Daily Market Review & Financial Analysis

Will Trump Make Good on Promises?

January 23, 2017

U.S. Stock Market

Wall Street finished in the green as President Donald Trump took office, setting a populist tone on governance, but little in the way of policy direction outside of a repeated commitment to protect jobs at home. The Dow Jones rose by 0.48%, the S&P 500 by 0.34%, and the NASDAQ added 0.28% to its value. Technically, according to the 8-hour chart, the Dow Jones is trading below the resistance line at 20,000. Holding below this line may cause a fall towards 19,500, while breaching above this line could take it to 20,250.

Google (GOOG)

Google shares rose 0.33%, closing at $804.54. Technically, according to the 1-hour chart, the share is trading above the support line at $800.20. Holding above this line could take the share to around $820.00. However, breaking below this line may lead Google back towards $770.00.

Last: 805.99

   Resistance
   Support
810.00 815.00 820.00
800.00 780.00 770.00

U.S. Dollar (USD)

The U.S. Dollar weakened against a basket of currencies on Friday as Donald Trump became the 45th president of the United States and used his inaugural speech to hit populist themes on halting off-shoring of work that have raised concerns of a trade war with leading manufacturing exporters such as China. No economic data is expected today.

Gold

Gold rose, closing at $1218 an ounce. According to the 4-hour chart, gold is trading close to the higher band of the Bollinger bands with the RSI indicator above 50. Maintaining these conditions, we might see a rise towards $1250, while breaking above the mid-band of Bollinger bands may take it to around $1200.

Last: 1218

   Resistance
   Support
1230 1240 1250
1210 1205 1200

Crude Oil

Crude Oil prices rose in Asia on Monday following a weekend meeting of OPEC ministers and counterparts from major producing countries who agreed a coordinated plant to trim global oil supplies is working well. Technically, according to the 8-hour chart, oil is trading below the resistance line at $54.50. Holding below this line may cause a fall towards $50.00, while breaching above it could take it to $58.00.

Last: 53.33

   Resistance
   Support
54.50 56.00 58.00
52.50 51.00 50.00

Euro (EUR)

The euro is edging up to its highest in more than a month as investors locked in gains on the dollar's recent rise as they waited for U.S. President Donald Trump to offer details of his promised stimulus. Technically, according to the 1-hour chart, the EUR/USD is trading close to the higher band of the Bollinger bands with the MACD indicator above 0. Maintaining these conditions, we might see a rise towards 1.0900, while breaking above the mid-band of Bollinger bands may take it to around 1.0500.

Last: 1.0740

   Resistance
   Support
1.0800 1.0850 1.0900
1.0700 1.0600 1.0500

British Pound (GBP)

The Pound traded higher versus the dollar, closing at 1.2415. Technically, according to the 1-hour chart, the pound is trading below the resistance line at 1.2430. Holding below this line may cause a fall towards 1.2250, while breaching above could take it to 1.2550.

Last: 1.2415

   Resistance
   Support
1.2450 1.2500 1.2550
1.2350 1.2300 1.2250

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