EURUSD
While there was no important data flow announced on the first trading day of the week on the European front, developments regarding the agenda were followed. In the survey conducted on the policy to be implemented by the European Central Bank in the coming period, it was expected that the fight against inflation could be ended within 6 months, interest rate hikes could be terminated and interest rate cuts could begin in July. The softening of the expectations that the Fed will be aggressive and the decrease in energy prices on the European front stand out as the headlines supporting the weakening in the dollar index and the recovery in the risk appetite.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1,0937 |
| Resistance 2 | 1,0905 |
| Resistance 1 | 1,0864 |
| Support 1 | 1,0791 |
| Support 2 | 1,0760 |
| Support 3 | 1,0719 |
Daily Pivot Levels
GBPUSD
UK Finance Minister Jeremy Hunt said sticking to the inflation halving plan would help the economy grow again after official data showed gross domestic product rose 0.1% in November, a better result than economists had expected. On the other hand, Bank of England Governor Andrew Bailey stated that the risk premium on UK assets has almost disappeared since September, but this confidence remains fragile. Unemployment rate data in the UK can be followed today.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1,2383 |
| Resistance 2 | 1,2336 |
| Resistance 1 | 1,2266 |
| Support 1 | 1,2148 |
| Support 2 | 1,2101 |
| Support 3 | 1,2031 |
Daily Pivot Levels
XAUUSD
Although there was an increase towards the level of 1929 $ an ounce yesterday, it was observed that it had difficulty in moving above this level. However, profit sales, albeit limited, were observed. Despite the technical correction, it continues to hold its course above the $1900 level. The dollar index is trading between 102.26-102.55 this morning. Growth data from China was announced this morning and created a limited activity on the markets. There are no significant data streams to be announced in the US today. The World Economic Forum in Davos started yesterday and will conclude on January 20. The statements at the Davos Summit can be followed today.
Technical Analysis
| Support & Resistance | Level |
|---|---|
| Resistance 3 | 1943 |
| Resistance 2 | 1930 |
| Resistance 1 | 1925 |
| Support 1 | 1907 |
| Support 2 | 1899 |
| Support 3 | 1888 |
Daily Pivot Levels
BRENT OIL
Oil prices started the new day with light buyers. In its report, Goldman Sachs mentioned that this year could be the year of commodities, with low stocks and the opening of China. It is seen that there is an expectation that oil prices will increase for the upcoming period. The OPEC monthly outlook report will follow this week. The World Economic Forum in Davos started yesterday and is expected to continue until 20 January. Statements from the Summit are followed throughout the day. Possible explanations for oil prices may cause volatility in prices.
S&P500
While Chinese growth was at its lowest level since the 1970s, it also suppressed risk appetite in global markets. The S&P 500 closed the session yesterday at 3,999, up 0.40%. As of this morning, the S&P 500 December futures contract is at 4.005 and its horizontal positive outlook is followed.
