Daily Market Analysis

 

Latest Economic and Fundamental Insights

 

• The dollar held steady as investors awaited the Federal Reserve’s outlook, with markets remaining divided on whether U.S. interest rates have already peaked.
• Gold hovered near its lowest levels in three weeks, pressured by hawkish comments from central bank officials this week.
• A survey showed that top Chinese economists became less optimistic in November.
• Palladium approached five-year lows.
• Oil prices extended losses, with Brent crude trading at $79.64 a barrel and U.S. West Texas Intermediate crude trading at $75.43 a barrel.
• Bitcoin topped $36,000 as exchange-traded funds were yet to be priced.

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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: bearish

Time interval: 30 minutes

Current price: $1,949.29  

First scenario: Buy gold on the break when steady by closing the candle above the levels of $1,955.57, targeting a price of $1,960.63 and then $1,967.57.
Alternative scenario: Sell gold on the break of $1,947.33, targeting a price of $1,940.89 and then $1,933.65.

Comment: Trading below resistances and averages suggests a downtrend.

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CRUDE OIL

 

 

General trend: bearish

Time interval: 30 minutes

Current price: $75.45 per barrel

First scenario: Buy oil on the break when steady by closing the candle above the levels of $75.79, targeting a price of $76.24 and then $76.89.
Alternative scenario: Sell oil on the break of $75.36, targeting a price of $74.95 and then $74.47.

Comment: Trading below resistances and averages suggests a downtrend.

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EURUSD

 

General trend: bullish

Time interval: 30 minutes

Current price: $1.07105

First scenario: Sell EURUSD on the break of $1.06977, targeting a price of $1.06817 and then $1.06604.
Alternative scenario: Buy EURUSD on the break when steady by closing the candle above the levels of $1.07204, targeting a price of $1.07389 and then $1.07613.

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

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GBPUSD

 

General trend: bearish

Time interval: 30 minutes

Current price: $1.22851

First scenario: Sell GBPUSD on the break of $1.22700, targeting a price of $1.22502 and then $1.22278.
Alternative scenario: Buy GBPUSD on the break when steady by closing the candle above the levels of $1.23037, targeting a price of $1.23323 and then $1.23543.

Comment: Trading below resistances and averages suggests a downtrend.

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NAS100

 

General trend: bullish

Time interval: 30 minutes

Current price: $15,364

First scenario: Sell Nasdaq on the break of $15,325, targeting a price of $15,271 and then $15,199.
Alternative scenario: Buy Nasdaq on the break when steady by closing the candle above the levels of $15,406, targeting a price of $15,467 and then $15,530.

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

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Economic Calendar

(Times are in GMT+3)

 

• United States: Initial Unemployment Claims Report at 16:30
• United States: Speech by Jerome Powell at 22:00

 

Fundamental Analysis

 

• The dollar fell to around 105.5 on Thursday as investors continued to assess the Federal Reserve’s monetary policy outlook, with markets remaining divided on whether U.S. interest rates have already peaked.
• Earlier this week, Federal Reserve Governor Michelle Bowman hinted at the possibility of further rate hikes due to the strength of the economy, while Federal Reserve Bank of Minneapolis President Neel Kashkari said it is premature to declare victory over inflation.
• Meanwhile, Federal Reserve Chairman Jerome Powell did not make any comments on interest rates or the economy during his appearance at a conference celebrating the 100th anniversary of the Federal Reserve’s Division of Research and Statistics.
• The dollar held steady against most major currencies, but is at risk of falling against the euro after hawkish comments from European policymakers.
• Gold prices stabilized near a three-week low on Thursday as initial safe-haven demand from the conflict in the Middle East faded, while investors awaited comments from Federal Reserve Chairman Jerome Powell for more clues on interest rates.
• The West Texas Intermediate crude futures rose to around $76 a barrel on Thursday, but remained under pressure amid growing uncertainty about demand and easing concerns about potential supply disruptions in the Middle East. Oil prices fell more than 2% on Wednesday to their lowest levels since mid-July amid emerging concerns about demand in two of the world’s largest oil consumers, China and the United States.