The Oil Is Declining After the Postponement of the OPEC+ Meeting
Economic data showed that the number of Americans filing new claims for unemployment benefits decreased more than expected last week. The Dow Jones index rose by about 0.5%, equivalent to 185 points, closing at its highest level since mid-August of last year.
Also, U.S. indices closed with collective gains on Wednesday despite the rise in the dollar, amid continued investor optimism that the Federal Reserve has completed interest rate hikes and that the economy still enjoys flexibility.
The dollar rose yesterday, recovering from its lowest level in two and a half months after economic data showed that the number of Americans filing new claims for unemployment benefits decreased more than expected last week.
However, the dollar has now returned to trading below its pivot point at $103.55.
| Resistance level | Support level |
| 104.10 | 103.35 |
| 104.45 | 102.95 |
| 104.85 | 102.65 |
The spot gold price witnessed significant fluctuations yesterday, briefly surpassing the $2000 threshold before declining below these levels. The initial increase led gold to rise to $2006.48, but the momentum did not last long as there were shifts in investor sentiment in response to recent U.S. economic data.
Gold is currently trading above its pivot point at $1996 per ounce, supported by the decline in the U.S. dollar.
| Resistance level | Support level |
| 2001 | 1981 |
| 2013 | 1974 |
| 2020 | 1962 |
Oil prices fell by about 1% on Wednesday in a volatile session as the OPEC+ alliance unexpectedly postponed a meeting to discuss production policy, which was supposed to take place next Sunday, raising questions about the future path of crude production cuts.
Futures for Brent crude dropped 49 cents to $81.96 per barrel at the close after falling more than 4% to $78.41 earlier in the session. Similarly, futures for West Texas Intermediate (WTI) crude declined by 67 cents to settle at $77.10 after dropping more than 5% to $73.79 earlier in the day.
| Resistance level | Support level |
| 78.55 | 74.40 |
| 80.35 | 72.00 |
| 82.75 | 70.20 |
This article provides real-time market analysis from contributing analysts. Please note that any views expressed in this article 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 article.
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