Daily Market Analysis

 

Latest Economic and Fundamental Insights

 

• The dollar weakened on Tuesday, falling to its lowest levels since late August, as bets that the Federal Reserve will be cautious in raising interest rates increased.
• Gold rose on Tuesday, supported by the weaker dollar and as investors turned their attention to the minutes of the Federal Reserve’s meeting.
• Silver also rose by more than 1%.
• The minutes of the Federal Reserve’s meeting are due to be released on Tuesday.
• Oil prices maintained their gains on Tuesday, as investors awaited OPEC+ policy. Brent crude traded at $81.74 and West Texas Intermediate crude traded at $77.43.
• The price of bitcoin was only $37,500, far from its all-time high of around $68,000.

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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: $1,990.96

First scenario: Buy gold on the break when steady by closing the candle above the levels of $1,995.83, targeting a price of $2,000.89 and then $2,007.84
Alternative scenario: Sell gold on the break of $1,987.60, targeting a price of $1,981.15 and then $1,973.80.

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: $77.26 per barrel

First scenario: Buy oil on the break when steady by closing the candle above the levels of $77.56, targeting a price of $78.03 and then $87.69.
Alternative scenario: Sell oil on the break of $77.16, targeting a price of $76.75 and then $76.27.

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

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EURUSD

 

General trend: bullish

Time interval: 30 minutes

Current price: $1.09555

First scenario: Sell EURUSD on the break of $1.09494, targeting a price of $1.09334 and then $1.09121.
Alternative scenario: Buy EURUSD on the break when steady by closing the candle above the levels of $1.09721, targeting a price of $1.09906 and then $1.10130.

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

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GBPUSD

 

General trend: bullish

Time interval: 30 minutes

Current price: $1.25260

First scenario: Sell GBPUSD on the break of $1.25123, targeting a price of $1.24925 and then $1.25701.
Alternative scenario: Buy GBPUSD on the break when steady by closing the candle above the levels of $1.25460, targeting a price of $1.25745 and then $1.25966.

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

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NAS100

 

General trend: bullish

Time interval: 30 minutes

Current price: $16,104

First scenario: Sell Nasdaq on the break of $16,060, targeting a price of $16,006 and then $15,935.
Alternative scenario: Buy Nasdaq on the break when steady by closing the candle above the levels of $16140, targeting a price of $16,202 and then $16,265.

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

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Economic Calendar

(Times are in GMT+3)

 

• Canada: Annual Inflation Rate at 16:30
• U.S.: Existing Home Sales Index at 18:00
• U.S.: The minutes of the US FOMC meeting at 19:00 

 

Fundamental Analysis

 

• The dollar index fell to around 103.2 on Tuesday, dropping to its lowest level since late August as traders piled on bets that US interest rates could start to fall next year after a series of weaker-than-expected economic data.
• The Federal Reserve is widely expected to keep interest rates unchanged again in December, while markets see a 30% chance that the Fed could start cutting rates as early as March 2024.
• Investors are now looking to the minutes of the Federal Open Market Committee meeting and a raft of US economic data for further guidance.
• The dollar fell to its lowest levels in several months against other major currencies, with sharp losses seen this week against the yuan as the Chinese central bank directed its currency towards appreciation.
• Gold prices rose on Tuesday, supported by weakness in the US dollar and Treasury yields, as investors look to the Fed’s latest meeting minutes for further guidance on interest rate expectations.
• West Texas Intermediate crude futures settled above $77 a barrel on Tuesday after rising by more than 6% in the previous two sessions, supported by growing expectations that OPEC+ will cut supply further to support prices ahead of its meeting on November 26.