Daily Market Analysis

 

Latest Economic and Fundamental Insights

 

• The dollar rose ahead of Powell’s comments.
• Gold hovered near its highest level in 11 weeks.
• Oil prices fell as concerns about an Israeli embargo and the easing of sanctions on Venezuela eased. Brent crude traded at $90.63 and West Texas Intermediate crude at $86.44.
• The price of bitcoin is still above a key level of $28,000.

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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: $1,951.25 

First scenario: Buy gold on the break when steady by closing the candle above the levels of $1,952.25, targeting a price of $1,957.80 and then $1,964.74.
Alternative scenario: Sell gold on the break of $1,944.51, targeting a price of $1,938.06 and then $1,930.82.

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: $86.72 per barrel

First scenario: Buy oil on the break when steady by closing the candle above the levels of $87.13, targeting a price of $87.69 and then $88.18.
Alternative scenario: Sell oil on the break of $86.51, targeting a price of $85.94 and then $85.41.

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

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EURUSD

 

General trend: bearish

Time interval: 30 minutes

Current price: $1.05405

First scenario: Sell EURUSD on the break of $1.05266, targeting a price of $1.05106 and then $1.04915.
Alternative scenario: Buy EURUSD on the break when steady by closing the candle above the levels of $1.05494, targeting a price of $1.05683 and then $1.05893

Comment: Trading below resistances and averages suggests a downtrend.

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GBPUSD

 

General trend: bearish

Time interval: 30 minutes

Current price: $1.21341

First scenario: Sell GBPUSD on the break of $1.21150, targeting a price of $1.20952 and then $1.20728.
Alternative scenario: Buy GBPUSD on the break when steady by closing the candle above the levels of $1.21486, targeting a price of $1.21771 and then $1.21993

Comment: Trading below resistances and averages suggests a downtrend.

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NAS100

 

General trend: bearish

Time interval: 30 minutes

Current price: $15,021

First scenario: Sell Nasdaq on the break of $14,968, targeting a price of $14,914 and then $14,842.
Alternative scenario: Buy Nasdaq on the break when steady by closing the candle above the levels of $15,049, targeting a price of $15,110 and then $15,173.

Comment: Trading below resistances and averages suggests a downtrend.

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Economic Calendar

(Times are in GMT+3)

 

• United States: Philadelphia Fed Manufacturing Index at 15:30
• United States: Initial jobless claims at 15:30
• United States: Existing home sales at 17:00

 

Fundamental Analysis

 

• The dollar index held its recent gains around 106.5 on Thursday as investors looked ahead to Federal Reserve Chairman Jerome Powell’s speech later in the day for guidance on interest rate expectations.
• In the latest central bank commentary, Fed Governor Christopher Waller said he wants to “wait and see and monitor” whether the U.S. economy continues to be strong or weakens in the face of rising borrowing costs.
• However, stronger-than-expected U.S. economic data reinforced the view that the Fed will keep interest rates elevated for an extended period.
• The dollar also received support from rising Treasury yields, with the benchmark U.S. 10-year yield reaching its highest level in 16 years above 4.9%.
• In addition, concerns about a wider conflict in the Middle East provided a safe haven in the dollar.
• Gold held at around $1,950 an ounce on Thursday, hovering near its highest level in 11 weeks, as the ongoing conflict between the Israeli military and Hamas militants boosted demand for the metal as a safe haven.
• Tensions in the Middle East escalated after an explosion at a hospital in Gaza City killed hundreds of Palestinians on Tuesday, raising political uncertainty in the region and the possibility of intervention by other countries.
• Oil prices fell on Thursday, erasing gains from the previous session, after OPEC showed no signs of supporting Iran’s call for an oil embargo on Israel, and as the United States plans to ease sanctions on Venezuela to allow for more oil to flow to the global market.