US Stock Continue to Rise
According to the Office for National Statistics (ONS), the UK unemployment rate rose to 3.8% in February, slightly higher than the anticipated rise to 3.7%. However, the corresponding three months saw a 0.2% increase in the employment rate, bringing it to 75.8%.
Official data released on April 18th revealed that the Chinese economy experienced higher-than-expected growth in the first quarter, reaching an annual rate of 4.5%. Policymakers supported this growth by implementing measures to boost the economy following the removal of strict Covid-19 restrictions in December.
On Monday, April 17th, European stocks closed with divergent results, as investors awaited the release of earnings reports from American companies that would provide insight into the performance of the US economy. The STOXX600 settled at 466 points, while the German DAX index fell by 0.1% to 15,789 points, and the French CAC decreased by 0.28% to 7,498 points. In contrast, the British FTSE rose by 0.1% to 7,879 points.
On Monday, the Fed of New York announced that its measure of manufacturing activity in the state had increased for the first time in five months, further fuelling expectations of a rate hike at the upcoming May meeting.
Following this announcement, the probability of a 25-basis point increase in interest rates at May meeting rose to over 88%, and the US dollar experienced a slight rise before dropping again by 0.1% the following morning.
Resistance level | Support level |
102.05 | 101.35 |
102.30 | 100.95 |
103.00 | 100.25 |
On Tuesday, April 18th, the price of gold increased due to a decline in the value of the dollar. Investors are awaiting further indications about the Fed’s plans for interest rates, which is impacting the price of the precious metal.
During spot transactions, gold prices rose by 0.2%, reaching $2001.09 per ounce. Meanwhile, US gold futures also increased by 0.2% to $2011.10.
Resistance level | Support level |
2012 | 1990 |
2030 | 1979 |
2064 | 1963 |
In Monday’s trading session, the Dow Jones index rose 0.3%, equivalent to nearly 100 points, and came close to its two-month high at the time of closing.
The industrial sector index experienced a 1.1% boost, driven by a 1.6% rise in Boeing’s shares. Similarly, the financial sector index rose by 0.8% following the impressive financial results released by three major banks on Friday, which exceeded market expectations.
Investors are keeping a close eye on upcoming reports from major US banks, such as Goldman Sachs Group, Bank of America, and Morgan Stanley, later this week.
Support level | Resistance level |
33990 | 34195 |
33865 | 34270 |
33655 | 34475 |
After a 2% decline in the previous session, oil prices remained stable in early trading on Tuesday, April 18th. Brent crude settled at $84.76 per barrel, while US West Texas Intermediate crude rose slightly to $80.88 per barrel.
On Monday, prices had fallen due to a strengthening dollar and speculations that the Fed may raise interest rates in May, which would undermine hopes for economic recovery.
Resistance level | Support level |
82.25 | 80.00 |
83.50 | 79.15 |
85.00 | 77.00 |
After the fluctuation we saw at the beginning of April, U.S. Equities rebounded this week,…
Gold remains supported and the US dollar under pressure as Asian exporters - particularly South…
The gold price has been grinding lower in the latest trading sessions, breaking the 30-SMA,…
Gold falls below $3,300 following a strong rally beyond $3,500 Gold prices fell sharply last…
U.S. Stock Markets drop in early trading. Investors brace for earnings data Stock futures fell…
U.S. Stocks rise for the third consecutive day Nasdaq broke two crucial resistance levels in…
This website uses cookies.