ALB Limited 02.10.2024

Geopolitical Tensions Affected Oil Prices

XAUUSD - Gold Technical Analysis

Yesterday was an eventful day for gold. Following the PMI and JOLTS data from the US, volatility increased, accompanied by tensions in the Middle East, leading the precious metal to close the day on a positive note. After coming under selling pressure on Monday following Fed Chairman Powell's statements on rate cuts and the labour market, gold rose in parallel with the dollar index. If gold remains above the critical level of $2635, we could see resistance at $2685 and $2700. In case of declines, the support levels to monitor are $2635 and $2600.

Resistances: 2685 / 2700 / 2740
Supports: 2635 / 2600 / 2585
 

Technical Analysis of XAGUSD

After touching a 12-year high of $32.69 last week, silver came under selling pressure, but closed positive on Tuesday thanks to US data and developments in the Middle East. The critical level to monitor is $31.75, but the precious metal is showing a negative trend this morning. If the decline continues, the support levels are $31.00 and $30.75. In case of a rise, resistances are at $31.45 and $31.75.

Resistances: 31.45 / 31.75 / 32.00
Supports: 31.00 / 30.75 / 30.25
 

Technical Analysis of EUR/USD

As the dollar index strengthened yesterday, the EUR/USD closed negative. This morning, the pair continues to show a negative short-term trend. If the bearish movement persists, key support levels are at 1.0145 and 1.0130, corresponding to the 50-day exponential moving average. In case of an uptrend, resistance levels are at 1.0170 and 1.1080.

Resistance: 1.1070 / 1.1080 / 1.1095
Supports: 1.0145 / 1.0130 / 1.0015
 

Technical Analysis of NAS100

Yesterday we saw lower than expected PMI data in the US, but the JOLTS data exceeded expectations. This led the NAS100 December 2024 contract to close negative, and it is also showing a negative trend this morning. If the bearish movement persists, key support levels are at 19800 and 19700. In case of uptrends, the resistance levels to monitor are 20000 and 20100.

Resistance: 20000 / 20100 / 20200
Supports: 19800 / 19700 / 19600
 

Technical Analysis of UKOIL

Oil prices rose due to geopolitical tensions between Israel and Iran, which brought oil supply risks back to the forefront. Iran's missile attacks and Israeli threats of retaliation have increased concerns over global oil supply from the Middle East, leading UKOIL to close positive for three consecutive days. If the uptrend continues, key resistance levels are $75.00 and $75.40. On the downside, support levels are $74.20 and $73.80, with the 20-day exponential moving average.

Resistances: 75.00 / 75.40 / 76.00
Supports: 74.20 / 73.80 / 73.40

Tags: Technical Analysis, Analysis, Forex

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