scenario:

For short positions below 1.2340, check out targets at 1.2300 and 1.2280 in extension.

Alternative scenario:

Should the rate climb above 1.2340, look for a further upside with 1.2360 and 1.2380 as targets.

Resistance 1.234 1.236 1.238
Support 1.23 1.228 1.226
US stocks mixed; Gold down

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