Daily Market Analysis

 

Latest Economic and Fundamental Insights

 

• The dollar index fell to 100.81 on Wednesday, its lowest level since the end of July, marking a five-month low.
• Gold prices rose to their highest level in more than three weeks as bets on U.S. rate cuts remained firm.
• Gold is on track for its best year since 2020.
• Palladium is on track for its worst annual performance in 15 years.
• Oil prices rose amid Middle East tensions. Brent crude traded at $79 a barrel and U.S. West Texas Intermediate crude at $74 a barrel.
• NIO shares rose 10% after the electric vehicle maker unveiled its new Slick Luxury Model ET9.
• Asian stocks hit their highest levels in five months as bets on rate cuts increased.
• Australian mining and banking stocks rose to their highest levels in 20 months.
• Hong Kong regulators are preparing to approve spot bitcoin exchange-traded funds.

 

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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: $2,085.02

First scenario: Buy gold on the break when steady by closing the candle above the levels of $2,090.00, targeting a price of $2,095.06 and $2,102.00.
Alternative scenario: Sell gold on the break of $2,081.77, targeting a price of $2,075.32 and then $2,067.97.

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: $74.24 per barrel

First scenario: Buy oil on the break when steady by closing the candle above the levels of $74.50, targeting a price of $74.97 and then $75.53.
Alternative scenario: Sell oil on the break of $73.82, targeting a price of $73.30 and then $72.71.

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

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EURUSD

 

General trend: bullish

Time interval: 30 minutes

Current price: $1.11057

First scenario: Sell EURUSD on the break of $1.10999, targeting a price of $1.10839 and then $1.10626.
Alternative scenario: Buy EURUSD on the break when steady by closing the candle above the levels of $1.11227, targeting a price of $1.11411 and then $1.11636.

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

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GBPUSD

 

General trend: bullish

Time interval: 30 minutes

Current price: $1.28072

First scenario: Sell GBPUSD on the break of $1.27857, targeting a price of $1.27660 and then $1.27436.
Alternative scenario: Buy GBPUSD on the break when steady by closing the candle above the level of $1.28193, targeting a price of $1.28479 and then $1.28701.

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

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NAS100

 

General trend: bullish

Time interval: 30 minutes

Current price: $17,146

First scenario: Sell Nasdaq on the break of $17,111, targeting a price of $17,069 and then $17,026.
Alternative scenario: Buy Nasdaq on the break when steady by closing the candle above the level of $17,170, targeting a price of $17,210 and then $17,256.

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

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Economic Calendar

(Times are in GMT+3)

 

• US: Initial jobless claims index at 16:30.
• US: Pending home sales index at 18:00.
• US: Crude oil inventories at 18:30.

 

Fundamental Analysis

 

• The US dollar completed sharp losses on Thursday and is on track for an annual decline, while the Swiss franc reached a nine-year high and the euro at its highest level in five months amid expectations that 2024 will see significant interest rate cuts.
• Gold prices rose on Thursday to their highest levels in more than 3 weeks as US dollar and bond yields hit their lowest levels in several months amid growing bets that the Federal Reserve will begin cutting interest rates in March next year.
• The West Texas Intermediate futures rose to around $74.5 a barrel on Thursday, recouping some of the losses from the previous session as geopolitical uncertainty in the Middle East continued to lift the risk premium in the oil market.
• Analysts pointed to the possibility of a protracted Israeli military campaign in Gaza and Iran’s growing involvement in the conflict.
• The expectations that the US Federal Reserve will begin cutting interest rates next year also boosted global growth and expectations for energy demand, increasing bullish sentiment.