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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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12 May

Market News Summary

A meeting on the debt ceiling, planned for Friday between President Joe Biden and top congressional leaders, has been postponed until early next week.

Biden was expected to meet with Speaker of the House Kevin McCarthy, Senate Minority Leader Mitch McConnell, Senate Majority Leader Chuck Schumer, and House Minority Leader Hakeem Jefferies. Following their meeting on Tuesday, little progress was made except for a commitment to continue daily meetings in an effort to reach a compromise.

Dollar index (USDX)

US Dollar Index Chart for 12 May 2023

The dollar strengthened against a basket of major currencies on Thursday, following the release of new umemployment claims data in the United States. The data could potentially lead to the Federal Reserve halting its interest rate hikes.

The number of new applications for unemployment benefits in the United States rose to its highest level since late 2021, indicating that higher interest rates are starting to impact the labor market. However, the labor market remains robust with 1.6 job opportunities for every unemployed person in March.

The dollar index, which measures the performance of the US currency against six major currencies, rose to 101.92, up 0.7%.

Pivot Point: 101.65

Support levelResistance level
101.35102.20
100.80102.50
100.05103.30

Spot Gold (XAUUSD)

Spot Gold Chart for 12 May 2023

Gold futures declined at the close of trading on Thursday, May 11th, for the second consecutive session. The decline was due to the pressure exerted by the strength of the dollar, while traders assessed the impact of weak US data on interest rate expectations.

At the settlement, gold futures dropped by approximately 0.8%, or $16.60, to $2020.50 per ounce.

Pivot Point: 2022

Support levelResistance level
20032033
19922052
19792082

Dow Jones Index (DJ30ft – US30)

DOW Jones Index Chart for 12 May 2023

The Dow Jones indices closed lower on Thursday due to the decline in Walt Disney stock, banking, and energy stocks. However, the Nasdaq index rose with continued support from Alphabet.

PacWest Bank’s shares declined after announcing a 9.5% decrease in deposits last week and providing more guarantees to the US Federal Reserve to improve liquidity.

The Dow Jones index dropped by 0.7%, or 221 points, marking the fourth consecutive daily decline, while the S&P 500 index fell by 0.2%, with nearly all major sectors experiencing a decline.

Pivot Point: 33410

Support levelResistance level
3314033640
3291033910
3241034130

US Crude (USOUSD)

US Crude Chart for 12 May 2023

On Thursday, oil prices dropped by nearly 2% to a one-week low due to the political deadlock over the US debt ceiling, which sparked concerns about a recession in the world’s largest oil consumer. The rise in US unemployment claims and weak Chinese economic data also impacted prices.

Brent crude futures decreased by $1.43, or 1.9%, settling at $74.98 per barrel, while West Texas Intermediate crude declined by $1.69, or 2.3%, to reach $70.87 at the time of settlement.

Pivot Point: 71.80

Support levelResistance level
70.1573.00
68.9574.65
66.1077.50

This material provides real-time market analysis from contributing analysts. Please note that any views expressed in this material do not constitute operational advice. It is important to assess your risk tolerance and make independent trading decisions. STARTRADER holds no responsibility for any trading consequences that may arise from relying on the views expressed in this material.

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