European stock indicators retreated at the close of Friday’s trading session amid prevailing caution in global markets, coinciding with the assessment of the Federal Reserve’s future monetary policy and fresh concerns about the real estate sector in China.
The Stoxx 600 index closed down by 0.6%, recovering some of its earlier losses. Mining company stocks fell by 1.5%, while retail stocks declined by 1.2%, with almost all major sectors and stock exchanges slipping into negative territory.
Estimates from experts at Germany’s “ZEW” Institute for Economic Research indicated that the inflation rate in the Eurozone will remain above the target set by the European Central Bank, which is 2%, for years to come. The institute’s experts significantly lowered their inflation rate expectations, marking the first substantial reduction in a long period.
The dollar remains stable in a sideways movement for the third consecutive trading session, and the markets in the United States are awaiting remarks from Federal Reserve Chairman Powell this week in an attempt to understand the future interest rate plan.
The dollar is currently trading near its pivot point at $103.25.
| Resistance level | Support level |
| 103.55 | 103.10 |
| 103.80 | 102.85 |
| 104.20 | 102.40 |
Gold rose from its five-month lows on Friday as the dollar and bond yields edged slightly lower. However, it ended the week with another decline as encouraging data from the United States boosted expectations that the Federal Reserve hasn’t finished the cycle of raising interest rates.
Spot gold traded at levels around $1888.96 per ounce, after touching its lowest point since mid-March last Thursday, concluding the week with a decrease of 1.27%.
| Resistance level | Support level |
| 1894 | 1884 |
| 1900 | 1880 |
| 1904 | 1874 |
US stock indices closed the Friday session negatively and incurred losses for the week, as Wall Street’s struggles continue in August.
At the close of Friday’s session, the Dow Jones Industrial Average gained 25.83 points or about 0.07% to close at 34,500.66 points. The S&P 500 index declined by 0.01% to 4,369.71 points, and the Nasdaq index decreased by 0.2%, concluding the session at 13,290.78 points.
| Resistance level | Support level |
| 34685 | 34355 |
| 34835 | 34175 |
| 35015 | 34025 |
Oil prices rose by about 1% on Friday amid signs of a production slowdown in the United States. However, the benchmark crudes ended their longest weekly winning streak in 2023 due to increasing concerns about global demand growth.
Brent crude futures increased by 68 cents or 0.8% to $84.80 per barrel at settlement. Similarly, West Texas Intermediate (WTI) crude futures gained 86 cents or 1.1% to $81.25 per barrel at settlement.
| Resistance level | Support level |
| 81.40 | 79.50 |
| 82.10 | 78.30 |
| 83.30 | 77.55 |
All investments entail risks and can result in both profits and losses. Leveraged products, in particular, may not be appropriate for all investors as the effect of leverage is that both gains and losses are magnified. Before deciding to invest in any financial product, you should carefully consider your investment objectives, financial knowledge and experience and affordability as the prices of leveraged products may change to your disadvantage very quickly, it is possible for you to lose more than your invested capital and you may be required to make further payments.
Dear Valued Clients, Please be advised that the following instruments' trading hours and market session…
Dear Valued Clients, Please be informed that the trading hours for the following products will…
Forex trading is a global phenomenon that operates 24 hours a day for five days…
Dear Valued Clients, As we approach the 2024 U.S. election on November 5, 2024 (next…
Dear Valued Clients, Please be advised that the following instruments' trading hours and market session…
As the largest market in the financial world, the Forex Exchange Market attracts trillions of…
This website uses cookies.