Daily Market Analysis

 

Latest Economic and Fundamental Insights

 

• The dollar remained under pressure as the Federal Reserve indicated in its latest meeting minutes that monetary policy will remain restrictive, with no signs that it may start to cut interest rates anytime soon.
• Gold slipped below $2,000 as the dollar stopped its decline.
• Gold hit a three-week high of $2,007.29 on Tuesday.
• Platinum fell more than 1%.
• Oil prices stabilized ahead of US inventory data and potential OPEC+ cuts, with Brent crude trading at $82.14 and WTI crude at $77.53.
• Bitcoin and BNB saw reduced losses on Tuesday, as Binance CEO “CZ” pleaded guilty, which boosted the chances of final approval for a Bitcoin spot ETF in the United States.

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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: $2,000

First scenario: Buy gold on the break when steady by closing the candle above the levels of $2,000.29, targeting a price of $2007.35 and then $2,014.30.
Alternative scenario: Sell gold on the break of $1,994.06, targeting a price of $1,987.61 and then $1,980.26.

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: $77.54 per barrel

First scenario: Buy oil on the break when steady by closing the candle above the levels of $77.88, targeting a price of $87.33 and then $78.99.
Alternative scenario: Sell oil on the break of $77.46, targeting a price of $77.05 and then $76.56.

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

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EURUSD

 

General trend: bullish

Time interval: 30 minutes

Current price: $1.09023

First scenario: Sell EURUSD on the break of $1.08986, targeting a price of $1.08826 and then $1.08613.
Alternative scenario: Buy EURUSD on the break when steady by closing the candle above the levels of $1.09213, targeting a price of $1.09398 and then $1.09623.

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

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GBPUSD

 

General trend: bullish

Time interval: 30 minutes

Current price: $1.25187

First scenario: Sell GBPUSD on the break of $1.25123, targeting a price of $1.24925 and then $1.24701.
Alternative scenario: Buy GBPUSD on the break when steady by closing the candle above the levels of $1.25459, targeting a price of $1.25745 and then $1.25966.

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

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NAS100

 

General trend: bullish

Time interval: 30 minutes

Current price: $15,954

First scenario: Sell Nasdaq on the break of $15,924, targeting a price of $15,870 and then $15,798.
Alternative scenario: Buy Nasdaq on the break when steady by closing the candle above the levels of $16,004, targeting a price of $16,066 and then $16,129.

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

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Economic Calendar

(Times are in GMT+3)

 

• U.S.: Durable Goods Orders Index at 16:30
• U.S.: Initial Jobless Claims Index at 16:30

 

Fundamental Analysis

 

• The dollar index stabilized around 103.5 on Wednesday after making some progress in the previous session, as the Federal Reserve indicated in its latest meeting minutes that monetary policy will remain restrictive, with no signs that it may start to cut interest rates anytime soon.
• However, the index has been trading near its lowest levels in nearly three months, as it faces pressure from bets that US interest rates may begin to decline next year after a series of weaker-than-expected economic data.
• It is widely expected that the central bank will keep interest rates unchanged again in December, while markets see a 30% chance that the Federal Reserve will begin to cut interest rates as early as March 2024.
• Investors are now looking to more US data, including durable goods orders, initial jobless claims, and preliminary manufacturing and services purchasing managers’ index numbers for further guidance.
• Gold prices fell below the key of $2,000 level on Wednesday, with the dollar stabilizing after its recent decline, although expectations that the US Federal Reserve may have reached the end of its cycle of monetary policy tightening have put a floor under prices of the precious metal.
• Oil prices moved little during Asian trading on Wednesday, as the market awaits potentially mixed news on the supply front, with producer group OPEC+ expected to discuss production cuts and US crude stockpiles are expected to show a large build.