Daily Market Analysis

 

Latest Economic and Fundamental Insights

 

• The US dollar held its gains in holiday trading, with limited movements.
• Gold gains remained elevated as the US dollar weakened.
• Weekly jobless claims in the United States fell; the labor market is still slowing down.
• US 10-year Treasury yields are at their lowest levels in two months.
• Oil fell more than 1% as uncertainty surrounding the postponed OPEC+ meeting grew, with Brent crude trading at $80.14 and West Texas Intermediate crude at $76.53.
• Bitcoin prices returned to key resistance, with bulls targeting $40,000.

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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: $1995.79

First scenario: Buy gold on the break when steady by closing the candle above the levels of $2,000.22, targeting a price of $2,005.27 and then $2,012.22.
Alternative scenario: Sell gold on the break of $1,991.98, targeting a price of $1,985.54 and then $1,978.18.

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: $76.22 per barrel

First scenario: Buy oil on the break when steady by closing the candle above the levels of $76.42, targeting a price of $76.86 and then $77.52.
Alternative scenario: Sell oil on the break of $75.99, targeting a price of $75.58 and then $75.10.

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

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EURUSD

 

General trend: bullish

Time interval: 30 minutes

Current price: $1.09074

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: $1.25094

First scenario: Sell GBPUSD on the break of $1.24831, targeting a price of $1.24633 and then $1.24409.
Alternative scenario: Buy GBPUSD on the break when steady by closing the candle above the levels of $1.25167, targeting a price of $1.25453 and then $1.25674.

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

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NAS100

 

General trend: bullish

Time interval: 30 minutes

Current price: $16,060

First scenario: Sell Nasdaq on the break of $16,010, targeting a price of $15,956 and then $15,884.
Alternative scenario: Buy Nasdaq on the break when steady by closing the candle above the levels of $16,090, targeting a price of $16,152 and then $16,215.

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

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Economic Calendar

(Times are in GMT+3)

 

• Japan: Labor Thanksgiving Day
• United States: Thanksgiving holiday
• Germany: Manufacturing PMI at 11:30
• Europe: Manufacturing PMI at 12:00
• United Kingdom: Manufacturing PMI at 12:30.

 

Fundamental Analysis

 

• The US dollar index held steady around 103.8 on Thursday after rising for two consecutive sessions, supported by stronger-than-expected data that prompted traders to reassess expectations for the Federal Reserve’s monetary policy.
• However, the volume is expected to remain weak due to holidays in Japan and the United States. The number of Americans filing new claims for unemployment benefits fell more than expected last week, data showed on Wednesday.
• The inflation expectations also rose in the near and long term, raising concerns that interest rates may remain elevated for longer.
• Adding to the bullish momentum, the minutes of the latest Federal Open Market Committee meeting showed that policymakers prefer to maintain a restrictive monetary policy and did not give any indication that rates would be cut anytime soon.
• Markets still see the Federal Reserve keeping rates unchanged in December, while traders have reduced their bets for a rate cut in March.
• Gold prices rose on Thursday, hovering near a key level of $2,000 an ounce, as the general weakness of the US dollar and falling Treasury yields supported demand for the metal.
• Oil prices fell by more than 1% on Thursday, extending losses from the previous session, after OPEC+ postponed a ministerial meeting, leading to speculation that producers may cut production less than previously expected.