Daily Market Analysis

 

Latest Economic and Fundamental Insights

 

• The dollar held steady as investors awaited the Federal Reserve’s monetary policy expectations. Investors continued to assess the Federal Reserve’s monetary policy expectations ahead of the central bank’s monetary policy meeting next week.
• Gold prices retreated from a five-month high as investors awaited the release of U.S. economic data.
• The markets are awaiting the release of U.S. personal consumption expenditures price index and third-quarter GDP data this week.
• Oil prices declined as traders monitored the ongoing conflict in the Middle East. Brent crude was trading at $91.25 per barrel, while West Texas Intermediate crude was trading at $86.84 per barrel.
• Bitcoin prices continue to break through barriers, reaching new highs of $30,600.

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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: $1,973.63

First scenario: Buy gold on the break when steady by closing the candle above the levels of $1,976.92, targeting a price of $1,981.98 and then $1,988.92.
Alternative scenario: Sell gold on the break of $1,968.69, targeting a price of $1,962.24 and then $1,955.00.

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: $86.87 per barrel

First scenario: Buy oil on the break when steady by closing the candle above the levels of $87.28, targeting a price of $87.84 and then $88.34.
Alternative scenario: Sell oil on the break of $86.66, targeting a price of $86.09 and then $85.56.

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

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EURUSD

 

General trend: bullish

Time interval: 30 minutes

Current price: $1.05751

First scenario: Sell EURUSD on the break of $1.05651, targeting a price of $1.05491 and then $1.05300.
Alternative scenario: Buy EURUSD on the break when steady by closing the candle above the levels of $1.05881, targeting a price of $1.06068 and then $1.06278.

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

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GBPUSD

 

General trend: bearish

Time interval: 30 minutes

Current price: $1.21470

First scenario: Sell GBPUSD on the break of $1.21393, targeting a price of $1.21195 and then $1.20971.
Alternative scenario: Buy GBPUSD on the break when steady by closing the candle above the levels of $1.21730, targeting a price of $1.22015 and then $1.22236.

Comment: Trading below resistances and averages suggests a downtrend.

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NAS100

 

General trend: bearish

Time interval: 30 minutes

Current price: $14,693

First scenario: Sell Nasdaq on the break of $14,657, targeting a price of $14,603 and then $14,532.
Alternative scenario: Buy Nasdaq on the break when steady by closing the candle above the levels of $14,738, targeting a price of $14,799 and then $14,862.

Comment: Trading below resistances and averages suggests a downtrend.

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Economic Calendar

(Times are in GMT+3)

 

• No economic data released today.

 

Fundamental Analysis

 

• The dollar held steady around 106.2 on Monday as investors awaited the Federal Reserve’s monetary policy meeting next week.
• In the latest commentary from the central bank, Cleveland Fed President Loretta Mester said she expects no further interest rate hikes from here, if any.
• Meanwhile, Fed Chairman Jerome Powell said inflation remains too high and is likely to require slower economic growth, adding that current monetary settings are not yet too tight.
• However, markets are expecting the central bank to keep interest rates unchanged next week.
• Investors are now looking to the release of U.S. third-quarter GDP and the latest personal consumption expenditures data this week for further guidance on the outlook.
• Gold prices retreated from a five-month high on Monday as the U.S. dollar and Treasury yields rose ahead of key economic data this week.
• Gold prices hit their highest level since mid-May on Friday and have risen nearly 9% in the past two weeks as investors favored safe-haven assets amid concerns over the escalation of the Israel-Hamas conflict into a wider Middle East conflict.
• The continued rise in U.S. Treasury yields to their highest levels in more than a decade has kept gold prices, which do not yield interest, well below the record highs near $2,000 per ounce that were set in early May.
• Oil prices fell on Monday, falling for a second consecutive session as diplomatic efforts to prevent the Israel-Hamas conflict from escalating into a wider Middle East conflict eased some concerns about supply disruptions in the oil-rich region.
• Oil prices also came under pressure from rising U.S. crude oil inventories and a stronger dollar, which makes oil more expensive for buyers using other currencies.
• In other news, the United States lifted broad sanctions on Venezuela, a member of OPEC, after Venezuelan leaders agreed to hold fair elections next year.
• Bitcoin prices continued to rise on Monday, reaching new highs of $30,600. The cryptocurrency is gaining popularity as a store of value and a hedge against inflation.