Energies
MARKET NEWS SUMMARY
US indices ended their trading with slight gains in Monday’s session, as investors sought to take advantage of the attractive prices of some stocks after the sharp decline last week.
The S&P 500 rose by 12 points, or 0.3%, to close at 3,982 points, coinciding with the decline in US Treasury yields for two years from their highest levels in 4 months.
The Dow Jones index rose by 0.2%, or 72 points, to close at 32,899 points – and despite these rises, the Dow Jones is still on track to record monthly losses of more than 3% in February. The technology sector index rose by 0.5%, supported by gains for Apple stock by more than 1%. %.
Goldman Sachs President David Solomon warned that the Fed’s battle against inflation is far from over because the US job market still looks resilient.
“We’re somewhere in the middle of the game – nowhere near the end,” Solomon said. “It’s very difficult to dampen inflation when you have such a strong market to operate.”
Dollar index (USDX)
The dollar index declined by 0.4% after reaching a seven-week peak after Durable Goods Orders (M/M) came out less than expected at (-4.5%).
Technically, the US dollar index is trying to test the resistance levels at 104.78, supported by momentum indicators.
Pivot Point: 104.78
| Resistance level | Support level |
| 105.09 | 104.25 |
| 105.60 | 103.90 |
| 106.40 | 103.15 |
British Pound (GBPUSD)
On Monday, Prime Minister Rishi Sunak signed a new trade agreement with the European Union to address issues relating to Northern Ireland. As a result, the British pound rose 0.9% against the US dollar, hitting a session high of $1.2051.
Pivot Point: 1.2010
| Resistance level | Support level |
| 1.2050 | 1.1960 |
| 1.2080 | 1.1920 |
| 1.2105 | 1.1885 |
Spot Gold (XAUUSD)
On Monday, Gold prices rose with the decline in the dollar’s gains. However, the precious metal remained near its lowest level in two months amid continuing fears of further rate hikes by the US Federal Council.
And gold prices increased in spot transactions, by 0.4%, to $ 1817.69 an ounce. Moreover, US gold futures rose by 0.4% to reach $1824.90 at the settlement.
Pivot Point: 1,814
| Resistance level | Support level |
| 1,822 | 1,808 |
| 1,828 | 1,800 |
| 1,842 | 1,786 |
US Crude oil (USOUSD)
Analysts at Goldman Sachs said that the strong recovery of fuel demand in China and the stability of the volume of supplies from producers who are not members of the Organization of the Petroleum Exporting Countries (OPEC) would push the oil market into deficit in the second half of this year, prompting OPEC to retreat from Cut production at the meeting of June.
OPEC +, which includes OPEC and allies including Russia, agreed in October to cut oil production targets by 2 million barrels per day until the end of 2023.
On Sunday, the bank said in a note that it expects oil prices to rise gradually to $100 a barrel by December, assuming an increase in OPEC production by one million barrels per day in the second half.
The bank added that if OPEC maintains its current production, the Brent price is likely to reach $ 107 a barrel in December and continue to rise thereafter.
Pivot Point: 75.80
| Resistance level | Support level |
| 76.67 | 75.50 |
| 77.10 | 74.55 |
| 78.00 | 73.50 |
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