Gold Reaches its Highest Level Amid Geopolitical Tensions and Economic Data Awaited

Market News Summary

Data released by the People’s Bank of China showed that bond issuances in China reached around 6.06 trillion yuan (approximately $844 billion) last September. Treasury bond issuances reached 1.18 trillion yuan, while local government bond issuances reached 447.68 billion yuan, according to the People’s Bank of China.

In the United States, despite President Joe Biden’s plans to cancel up to $400 billion in student debt for tens of millions of Americans during the summer being thwarted in the Supreme Court, Biden has managed to eliminate $127 billion in student debt so far for more than 3.5 million borrowers. This surpasses what any other president has done in the country’s history.

Dollar Index (USDX)

The markets are awaiting several important data releases this week, with the most significant being the U.S. interest rate, which is expected to remain steady at 5.50%. Additionally, the Federal Open Market Committee’s statement next Wednesday is eagerly anticipated to gain insights into the Federal Reserve’s plans and future actions.

On Friday, investors are eagerly awaiting non-farm payroll data, which is expected to decrease to 182,000 jobs, along with the U.S. unemployment rates and wage figures.

Pivot Point: 106.35

Resistance level	Support level
106.60	106.10
106.85	105.85
107.10	105.65

Spot Gold (XAUUSD)

Gold began its trading today with a quiet downward correction as the Asian session opened. The price of spot gold contracts decreased by 0.21% to $2002.18, and futures contracts for gold dropped by 0.16% to $2012.2 per ounce.

Gold is anticipating an important week with the evolving ground operations conducted by the Israeli army in the Gaza Strip, targeting an expansion against the Hamas movement. The aerial bombardment in Gaza continues despite various calls for a ceasefire or humanitarian truce in the region.

Pivot Point: 1997

Resistance level	Support level
2017	1985
2029	1964
2050	1952

Dow Jones Index (DJ30ft – US30)

The futures for U.S. stocks opened today with a slight increase ahead of a significant week filled with economic data, including the Federal Reserve’s interest rate decision, non-farm payroll report, and Apple’s earnings report.

Futures for the S&P 500 index rose by 0.2%, while Nasdaq futures increased by 0.4%. The futures for the Dow Jones Industrial Average opened trading stable below its pivot point at $32,575.

Pivot Point: 32630

Resistance level	Support level
32860	32260
33230	32035
33450	31660

US Crude Oil (USOUSD)

The price of oil rose by approximately 3% on Friday to reach its highest level in a week amid investor concerns about the widening conflict in the Middle East, potentially causing disruptions in global crude oil supplies.

Brent crude futures increased by $2.55, or 2.9%, settling at $90.48 per barrel. Similarly, West Texas Intermediate (WTI) crude rose by about $2.33, or 2.8%, reaching a settlement price of $85.54 per barrel. However, it is trading lower today during the Asian session, below its pivot point at $84.50 per barrel.

Pivot Point: 84.70

Resistance level	Support level
86.30	83.50
87.50	81.90
89.10	80.70

Risk Warning

This article provides real-time market analysis from contributing analysts. Please note that any views expressed in this article 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 article.