February 09th Daily Analysis
February 09th Daily Analysis
DOLLAR INDEX (USDX)
The dollar index continues its horizontal trend for the third consecutive session and tries to stabilize near 103.15 levels.
Pivot Point: 103.15
BRITISH POUND (GBPUSD)
Prices are moving above the pivot point of the day at 1.2070 while awaiting the monetary policy report hearings in England at 1:45pm Dubai time.
Pivot Point: 1.2070
SPOT GOLD (XAUUSD)
Gold prices rose at the settlement of the trading on Wednesday, February 8th, for the third consecutive session, with the dollar’s decline.
Upon settlement, gold futures rose by 0.3%, or $5.90, to $1,890.70 an ounce.
Prices for the yellow metal will likely remain volatile as investors continue to digest Fed Chairman Powell’s message.
Pivot Point: 1,876
US CRUDE (USOUSD)
Oil prices rose at the settlement of trading on Wednesday, February 8th, for the third consecutive session, despite the increase in US inventories to the highest level in more than a year and a half.
Upon settlement, Brent crude futures rose by 1.67% to $85.08 a barrel.
US crude futures rose by 1.7%, recording $78.47 a barrel.
US Energy Information Administration data revealed that oil stocks rose last week to the highest level since June 2021, recording 2.4 million barrels.
Pivot Point: 78.00
