Market News Summary
Qatar National Bank (QNB) suggests that the Eurozone may enter a recession in 2023 due to challenging financial conditions and deep contraction in the manufacturing sector. The bank stated in its weekly report that the Eurozone economy is facing maximum pressure due to headwinds resulting from rising energy prices, tightening monetary policy, global uncertainty, and weak external demand.
Meanwhile, the Russian Ministry of Energy stated on Friday that Moscow has lifted restrictions on gasoline exports after canceling most restrictions on diesel exports last month, citing a surplus in supplies. Wholesale prices have also decreased.
Dollar Index (USDX)
The US dollar incurs its largest weekly loss in 4 months, trading below its pivot point at $103.80 today. Markets now anticipate the Federal Reserve to cut interest rates in early May 2024, following data indicating a slowdown in inflation.
Pivot Point: 103.90
Resistance level | Support level |
104.15 | 103.45 |
104.65 | 103.20 |
104.90 | 102.70 |
Spot Gold (XAUUSD)
Gold prices stabilized at the end of Friday’s trading sessions but recorded weekly gains amid a decline in the yields of the dollar and treasury bonds, amid growing expectations that the Federal Reserve has completed tightening its monetary policy.
Gold prices in spot transactions remained at $1980.13 after rising to the highest level in two weeks earlier in Friday’s session. The prices of the precious metal rose by about 2.3% last week.
However, these gains did not continue with the opening of markets today, as spot gold is currently trading below its pivot point at $1976 per ounce.
Pivot Point: 1984
Resistance level | Support level |
1989 | 1974 |
1998 | 1969 |
2004 | 1960 |
Dow Jones Index (DJ30ft – US30)
Futures for US stocks opened stable at the beginning of the week, heading into the Thanksgiving holiday week, following a strong performance of US indices over the past three weeks.
Futures linked to the Dow Jones Industrial Average fell by 14 points or less than 0.1%. Futures for the Standard & Poor’s 500 index remained unchanged, while futures for the Nasdaq index dropped by 15 points, or 0.1%.
Pivot Point: 35030
Resistance level | Support level |
35120 | 34895 |
35250 | 34810 |
35340 | 34675 |
US Crude Oil (USOUSD)
Oil prices surged more than 4% on Friday, rebounding from their lowest levels in four months recorded in previous sessions, supported by investor profit-taking and amid US sanctions on some Russian oil tankers.
Brent crude futures rose by $3.19, or about 4.1%, to $80.61 per barrel at the close, while West Texas Intermediate (WTI) crude increased by $2.99, or 4.1%, to $75.89 per barrel.
Pivot Point: 75.00
Resistance level | Support level |
77.15 | 73.85 |
78.30 | 71.75 |
80.40 | 70.60 |
Risk Warning
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