Themes

• General mood is “risk off”.
• US dollar index was down to test the support level around 103.50.
• G7 countries announced ban on Russian gold in response to Ukraine war.
• US durable goods orders printed 0.7% higher than 0.4% expected.

What’s Moving

Dollar index back to test the support level around 103.50, further downside move may trigger sell pressure and aim next support level around 103.20.

Crude oil broke the resistance level at 109.90. Short-term bias changed to bullish, and bulls are looking at the next resistance around 112.00 – 115.00.

Gold swing area hasn’t been changed for the past half month. After failed to break 1840.00 last night, gold is back to the range between 1820.00 and 1830.00.

Thoughts

G7 countries announced ban on Russian gold in response to Ukraine war. With the recent Russia defaults on foreign debt for first time since 1918, further new sanctions could trigger even more risk aversion in the market.

Keep an eye on the following event coming soon:

• ECB President Lagarde Speaks
• US CB Consumer Confidence
• Crude Oil Inventory

Pivot Points