Daily Market Analysis

 

Latest Economic and Fundamental Insights

 

• The dollar rose as the Federal Reserve meeting approached, recouping some of the losses from the previous session. The Federal Reserve is scheduled to begin its two-day monetary policy meeting today.
• Gold is on track for its biggest monthly gain in 11 months, thanks to safe-haven flows. Gold has risen about 8% so far this month. Silver and platinum also posted monthly gains.
• The Bank of Japan’s interest rate decision on the yen was released this morning and was kept unchanged at -0.10%.
• Concerns about oil production in Sudan are growing as fighting spreads. Oil prices rose slightly, with supply concerns offset by weak Chinese data. Brent crude traded at $86.72, while West Texas Intermediate traded at $82.45.
• Bitcoin price stabilized above $34,000.

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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: $1,993.47

First scenario: Buy gold on the break when steady by closing the candle above the levels of $1,997.27, targeting a price of $2,002.33 and then $2,009.27.
Alternative scenario: Sell gold on the break of $1,989.04, targeting a price of $1,982.59 and then $1,975.35.

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

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CRUDE OIL

 

 

General trend: bearish

Time interval: 30 minutes

Current price: $82.47 per barrel

First scenario: Buy oil on the break when steady by closing the candle above the levels of $82.69, targeting a price of $83.25 and then $83.75.
Alternative scenario: Sell oil on the break of $82.08, targeting a price of $81.50 and then $80.97.

Comment: Trading below resistances and averages suggests a downtrend.

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EURUSD

 

General trend: bullish

Time interval: 30 minutes

Current price: $1.05973

First scenario: Sell EURUSD on the break of $1.05840, targeting a price of $1.05680 and then $1.05489.
Alternative scenario: Buy EURUSD on the break when steady by closing the candle above the levels of $1.06070, targeting a price of $1.06257 and then $1.06467.

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

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GBPUSD

 

General trend: bearish

Time interval: 30 minutes

Current price: $1.21471

First scenario: Sell GBPUSD on the break of $1.21315, targeting a price of $1.21118 and then $1.20894.
Alternative scenario: Buy GBPUSD on the break when steady by closing the candle above the levels of $1.21652, targeting a price of $1.21937 and then $1.22158.

Comment: Trading below resistances and averages suggests a downtrend.

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NAS100

 

General trend: bearish

Time interval: 30 minutes

Current price: $14,336

First scenario: Sell Nasdaq on the break of $14,285, targeting a price of $14,231 and then $14,159.
Alternative scenario: Buy Nasdaq on the break when steady by closing the candle above the levels of $14,366, targeting a price of $14,427 and then $14,490.

Comment: Trading below resistances and averages suggests a downtrend.

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Economic Calendar

(Times are in GMT+3)

 

• Germany: Retail Sales Index at 10:00
• Europe: Annual Inflation Rate at 13:00
• Canada: GDP at 15:30
• U.S.: Consumer Confidence Index at 17:00

 

Fundamental Analysis

 

• The dollar index rose to around 106.3 on Tuesday, recouping some of the losses from the previous session as the Federal Reserve is scheduled to begin its two-day monetary policy meeting today.
• While it is widely expected that the central bank will keep interest rates unchanged, traders are taking positions cautiously amid the risk of another rate hike from the Fed as the US economy continues to show resilience.
• On the data front, core personal consumption expenditures in the United States rose in line with expectations, but the headline personal consumption expenditures index rose slightly more than expected in September.
• Consumer spending in the United States also rose last month, as households boosted their purchases of cars and traveled more.
• Investors are now looking to the monthly jobs report and the ISM manufacturing index later this week for further guidance.
• The dollar rose across the board, but is at risk of slipping against the yen amid reports that the Bank of Japan is scheduled to consider an additional tweak to its yield curve control by allowing the 10-year Japanese government bond yield to rise above 1%.
• Gold steadied on Tuesday ahead of this week’s central bank meetings which could offer insights on the global economy and policy outlook, but the safe-haven metal is on track to end its best month in nearly a year as the war between Israel and Hamas unfolds.
• Oil prices rose in Asian trading on Tuesday, after falling more than 3% in the previous session, as supply concerns triggered by conflicts in the Middle East overshadowed weak Chinese data.