Daily Market Analysis

 

Latest Economic and Fundamental Insights

 

• The dollar held steady on Wednesday as investors awaited the Federal Reserve’s monetary policy expectations.
• Gold prices hit all-time highs on Wednesday thanks to bets of a rate cut from the Federal Reserve.
• Gold hit a record high for the second day in a row at $2,140.39. Gold is well supported until the end of the year, the first quarter of 2024 – analyst.
• The focus now shifts to the US non-farm payrolls report on Friday.
• The annual increase in US inflation is the lowest since March 2021.
• Powell will set the direction for gold today.
• Oil prices fell due to continued uncertainty over OPEC+ supply cuts. Brent crude traded at $78.24 and West Texas Intermediate at $73.33.
• Bitcoin managed to break above $41,000 for the first time in about 18 months.

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Smart technical reports

 

 

How they work

A likely scenario for the day is proposed, and the probability of this scenario being achieved, according to technical analysis, could be between 60% and 75%. If the first scenario fails, the probability of the second scenario being achieved will be between 60% and 75%.

The first scenario fails when the price reaches the alternative scenario condition level, the alternative scenario is then immediately activated, and the first scenario prediction gets cancelled.

These reports are not considered a substitute for the trader’s decision, but rather they are a tool to assist the follower in making their own decisions, as a reference based on classical technical analysis.

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GOLD

 

General trend: bullish

Time interval: 30 minutes

Current price: $2,084.19

First scenario: Buy gold on the break when steady by closing the candle above the levels of $2,090.24, targeting a price of $2,095.29 and then $2,102.24.
Alternative scenario: Sell gold on the break of $2,082.00, targeting a price of $2,075.56 and then $2,068.20.

Comment: Trading above the supports and averages suggests an uptrend.

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CRUDE OIL

 

General trend: bearish

Time interval: 30 minutes

Current price: $73.55 per barrel

First scenario: Buy oil on the break when steady by closing the candle above the levels of $73.85, targeting a price of $74.30 and then $74.96.
Alternative scenario: Sell oil on the break of $73.43, targeting a price of $73.02 and then $72.53.

Comment: Trading below resistances and averages suggests a downtrend.

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EURUSD

 

General trend: bullish

Time interval: 30 minutes

Current price: $1.08737

First scenario: Sell EURUSD on the break of $1.08631, targeting a price of $1.08472 and then $1.08259.
Alternative scenario: Buy EURUSD on the break when steady by closing the candle above the levels of $1.08859, targeting a price of $1.09043 and then $1.09268.

Comment: Trading above the supports and averages suggests an uptrend.

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GBPUSD

 

General trend: bullish

Time interval: 30 minutes

Current price: $1.26823

First scenario: Sell GBPUSD on the break of $1.26601, targeting a price of $1.26404 and then $1.26180.
Alternative scenario: Buy GBPUSD on the break when steady by closing the candle above the levels of $1.26937, targeting a price of $1.27223 and then $1.27444.

Comment: Trading above the supports and averages suggests an uptrend.

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NAS100

 

General trend: bullish

Time interval: 30 minutes

Current price: $15,973

First scenario: Sell Nasdaq on the break of $15,946, targeting a price of $15,904 and then $15,859.
Alternative scenario: Buy Nasdaq on the break when steady by closing the candle above the levels of $16,005, targeting a price of $16,045 and then $16,091.

Comment: Trading above the supports and averages suggests an uptrend.

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Economic Calendar

(Times are in GMT+3)

 

• No economic data releases today.

 

Fundamental Analysis

 

• The dollar index held steady above 103 on Monday as investors continued to assess the Federal Reserve’s monetary policy expectations.
• On Friday, the dollar lost some ground after Federal Reserve Chairman Jerome Powell said that current monetary settings were “in the restrictive zone” and were leading to a slowdown in the economy as expected.
• However, he opposed bets for a cautious approach to rates, warning that it was “premature” to expect policy easing.
• On the data front, the U.S. manufacturing purchasing managers’ index (PMI) came in below expectations in November, pointing to the 13th consecutive contraction in factory activity and supporting expectations for weaker rates.
• In addition, the latest reading of U.S. personal consumption expenditures (PCE) inflation pointed to a slowdown in prices, while continuing jobless claims reached their highest level in two years.Investors now look to the November jobs report this week to gauge the strength of the labor market.
• Gold prices rose to an all-time high above $2,100 an ounce on Monday, as Federal Reserve Chairman Jerome Powell’s comments boosted confidence among traders that the U.S. central bank may cut rates early next year.
• Lower interest rates reduce the opportunity cost of holding non-interest-bearing bullion.
• Oil futures reversed course after rising briefly on Monday amid ongoing pressure from the OPEC+ decision and uncertainty over global fuel demand growth, though the risk of supply disruptions due to the conflict in the Middle East limited losses.