Daily Market Report: January 11, 2022

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January 11, 2022

US stocks mixed; Gold edges higher

US Stock Market

Last: 15,491

Pivot: 15,920

Review:

US stocks were mixed after the close on Monday, as gains in the healthcare, technology and consumer goods sectors led shares higher while losses in the industrials, consumer services and basic materials sectors led shares lower. At the close in the NYSE, the Dow Jones Industrial Average fell 0.45%, while the S&P 500 index declined 0.14%, and the NASDAQ Composite index gained 0.05%.

Technical comment:

The upward potential is likely to be limited by the resistance at 15920.00.

Preference scenario:

For short positions below 15920.00, look for targets at 15005.00 and 14710.00 in extension.

Alternative scenario:

If there is an upward movement above 15920.00, look for a further upside with 16280.00 and 16640.00 as targets.

Resistance 15,920 16,280 16,640
Support 15,005 14,710 14,400
US stocks mixed; Gold edges higher
USDCHF

Last: 0.9272

Pivot: 0.924

Review:

USD/CHF surged 0.9% on Monday night from under 0.9200 to current levels around 0.9270 for the first time since mid-December.

Technical comment:

The RSI is bullish and calls for further advance.

Preference scenario:

In the event of an upside breakout above 0.9240, with targets at 0.9295 and 0.9315 in extension.

Alternative scenario:

For positions below 0.9240, look for a further downside with 0.9220 and 0.9200 as targets.

Resistance 0.9295 0.9315 0.9335
Support 0.924 0.922 0.92
US stocks mixed; Gold edges higher
Gold

Last: 1,804

Pivot: 1,790

Review:

Gold futures edged higher on Monday, reversing earlier weakness after Treasury yields and the US dollar fell from their intraday highs. The direction of the February Comex gold futures contract early Tuesday is likely to be determined by trader reaction to $1793.00.

Technical comment:

The RSI advocates for further upside.

Preference scenario:

For long positions above 1790.00, check out new targets at 1815.00 and 1822.00 in extension.

Alternative scenario:

If the price dips below 1790.00, look for a further downside with 1782.00 and 1774.00 as targets.

Resistance 1,815 1,822 1,829
Support 1,790 1,782 1,774
US stocks mixed; Gold edges higher
Oil

Last: 79.01

Pivot: 79.3

Review:

Oil prices dipped but held onto to recent gains, having climbed 5% last week helped in part by supply disruptions from the unrest in Kazakhstan and outages in Libya U.S. crude fell 0.85% to $78.23 per barrel.

Technical comment:

As long as 79.30 is resistance, look for choppy price action with a bearish bias.

Preference scenario:

A sell opportunity could emerge if the price falls below 79.30, with targets at 77.85 and 77.15 in extension.

Alternative scenario:

Should the rate surpass 79.30, look for a further upside with 79.85 and 80.45 as targets.

Resistance 79.3 79.85 80.45
Support 77.85 77.15 76.3
US stocks mixed; Gold edges higher
EURUSD

Last: 1.1333

Pivot: 1.1305

Review:

EUR/USD Price Analysis Stays on the defensive mode above 1.1300 EUR/USD consolidates Monday’s losses above 1.1300, around 1.1330 during Tuesday’s Asian session.

Technical comment:

The RSI advocates for further upside.

Preference scenario:

In the case of a price increase above 1.1305, with targets at 1.1345 and 1.1365 in extension.

Alternative scenario:

If the price drops below 1.1305, look for a further downside with 1.1290 and 1.1275 as targets.

Resistance 1.1345 1.1365 1.1385
Support 1.1305 1.129 1.1275
US stocks mixed; Gold edges higher
GBPUSD

Last: 1.3579

Pivot: 1.355

Review:

GBP/USD reverses the previous day’s pullback from two-month top. GBP/USD pares the previous day’s losses around 1.3580 amid Tuesday’s Asian session.

Technical comment:

The RSI is bullish and calls for further upside.

Preference scenario:

For long positions above 1.3550, with targets at 1.3600 and 1.3620 in extension.

Alternative scenario:

If the price slides below 1.3550, look for a further downside with 1.3530 and 1.3510 as targets.

Resistance 1.36 1.362 1.364
Support 1.355 1.353 1.351
US stocks mixed; Gold edges higher

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