Daily Market Analysis

 

Latest Economic and Fundamental Insights

 

• The dollar index traded around 102.5 on Tuesday after falling below 102 the previous week, as U.S. Federal Reserve officials tried to temper expectations of rate cuts.
• Gold remained range-bound at modest levels, with focus on U.S. inflation data due on Friday.
• Several analysts believe that rates have peaked and that fed funds and real yields will start to trend lower.
• The Bank of Japan kept interest rates unchanged at -0.10% on Tuesday.
• Oil prices rose as attacks in the Red Sea disrupted supply chains. Brent crude traded at $78.00 a barrel and West Texas Intermediate at $72.87 a barrel.
• The Red Sea attacks are forcing ships to change course.
• Iran’s oil minister says fuel stations were hit by a cyberattack.
• The United States is seeking to tighten the screws on Russian oil trade.
• Bitcoin prices rose above $42,500. BlackRock is nearing the launch of a bitcoin exchange-traded fund (ETF).

 

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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: $2,023.55 

First scenario: Buy gold on the break when steady by closing the candle above the levels of $2,028.46, targeting a price of $2,033.52 and then $2,040.47.
Alternative scenario: Sell gold on the break of $2,020.23, targeting a price of $2,013.78 and then $2,006.43.

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

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CRUDE OIL

 

General trend: bullish

Time interval: 30 minutes

Current price: $72.82 per barrel

First scenario: Buy oil on the break when steady by closing the candle above the levels of $73.16, targeting a price of $73.63 and then $74.19.
Alternative scenario: Sell oil on the break of $72.48, targeting a price of $71.96 and then $71.37.

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

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EURUSD

 

General trend: bullish

Time interval: 30 minutes

Current price: $1.09277

First scenario: Sell EURUSD on the break of $1.09127, targeting a price of $1.08967 and then $1.08754.
Alternative scenario: Buy EURUSD on the break when steady by closing the candle above the levels of $1.09354, targeting a price of $1.09539 and then $1.09763.

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

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GBPUSD

 

General trend: bullish

Time interval: 30 minutes

Current price: $1.26588

First scenario: Sell GBPUSD on the break of $1.26393, targeting a price of $1.26196 and then $1.25972.
Alternative scenario: Buy GBPUSD on the break when steady by closing the candle above the levels of $1.26729, targeting a price of $1.27015 and then $1.27237.

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

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NAS100

 

General trend: bullish

Time interval: 30 minutes

Current price: $16,924

First scenario: Sell Nasdaq on the break of $16,898, targeting a price of $16,856 and then $16,813.
Alternative scenario: Buy Nasdaq on the break when steady by closing the candle above the level of $16,957, targeting a price of $16,997 and then $17,043.

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

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Economic Calendar

(Times are in GMT+3)

 

• European Consumer Price Index (Annual) (November) at 13:00
• U.S. Building Permits Index (November) at 16:30
• Canadian Consumer Price Index (Annual) (November) at 16:30

 

Fundamental Analysis

 

• The dollar index hovered around 102.5 on Tuesday after dropping below 102 last week, as US Fed officials tried to dampen expectations of interest rate cuts.
• Fed Presidents of Chicago and Cleveland, Austin Goolsby and Loretta Mester, were the latest to join the chorus after their New York counterpart John Williams said last week that bets on a March cut were too early.
• Meanwhile, both the ECB and the BoE kept interest rates steady and vowed to keep them at high levels to tackle inflation.
• Traders are now waiting for inflation data in US personal consumption expenditures to get more insights on the price pressure dynamics.
• Gold prices slipped in narrow-range trading on Tuesday as investors looked ahead to more US economic data this week, which could shed light on the Fed’s monetary policy outlook.
• Oil prices climbed on Tuesday, as attacks by Iran-backed Houthis in Yemen on ships in the Red Sea disrupted sea trade and forced companies to reroute ships.