Daily Market Analysis

 

Latest Economic and Fundamental Insights

 

• The dollar is falling amid declining inflation and is hovering near its weakest levels since early September. The dollar is at its lowest levels in over two months.
• Gold price is up with the falling US dollar and attractive bond yields.
• US producer price index data is due to be released today.
• The US consumer price index fell 3.2% year-on-year in October.
• Oil is up due to Chinese economic data and expectations of strong demand, trading at $82.74 for Brent crude and $78.43 for West Texas Intermediate crude.
• The Bitcoin price is affected despite the decline in the US consumer price index, but the bulls are still in control.

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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: $1,967.72

First scenario: Buy gold on the break when steady by closing the candle above the levels of $1,969.26, targeting a price of $1,974.32 and then $1,981.26.
Alternative scenario: Sell gold on the break of $1,961.03, targeting a price of $1,954.58 and then $1,947.23.

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

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CRUDE OIL

 

 

General trend: bullish

Time interval: 30 minutes

Current price: $78.50 per barrel

First scenario: Buy oil on the break when steady by closing the candle above the levels of $78.63, targeting a price of $79.08 and then $79.74.
Alternative scenario: Sell oil on the break of $78.21, targeting a price of $77.80 and then $77.31.

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

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EURUSD

 

General trend: bullish

Time interval: 30 minutes

Current price: $1.08737

First scenario: Sell EURUSD on the break of $1.08639, targeting a price of $1.08479 and then $1.08266.
Alternative scenario: Buy EURUSD on the break when steady by closing the candle above the levels of $1.08867, targeting a price of $1.09051 and then $1.09276.

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

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GBPUSD

 

General trend: bullish

Time interval: 30 minutes

Current price: $1.24903

First scenario: Sell GBPUSD on the break of $1.24714, targeting a price of $1.24516 and then $1.24292.
Alternative scenario: Buy GBPUSD on the break when steady by closing the candle above the levels of $1.25051, targeting a price of $1.25336 and then $1.25557.

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

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NAS100

 

General trend: bullish

Time interval: 30 minutes

Current price: $15,921

First scenario: Sell Nasdaq on the break of $15,878, targeting a price of $15,824 and then $15,752.
Alternative scenario: Buy Nasdaq on the break when steady by closing the candle above the levels of $15,957, targeting a price of $16,020 and then $16,083.

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

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Economic Calendar

(Times are in GMT+3)

 

• United Kingdom: Consumer Price Index (CPI) at 10:00.
• United Kingdom: Core Consumer Price Index (CPI-Core) at 10:00.
• Europe: Balance of Trade at 13:30.
• United States: Retail Sales Index at 16:30.
• United States: Producer Price Index Core at 16:30.
• United States: Monthly Producer Price Index at 16:30.

 

Fundamental Analysis

 

• The dollar index stabilized around 104.1 on Wednesday after falling 1.5% in the previous session, hovering near its weakest levels since early September. This movement seems to be due to a easing of inflationary pressures in the United States, bolstering the view that the Federal Reserve may have finished raising interest rates.
• The consumer price index report showed that inflation in the United States slowed more than expected to 3.2% in October from 3.7% in September, while the core rate fell to 4%, the lowest level in over two years.
• The markets now see no chance of interest rates being raised again at the Federal Reserve’s December meeting, while bets on a rate cut in May of next year have risen to around 50%.
• Investors are now looking to US producer price inflation data and retail sales, as well as further central bank commentary for further guidance.
• The dollar held on to its losses against other major currencies, with most currencies losing ground in front of their counterparts.
• Gold prices continued to rise on Wednesday. This was supported by the weakness of the US dollar and bond yields after data showed a slowing of inflation in the United States, which reinforced the view that the Federal Reserve may have finished its rate-hiking campaign.
• Oil prices rose on Wednesday as China’s factory output and retail sales exceeded expectations, a day after the International Energy Agency raised its forecast for oil demand growth this year.