Daily Market Analysis

 

Latest Economic and Fundamental Insights

 

• The dollar holds onto gains due to hot inflation data.
• Gold rises for its best week since March. It has gained 2.2% so far this week.
• Platinum and palladium are on track for weekly losses.
• Oil rises as US sanctions and inventory forecasts heighten supply concerns. Brent crude is trading at $86.65, and West Texas Intermediate at $82.64.
• Bitcoin’s price remains stable, but rallies are becoming attractive to bears.

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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: $1,877.72

First scenario: Buy gold on the break when steady by closing the candle above the levels of $1,880.06, targeting a price of $1,884.54 and then $1,889.049.
Alternative scenario: Sell gold on the break of $1,874.29, targeting a price of $1,868.72 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: $82.61 per barrel

First scenario: Buy oil on the break when steady by closing the candle above the levels of $82.86, targeting a price of $83.41 and then $83.91.
Alternative scenario: Sell oil on the break of $82.24, targeting a price of $81.67 and then $81.14.

Comment: Trading below resistances and averages suggests a downtrend.

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EURUSD

 

 

General trend: bearish

Time interval: 30 minutes

Current price: $1.05457

First scenario: Sell EURUSD on the break of 1.05329, targeting a price of $1.05169 and then $1.04996.
Alternative scenario: Buy EURUSD on the break when steady by closing the candle above the levels of $1.05559, targeting a price of $1.05746 and then $1.05956.

Comment: Trading below resistances and averages suggests a downtrend.

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GBPUSD

 

General trend: bearish

Time interval: 30 minutes

Current price: $1.22041

First scenario: Sell GBPUSD on the break of $1.21823, targeting a price of $1.21625 and then $1.21401.
Alternative scenario: Buy GBPUSD on the break when steady by closing the candle above the levels of $1.22160, targeting a price of $1.22445 and then $1.22666.

Comment: Trading below resistances and averages suggests a downtrend.

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NAS100

 

 

General trend: bearish

Time interval: 30 minutes

Current price: $15,319

First scenario: Sell Nasdaq on the break of $15,279, targeting a price of $15,225 and then $15,153.
Alternative scenario: Buy Nasdaq on the break when steady by closing the candle above the levels of $15,360, targeting a price of $15,421 and then $15,484.

Comment: Trading below resistances and averages suggests a downtrend.

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Economic Calendar

(Times are in GMT+3)

 

• United States: Import and Export Price Indexes at 15:30
• United States: Michigan Consumer Sentiment Index at 17:00

 

Fundamental Analysis

 

• The dollar held steady around 106.5 on Friday after jumping 0.8% in the previous session, supported by hotter-than-expected U.S. consumer price inflation data that reinforced the view that the Federal Reserve will keep interest rates elevated for longer.
• U.S. annual inflation remained unchanged at 3.7%, slightly above market expectations of 3.6%, while the monthly rate fell below expectations to 0.4%.
• Meanwhile, the minutes of the Federal Reserve’s latest meeting released on Wednesday revealed that the central bank intends to keep borrowing costs at restrictive levels “for some time” to bring inflation back to its 2% target.
• However, Fed officials also pointed to uncertainties surrounding the economy, oil prices, and financial markets, which supports “the case for proceeding cautiously in determining the extent of additional policy tightening that may be appropriate.”
• Gold rose on Friday and is on track to record its best week in seven months, drawing support from tensions in the Middle East and expectations that U.S. interest rates may have peaked, as markets assessed the latest inflation data.
• U.S. Treasury yields and the dollar reversed course in Asian hours on Friday, after strengthening in the previous session after data showed U.S. consumer prices rose in September.
• Oil prices rose on Friday after the United States tightened its sanctions program on Russian crude exports, raising concerns about supply in an already tight market, with global inventories expected to decline in the fourth quarter.