Daily Market Report: October 25, 2021

Latest events and figures - make your trading smarter by following the daily summary of the hottest market news and announcements.

Gold up; Oil bulls for ninth successive week

US Stock Market

Last: 4,544

Pivot: 4,485

Review:

US stocks were mixed after the close on Friday, as gains in the financials, oil and gas and consumer goods sectors led shares higher, while losses in the technology, consumer services and telecoms sectors led shares lower. At the close in NYSE, the Dow Jones Industrial Average gained 0.21% to hit a new all time high, while the S&P 500 index declined 0.11%, and the NASDAQ Composite index lost 0.82%.

Technical comment:

The RSI shows upside momentum.

Preference scenario:

For long positions above 4485.00, the next targets to look for could be at 4585.00 and 4645.00 in extension.

Alternative scenario:

For a price depreciation below 4485.00, look for a further downside with 4435.00 and 4370.00 as targets.

Resistance 4,585 4,645 4,725
Support 4,485 4,435 4,370
Gold up; Oil bulls for ninth successive week
USDCAD

Last: 1.2374

Pivot: 1.235

Review:

USDCAD traded higher on Friday, closing at a final price of 1.2374.

Technical comment:

The RSI advocates for further upside.

Preference scenario:

A buy opportunity could emerge if the price rises above 1.2350, with targets at 1.2390 and 1.2410 in extension.

Alternative scenario:

In the event of a downward movement below 1.2350, look for a further downside with 1.2330 and 1.2310 as targets.

Resistance 1.24 1.24 1.24
Support 1.235 1.23 1.231
Gold up; Oil bulls for ninth successive week
Gold

Last: 1,794

Pivot: 1,782

Review:

Gold was up for a second straight week after a Powell-triggered rollercoaster.

Technical comment:

The RSI is mixed with a bullish bias.

Preference scenario:

If the prices climbs above 1782.00, look for targets at 1806.00 and 1814.00 in extension.

Alternative scenario:

For a price dip below 1782.00, look for a further downside with 1774.00 and 1766.00 as targets.

Resistance 1,806 1,814 1,820
Support 1,782 1,774 1,766
Gold up; Oil bulls for ninth successive week
Oil

Last: 84.19

Pivot: 83.25

Review:

Oil bulls on to ninth winning week, but with a little more volatility.

Technical comment:

The RSI is bullish and calls for further advance.

Preference scenario:

In the event of an upsided breakout above 83.25, the next targets could be at 84.90 and 85.40 in extension.

Alternative scenario:

Should the rate fall below 83.25, look for a further downside with 82.55 and 81.75 as targets.

Resistance 84.9 85.4 86
Support 83.25 82.55 81.75
Gold up; Oil bulls for ninth successive week
EURUSD

Last: 1.1637

Pivot: 1.1615

Review:

The dollar was modestly lower in early trading in Europe on Friday, losing ground against higher yielders in particular after good news out of China supported risk assets in general.

Technical comment:

Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Preference scenario:

Should there be an increase above 1.1615, check the next targets at 1.1655 and 1.1670 in extension.

Alternative scenario:

In the case of a downside breakout below 1.1615, look for a further downside with 1.1600 and 1.1585 as targets.

Resistance 1.1655 1.167 1.1685
Support 1.1615 1.16 1.1585
Gold up; Oil bulls for ninth successive week
GBPUSD

Last: 1.3755

Pivot: 1.379

Review:

GBP slides, on the back of ongoing Brexit trade deal worries.

Technical comment:

The RSI calls for a new downleg.

Preference scenario:

For short positions below the 1.3790 mark, look for targets at 1.3720 and 1.3700 in extension.

Alternative scenario:

In the event of a positive uptrend above 1.3790, look for a further upside with 1.3810 and 1.3830 as targets.

Resistance 1.379 1.381 1.383
Support 1.372 1.37 1.3675
Gold up; Oil bulls for ninth successive week

Customer Notice: The charts are provided by Trading Central, which is a respected third party research provider. The information provided should not be considered as trading or investment advice. 1Market provides Trading Central chart analysis to support clients in their trading decisions, which should be independently evaluated. The recipient acknowledges that he is solely responsible for his decisions. The analysis offered reflects the views of Trading Central and are subject to change at any time. Past performance of a financial asset is not a reliable indicator of its future performance. 1Market cannot be held liable for any information provided by Trading Central. 1Market makes no representation and assumes no liability as to the accuracy or completeness of the information provided nor any loss arising from any investment based on this material, forecast or other information supplied by an employee of 1Market, a third party or otherwise.

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