Energies
Market News Summary
European stocks ended the trading session on Monday, May 25th, on a mixed note, amid the follow-up to the Turkish presidential and parliamentary elections and the debt ceiling discussions in America.
At the end of the session, the STOXX600 index rose by 0.23% to 466 points, the British FTSE rose by 0.3%, recording 7777 points, while the German DAX settled at 15917 points, and the French CAC settled at 7418 points.
Meta stock rose more than 2% to close near a 15-month high after Loop Capital upgraded the stock from “hold” to “buy.”
Dollar index (USDX)
The US Dollar Index fell to 102.27, down by 0.23%, against a basket of foreign currencies, having risen to 102.75 for the first time since April 10 earlier than yesterday.
Pivot point: 102.30
| Support level | Resistance Level |
| 102.05 | 102.45 |
| 101.95 | 102.70 |
| 101.55 | 103.10 |
Spot Gold (XAUUSD)
Gold prices fell significantly on Tuesday, weighed down by comments from Federal Reserve officials indicating that interest rates would continue to rise. However, the controversy surrounding the US debt ceiling and the risk of default limited further losses in bullion.
Upon settlement, gold futures rose by 0.1%, or the equivalent of $2.9, reaching $2022.7. However, today, spot gold contracts fell by 0.6% to $2004 per ounce.
Pivot Point: 2015
| Support level | Resistance level |
| 2008 | 2023 |
| 1999 | 2030 |
| 1985 | 2045 |
Dow Jones Index (DJ30ft – US30)
US indices closed with slight collective gains in the first sessions of the week after manufacturing data raised concerns about a slowdown in the US economy amidst ongoing debt ceiling negotiations. Additionally, the rise in Meta shares supported the gains of the Nasdaq index.
The New York Fed’s Empire State Index, which measures manufacturing activity in New York state based on current business conditions, fell to -31.8 levels in May, missing expectations of -3.75.
The Dow Jones index rose by 0.14%, equivalent to 48 points, following five consecutive sessions of decline. American Express and Boeing shares both increased by more than 2%, while Walmart and Johnson & Johnson experienced declines of over 1% each.
Pivot Point: 33365
| Support level | Resistance level |
| 33225 | 33520 |
| 33070 | 33655 |
| 32785 | 33950 |
US Crude (USOUSD)
Oil prices rose by more than one dollar at the settlement of yesterday’s trading session, Monday, May 25, for the first time in four sessions, receiving support from speculations of declining supplies from Canada.
Upon settlement, Brent crude futures rose by 1.4% to $75.23 a barrel, while US crude futures rose by 1.5%, reaching $71.11 a barrel.
Pivot point: 70.75
| Support level | Resistance level |
| 69.85 | 72.15 |
| 68.50 | 73.00 |
| 66.25 | 75.30 |
This material provides real-time market analysis from contributing analysts. Please note that any views expressed in this material 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 material.
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