March 21th Daily Analysis
March 21th Daily Analysis
DOLLAR INDEX (USDX)
Within its downward horizontal trend, the US dollar settles near its pivot point at 103.15, and investors await many important economic data, on top of which are the Federal Reserve interest rates and the economic expectations of the Federal Open Market Committee, tomorrow, Wednesday, March 22nd.
Pivot point: 103.15
SPOT GOLD (XAUUSD)
Gold prices continue with strong daily fluctuations after breaching the important resistance levels at $2000 an ounce yesterday, as prices soon fell once again to reach 1973 levels and try to stabilize around them, awaiting the results of the FOMC meeting tomorrow.
Pivot point: 1,985
DOW JONES INDEX (DJ30FT – US30)
US indices closed collectively higher in Monday’s session, supported by the easing of fears of an outbreak of bank collapse within the global banking system, at a time when investors are looking forward to the possibility of fixing interest rates by the US Federal Reserve in the next meeting.
UBS agreed to buy rival Credit Suisse for $3.23 billion, in a merge designed by Swiss authorities to avoid further turmoil in the banking group.
The Dow Jones index rose by 1.2%, or the equivalent of 382 points, in the Monday session, achieving the highest daily percentage gain in more than two months, to close above 32,200 points.
All major sectors recorded collective gains, except for the technology sector, which declined by 0.2%, under pressure from Microsoft’s share falling by more than 2%.
Pivot point: 32210
US Crude (USOUSD)
Oil prices turned lower on Tuesday, March 21st, as the turmoil that has gripped the banking sector for more than a week continued to affect market sentiment.
Brent futures for May delivery fell 71 cents, or 1%, to $73.08 a barrel. US West Texas Intermediate crude futures also fell 74 cents, or 1.1%, to $66.90 a barrel.
Pivot point: 66.65
