Daily Market Analysis

 

Latest Economic and Fundamental Insights

 

• The dollar index held steady around 104 on Tuesday as traders awaited a key reading on inflation in the United States that could influence the path of interest rates ahead of the Federal Reserve’s final monetary policy decision for the year.
• Gold held steady as traders sought direction from U.S. inflation data.
• Apple shares are looking to a new record high after gaining 0.8%.
• The U.S. Consumer Price Index report is due out on this day.
• Markets expect the Federal Reserve to keep rates on hold on Wednesday.
• Oil prices are rising ahead of interest rate decisions, but concerns about increased supply remain, with Brent crude trading at $76.50 and West Texas Intermediate at $72.07.
• Bitcoin price fell by $2,725.87 on Tuesday, or 6.22%, to reach $41,092.96.

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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: $1,987.6

First scenario: Buy gold on the break when steady by closing the candle above the levels of $1,990.76, targeting a price of $1,995.82 and then $2,002.76.
Alternative scenario: Sell gold on the break of $1,982.52, targeting a price of $1,976.07 and then $1,968.72.

Comment: Trading below resistances and averages suggests a downtrend.

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CRUDE OIL

 

General trend: bearish

Time interval: 30 minutes

Current price: $72.11 per barrel

First scenario: Buy oil on the break when steady by closing the candle above the levels of $72.34, targeting a price of $72.81 and then $73.37.
Alternative scenario: Sell oil on the break of $71.66, targeting a price of $71.14 and then $70.55.

Comment: Trading below resistances and averages suggests a downtrend.

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EURUSD

 

General trend: bearish

Time interval: 30 minutes

Current price: $1.07707

First scenario: Sell EURUSD on the break of $1.07573, targeting a price of $1.07414 and then $1.07201.
Alternative scenario: Buy EURUSD on the break when steady by closing the candle above the levels of $1.07801, targeting a price of $1.07985 and then $1.08210.

Comment: Trading below resistances and averages suggests a downtrend.

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GBPUSD

 

General trend: bullish

Time interval: 30 minutes

Current price: $1.25788

First scenario: Sell GBPUSD on the break of $1.25558, targeting a price of $1.25361 and then $1.25137.
Alternative scenario: Buy GBPUSD on the break when steady by closing the candle above the levels of $1.25894, targeting a price of $1.26180 and then $1.26401.

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

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NAS100

 

General trend: bullish

Time interval: 30 minutes

Current price: $16,475

First scenario: Buy Nasdaq on the break when steady by closing the candle above the level of $16,501, targeting a price of $16,540 and then $16,586.
Alternative scenario: Sell Nasdaq on the break of $16,441, targeting a price of $16,399 and then $16,356.

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

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Economic Calendar

(Times are in GMT+3)

 

• UK: Unemployment Rate Index at 10:00.
• UK: Change in Employment Index at 10:00.
• Europe: ZEW Business Climate Index at 13:00.
• United States: Core Consumer Price Index (excluding food and energy) (monthly) (November)  at 16:30.
• United States: Consumer Price Index (annually) (November) at 16:30.
• United States, CPI (monthly) (November) at 16:30.

 

Fundamental Analysis

 

• The dollar index held steady around 104 on Tuesday as traders awaited a key reading on inflation in the United States that could influence the path of interest rates, ahead of the Federal Reserve’s final monetary policy decision for the year.
• The consumer price data for the United States will be released later today, followed by producer price data and the Federal Reserve’s policy announcement on Wednesday.
• The Federal Reserve is likely to defy expectations of a rate cut as the labor market shows greater resilience in the face of higher interest rates, even as inflationary pressures continue to ease.
• A survey by the Federal Reserve Bank of New York showed that American consumers expect inflation to decline over the next 12 months amid a decline in expectations for rising gasoline and rent costs.
• Markets are also looking to policy decisions from other major central banks this week, including the European Central Bank and the Bank of England.
• Gold price stabilized on Tuesday after hitting a three-week low in the previous session as investors awaited key U.S. inflation data and major central bank policy meetings for clues on interest rates.
• Oil prices rose on Tuesday as investors cautiously eyed ahead of key interest rate decisions and the release of inflation data, but concerns about a supply glut and slowing demand growth capped gains.