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BTC Dubai Daily Report E. 3.8.2023.pdf

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- Gold prices declined in morning trading after breaking below the $1942 support level, hitting their lowest level since July 11. Further declines could see gold fall to intermediate term support around $1915, with a break below that level taking prices to $1850. - Treasury yields hit their highest level of the year and the dollar strengthened as risk aversion continued following Fitch's downgrade of US credit. Later in the day, US jobless claims, services PMI and factory orders data will be released. - European shares resumed declines for a third straight session as investors were cautious ahead of central bank decisions and economic data releases, including earnings from tech giants Apple and Amazon.

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Aug.
2023
1915
Gold prices declined today morning after breaking support area at $1942, noting that
the next target would be support area at $1925. In case of further drop, gold may head
towards $1915 area, which acts as an important support area on the intermediate
term, where its break would take prices lower to $1850 level. On the other hand, if gold
breaches resistance area at $1950, it will retest resistance area at $1970.
Gold prices declined today morning, hitting the lowest level since July 11, as investors
are waiting later in the day for U.S. initial Jobless claims and ISM Services PMI data for
July.
1925
1970
1950
1942
Gold prices decline after breaking $1942 level
229.33
210.08
200.62
171.97
Published on Thursday, August 3, 2023 at 1:30 PM (UAE time)
The U.S. 10-year Treasury yields hit their
highest level this year while the dollar
extended its advance as risk aversion
following Fitch’s surprise U.S. downgrade
continued to dominate sentiment. The cut in
U.S. credit rating continued to trigger a
selloff in Treasuries, pushing the U.S.
benchmark yield to the highest level since
November 2022. Later in the day, the U.S.
will release services PMI, jobless claims and
factory orders data.
US 10-year Treasury yields hit highest this year amid risk aversion
On the other hand, European shares resumed their fall for a third straight session, with
investors cautious ahead of a Bank of England rate decision, key economic data and a
slew of corporate earnings, including tech giants Apple and Amazon. As of 09:51 GMT,
the pan-European STOXX 600 index shed 1% to 456.25 points, the lowest level since
July 12.
China's services activity expanded at a
slightly faster pace in July, supported by a
jump in business in the summer travel
season. The Caixin/S&P Global services
purchasing managers' index (PMI) rose
to 54.1 in July from 53.9 in June,
marking an expansion of business
activity across the services sector for the
seventh straight month. The 50-point
mark separates expansion from
contraction in activity.
China services activity
expands at a quicker
pace in July
Oil steady as supply
concerns offset US
ratings downgrade
Oil prices were little changed on
Thursday after a two-day decline,
including a sharp drop on Wednesday, as
a US government credit downgrade
weighed on sentiment, though concerns
around supply tightness provided some
support. Brent crude futures were at
$83.26 a barrel, up 6 cents or 0.1%, at
04:22 GMT, while US West Texas
Intermediate crude rose 5 cents, also
0.1%, to $79.54 a barrel.

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Units States Economic History Lecture 15
 

BTC Dubai Daily Report E. 3.8.2023.pdf

  • 2. 1915 Gold prices declined today morning after breaking support area at $1942, noting that the next target would be support area at $1925. In case of further drop, gold may head towards $1915 area, which acts as an important support area on the intermediate term, where its break would take prices lower to $1850 level. On the other hand, if gold breaches resistance area at $1950, it will retest resistance area at $1970. Gold prices declined today morning, hitting the lowest level since July 11, as investors are waiting later in the day for U.S. initial Jobless claims and ISM Services PMI data for July. 1925 1970 1950 1942 Gold prices decline after breaking $1942 level 229.33 210.08 200.62 171.97 Published on Thursday, August 3, 2023 at 1:30 PM (UAE time)
  • 3. The U.S. 10-year Treasury yields hit their highest level this year while the dollar extended its advance as risk aversion following Fitch’s surprise U.S. downgrade continued to dominate sentiment. The cut in U.S. credit rating continued to trigger a selloff in Treasuries, pushing the U.S. benchmark yield to the highest level since November 2022. Later in the day, the U.S. will release services PMI, jobless claims and factory orders data. US 10-year Treasury yields hit highest this year amid risk aversion On the other hand, European shares resumed their fall for a third straight session, with investors cautious ahead of a Bank of England rate decision, key economic data and a slew of corporate earnings, including tech giants Apple and Amazon. As of 09:51 GMT, the pan-European STOXX 600 index shed 1% to 456.25 points, the lowest level since July 12. China's services activity expanded at a slightly faster pace in July, supported by a jump in business in the summer travel season. The Caixin/S&P Global services purchasing managers' index (PMI) rose to 54.1 in July from 53.9 in June, marking an expansion of business activity across the services sector for the seventh straight month. The 50-point mark separates expansion from contraction in activity. China services activity expands at a quicker pace in July Oil steady as supply concerns offset US ratings downgrade Oil prices were little changed on Thursday after a two-day decline, including a sharp drop on Wednesday, as a US government credit downgrade weighed on sentiment, though concerns around supply tightness provided some support. Brent crude futures were at $83.26 a barrel, up 6 cents or 0.1%, at 04:22 GMT, while US West Texas Intermediate crude rose 5 cents, also 0.1%, to $79.54 a barrel.