Daily Market Analysis

 

Latest Economic and Fundamental Insights

 

• The US dollar held steady on Thursday, as holiday trading remained subdued.
• Gold was on track for a second consecutive weekly gain, as expectations for a Fed rate hike weighed on the dollar.
• Gold was up 0.7% so far this week.
• Platinum was also looking to post a second consecutive weekly gain.
• Brent crude fell ahead of an OPEC+ decision on oil production, trading at $81.14 a barrel and West Texas Intermediate at $76.53 a barrel.
• Bitcoin’s rise above $40,000 is “inevitable” after Binance settlement.

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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: $1,993.60

First scenario: Buy gold on the break when steady by closing the candle above the levels of $1,997.70, targeting a price of $2,002.76 and then $2,009.70.
Alternative scenario: Sell gold on the break of $1,989.47, targeting a price of $1,983.02 and then $1,975.67.

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: $76.58 per barrel

First scenario: Buy oil on the break when steady by closing the candle above the levels of $76.75, targeting a price of $77.20 and then $77.85.
Alternative scenario: Sell oil on the break of $76.32, targeting a price of $75.91 and then $75.43.

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

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EURUSD

 

General trend: bullish

Time interval: 30 minutes

Current price: $1.09066  

First scenario: Sell EURUSD on the break of $1.08951, targeting a price of $1.08791 and then $1.08578.
Alternative scenario: Buy EURUSD on the break when steady by closing the candle above the levels of $1.09179, targeting a price of $1.09363 and then $1.09588.

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

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GBPUSD

 

General trend: bullish

Time interval: 30 minutes

Current price: $1.25398

First scenario: Sell GBPUSD on the break of $1.25204, targeting a price of $1.25006 and then $1.24783.
Alternative scenario: Buy GBPUSD on the break when steady by closing the candle above the levels of $1.25540, targeting a price of $1.25826 and then $1.26047.

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

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NAS100

 

General trend: bullish

Time interval: 30 minutes

Current price: $16,051

First scenario: Sell Nasdaq on the break of $16,010, targeting a price of $15,956 and then $15884.
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)

 

• United States: Thanksgiving holiday
• Canada: Retail sales at 16:30
• United States: Manufacturing PMI at 17:45
• United States: Services PMI at 17:45
• United States: Composite PMI at 17:45

 

Fundamental Analysis

 

• The US dollar index held steady around 103.8 on Friday, retaining its recent gains as stronger-than-expected data prompted traders to reassess expectations for the Federal Reserve’s monetary policy.However, trading volume remained weak due to the Thanksgiving holiday.
• Data on Wednesday showed that the number of Americans filing new claims for unemployment benefits fell more than expected last week.
• Inflation expectations also rose in the near and long term, raising concerns that interest rates may remain elevated for longer.
• Adding to the upward 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 held steady on Friday, on track to post its second consecutive weekly gain, supported by weakness in the US dollar as markets grew more confident that the Federal Reserve has finished raising interest rates.
• Brent crude futures fell on Friday, extending losses from the previous session, as traders speculated on whether OPEC+ would reach an agreement on further production cuts.