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Gold Climbs to $2,667 on Fed Hopes; Oil Drops on China's Demand Concerns.

By Research Team Monday, Oct 14, 2024
EUR/USD

    • 13:00D1
    • High1.09311
    • Low1.09267
    • Close1.09281

EUR/USD is trading at 1.0928, 0.06% down since previous day close. EUR/USD remains defensive below 1.0950 in European trading due to risk aversion amid Middle East geopolitical tensions and China-Taiwan conflicts. The Relative Strength Index (RSI) rose above 40, indicating a loss of bearish momentum. 1.0950 aligns as a pivot level for EUR/USD, with 1.1000 and 1.1050 as next resistance levels. If 1.0950 holds as resistance, supports could be found at 1.0900, 1.0870, and 1.0800.

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Daily Outlook

EUR/USD

Intra Day
Near Day

Technical Levels

R3 1.0944
R2 1.0939
R1 1.0932
Turnaround 1.0927
S1 1.092
S2 1.0915
S3 1.0908
By Research Team Monday, Oct 14, 2024
GER30

    • 14:05D1
    • High19361
    • Low19345
    • Close19349

GER30 is trading at 19396, 0.13% up since previous day close. German stocks remained stable as the DAX index held steady amid mixed economic signals and expectations of an ECB interest rate cut. Preliminary GDP data is set for release later this month, with analysts forecasting a modest 4.6% profit growth for DAX-listed companies in Q3, despite declining earnings estimates. Overall, the DAX reflects cautious optimism as traders await clarity from the ECB and upcoming earnings reports.

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Daily Outlook

GER30

Intra Day
Near Day

Technical Levels

R3 20190
R2 20000
R1 19490
Turnaround 18200
S1 17910
S2 17610
S3 17000
By Research Team Monday, Oct 14, 2024
WTI

    • 14:55D1
    • High74.49
    • Low74.16
    • Close74.29

WTI  is trading at 73.97, 2.21% down since previous day close. Oil prices fell in early European trade, with Brent down 1.5% at $77.81 and WTI down 1.6% at $74.34. Concerns over sluggish demand in China overshadowed geopolitical tensions, with China’s finance minister announcing spending plans without specifics. Resistance at $76.50 and support near $73.00. A breach below these support levels could signal further declines, while a recovery above resistance may restore bullish sentiment.

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Daily Outlook

WTI

Intra Day
Near Day

Technical Levels

R3 77.10
R2 76.20
R1 75.70
Turnaround 75.47
S1 73.5
S2 72.45
S3 71.80
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