Daily Market Analysis

 

Latest Economic and Fundamental Insights

 

• The dollar is poised for a sharp weekly decline, as rising US jobless claims bolster bets for a rate cut from the Federal Reserve.
• Gold is on track for its first weekly gain in three weeks, amid hopes that the Fed may pause.
• Silver and platinum are also on track for weekly gains.
• US weekly jobless claims rose more than expected.
• Oil prices are heading for their fourth weekly decline, trading at $77.74 for Brent crude and $73.43 for West Texas Intermediate crude.
• Bitcoin fell 5% to below $36,000 as the cryptocurrency rally hit a wall, wiping out $340 million in two days.

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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: $1,986.89

First scenario: Buy gold on the break when steady by closing the candle above the levels of $1988.45, targeting a price of $1,993.51 and then $2,000.43.
Alternative scenario: Sell gold on the break of $1,980.22, targeting a price of $1,973.77 and then $1,966.41.

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: $73.18 per barrel

First scenario: Buy oil on the break when steady by closing the candle above the levels of $73.45, targeting a price of $73.90 and then $74.55.
Alternative scenario: Sell oil on the break of $73.02, targeting a price of $72.61 and then $72.13.

Comment: Trading below resistances and averages suggests a downtrend.

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EURUSD

 

General trend: bullish

Time interval: 30 minutes

Current price: $1.08534 

First scenario: Sell EURUSD on the break of $1.08395, targeting a price of $1.08235 and then $1.08022.
Alternative scenario: Buy EURUSD on the break when steady by closing the candle above the levels of $1.08622, targeting a price of $1.08807 and then $1.09031.

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

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GBPUSD

 

General trend: bullish

Time interval: 30 minutes

Current price: $1.24080

First scenario: Sell GBPUSD on the break of $1.23968, targeting a price of $1.23771 and then $1.23547.
Alternative scenario: Buy GBPUSD on the break when steady by closing the candle above the levels of $1.24305, targeting a price of $1.24590 and then $1.24812.

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

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NAS100

 

General trend: bullish

Time interval: 30 minutes

Current price: $15,901

First scenario: Sell Nasdaq on the break of $15,853, targeting a price of $15,799 and then $15,728.
Alternative scenario: Buy Nasdaq on the break when steady by closing the candle above the levels of $15,933, targeting a price of $15,995 and then $16,058.

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

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Economic Calendar

(Times are in GMT+3)

 

• United Kingdom: Monthly and annual retail sales index at 10:00.
• Europe: Consumer price index at 13:00.
• Europe: Inflation rate index at 13:00.
• United States: Housing starts index at 16:30.
• United States: Building permits index at 16:30.

 

Fundamental Analysis

 

• The dollar index stabilized around 104.3 on Friday but is still on track for a loss of more than 1% this week, as weaker-than-expected US economic data this week, led by a slowdown in inflation, bolstered bets that the Federal Reserve may have ended its plans for its tightening cycle.
• The Central Bank is widely expected to keep interest rates unchanged again in December, while traders are now focused on when the Fed could start cutting rates.
• Earlier this week, data showed that US consumer price inflation slowed more than expected in October, while retail sales fell for the first time in seven months.
• The number of Americans filing new claims for unemployment benefits also rose to the highest level in three months last week.
• The dollar is on track to end the week lower against other major currencies, and was most down against the Australian dollar and the euro.
• Gold prices continued to rise on Friday and are on track to record their first weekly gain in three weeks, as investors intensified their bets that the US Federal Reserve has ended its rate-hike cycle, pressuring the dollar and Treasury yields.
• Oil prices were on track for their fourth weekly decline as they remained little changed in early Asian trading after falling around 5% to their lowest level in four months on Thursday due to concerns about global demand.