Daily Market Analysis

 

Latest Economic and Fundamental Insights

 

• The dollar slipped ahead of the release of the specific consumer price index report.
• Gold rose as U.S. consumer price index data was released amid concerns about the Federal Reserve’s cautious approach.
• The U.S. dollar and bond yields hovered near two-week lows.
• Oil fell further as U.S. stockpiles rose, easing supply concerns.
• Brent crude traded at $85.55 per barrel, while West Texas Intermediate was priced at $81.94 per barrel.
• Bitcoin bears are changing the narrative as the risk of further downside increases.

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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: $1,878.78

First scenario: Buy gold on the break when steady by closing the candle above the levels of 1,884.54, targeting a price of $1,884.54 and then $1,889.09.
Alternative scenario: Sell gold on the break of $1,874.29, targeting a price of $1,868.82 and then $1,864.01.

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: $81.94 per barrel

First scenario: Buy oil on the break when steady by closing the candle above the levels of $82.09, targeting a price of $82.64 and then $83.14.
Alternative scenario: Sell oil on the break of $81.47, targeting a price of $80.89 and then $80.37.

Comment: Trading below resistances and averages suggests a downtrend.

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EURUSD

 

 

General trend: bullish

Time interval: 30 minutes

Current price: $1.06314

First scenario: Sell EURUSD on the break of 1.06129, targeting a price of $1.05969 and then $1.05796.
Alternative scenario: Buy EURUSD on the break when steady by closing the candle above the levels of $1.06359, targeting a price of $1.06546 and then $1.06756.

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

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GBPUSD

 

 

General trend: bullish

Time interval: 30 minutes

Current price: $1.23190

First scenario: Sell GBPUSD on the break of $1.22967, targeting a price of $1.22770 and then $1.22546.
Alternative scenario: Buy GBPUSD on the break when steady by closing the candle above the levels of $1.23304, targeting a price of $1.23589 and then $1.23810.

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

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NAS100

 

 

General trend: bullish

Time interval: 30 minutes

Current price: $15,429

First scenario: Sell Nasdaq on the break of $15,377, targeting a price of $15,323 and then $15,251.
Alternative scenario: Buy Nasdaq on the break when steady by closing the candle above the levels of $15,458, targeting a price of $15,519 and then $15,582.

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

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Economic Calendar

(Times are in GMT+3)

 

• UK: Trade balance at 10:00
• UK: Gross domestic product (GDP) growth rate at 10:00
• US: Consumer price index (CPI) at 15:30
• US: Annual inflation rate at 15:30
• US: Initial jobless claims at 15:30
• US: Crude oil inventories at 18:00

 

Fundamental Analysis

 

• The dollar index held steady around 105.7 on Thursday in thin trading, as investors cautiously awaited U.S. consumer price inflation data due later in the day for new insights on the economy.
• The index also remained lower for the week even after data released on Wednesday showed that U.S. producer prices rose more than expected in September, with both headline and core rates accelerating.
• In addition, the minutes of the Federal Reserve’s latest meeting showed that the central bank is prepared to keep interest rates at restrictive levels for some time to bring inflation back to target.
• However, Fed officials also pointed to uncertainties surrounding the economy, oil prices, and financial markets as supporting the case for proceeding cautiously in determining the extent of additional policy firming that may be appropriate.
• Gold prices rose to their highest level in two weeks on Thursday, with the U.S. dollar and Treasury yields stumbling on the Federal Reserve’s cautious approach to interest rates, while investors awaited the key inflation report for more clarity on the future policy path.
• Oil prices fell for the third consecutive day on Wednesday, weighed down by a larger-than-expected increase in U.S. crude oil and gasoline stockpiles and easing supply concerns.