enDaily Analysis 06/11/2023
Latest Economic and Fundamental Insights
- The dollar holds its decline on weak jobs data.
- Gold slips as yields rise, Powell speech in focus.
- US job growth was weaker than expected in October.
- Gold jumps to $2,003.68 an ounce in previous session.
- Oil rises after Saudi Arabia and Russia commit to production cuts. Brent crude trades at $85.27, West Texas Intermediate at $80.75.
- Bitcoin price faces major hurdle near $35,250. BTC could rise towards $37,000 once it breaks through resistance levels of $35,250 and $35,500.
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.
GOLD
General trend: bullish
Time interval: 30 minutes
Current price: $1,984.32
First scenario: Buy gold on the break when steady by closing the candle above the levels of $1,989.31, targeting a price of $1,994.37 and then $2,001.31.
Alternative scenario: Sell gold on the break of $1,981.08, targeting a price of $1,974.63 and then $1,967.39.
Comment: Trading above the supports and averages suggests an uptrend.
CRUDE OIL
General trend: bearish
Time interval: 30 minutes
Current price: $80.73 per barrel
First scenario: Buy oil on the break when steady by closing the candle above the levels of $80.92, targeting a price of $81.37 and then $82.03.
Alternative scenario: Sell oil on the break of $80.50, targeting a price of $80.09 and then $79.60.
Comment: Trading below resistances and averages suggests a downtrend.
EURUSD
General trend: bullish
Time interval: 30 minutes
Current price: $1.07384
First scenario: Sell EURUSD on the break of $1.07234, targeting a price of $1.07074 and then $1.06883.
Alternative scenario: Buy EURUSD on the break when steady by closing the candle above the levels of $1.07464, targeting a price of $1.07651 and then $1.07861.
Comment: Trading above the supports and averages suggests an uptrend.
GBPUSD
General trend: bullish
Time interval: 30 minutes
Current price: $1.23818
First scenario: Sell GBPUSD on the break of $1.23595, targeting a price of $1.23398 and then $1.23174.
Alternative scenario: Buy GBPUSD on the break when steady by closing the candle above the levels of $1.23932, targeting a price of $1.24217 and then $1.24439.
Comment: Trading above the supports and averages suggests an uptrend.
NAS100
General trend: bullish
Time interval: 30 minutes
Current price: $15,180
First scenario: Sell Nasdaq on the break of $15,134, targeting a price of $15,080 and then $15,008.
Alternative scenario: Buy Nasdaq on the break when steady by closing the candle above the levels of $15,215, targeting a price of $15,276 and then $15,339.
Comment: Trading above the supports and averages suggests an uptrend.
Economic Calendar
(Times are in GMT+3)
- Canada: Ivey Purchasing Managers’ Index at 18:00
Fundamental Analysis
- The dollar held its recent decline near 105 on Monday after losing 1% in the previous session, as weaker-than-expected U.S. monthly jobs report reinforced bets that the Federal Reserve is unlikely to implement additional interest rate hikes.
- The U.S. economy added 150,000 jobs in October, which represents about half of the revised 297,000 jobs added in September and less than market expectations of 180,000 jobs.
- The unemployment rate also rose to its highest level in 21 months, and wage growth slowed more than expected.
- In addition, falling Treasury yields weighed on the dollar, with the U.S. benchmark 10-year yield hitting its lowest level in more than a month, at 4.48% on Friday.
- Investors now look to fresh commentary from Federal Reserve officials this week to further guide interest rate expectations.
- Gold prices fell on Monday due to a slight rise in U.S. bond yields, ahead of Federal Reserve Chairman Jerome Powell’s speech later this week for more clarity on interest rate expectations.
- Oil prices rose on Monday, with Saudi Arabia and Russia, the world’s top oil producers, announcing that they would commit to additional voluntary production cuts until the end of the year, keeping supplies tight, while investors await more stringent U.S. sanctions on Iranian oil.
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