Daily Market Analysis

 

Latest Economic and Fundamental Insights

 

• The dollar hovered near its lowest level in three months on Tuesday, as weak US economic data boosted bets that the Federal Reserve has finished raising interest rates.
• The US dollar could still be supported by economic growth and yield advantages.
• Gold hit its highest level in six months as the dollar weakened and bets on rate hikes from the Federal Reserve paused.
• The Nikkei index in Tokyo closed down 0.12%.
• Oil prices rose on weakness in the dollar and expectations of OPEC+ production cuts, trading at $79.84 for Brent crude and $74.53 for West Texas Intermediate.
• Bitcoin traded below $37,000.

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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: $2,015.70  

First scenario: Buy gold on the break when steady by closing the candle above the levels of $2,019.36, targeting a price of $2,024.42 and then $2,031.36.
Alternative scenario: Sell gold on the break of $2m011.13, targeting a price of $2,004.68 and then $1,997.33.

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: $74.86 per barrel

First scenario: Buy oil on the break when steady by closing the candle above the levels of $75.10, targeting a price of $75.54 and then $76.20.
Alternative scenario: Sell oil on the break of $74.67, targeting a price of $74.26 and then $73.78.

Comment: Trading below resistances and averages suggests a downtrend.

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EURUSD

 

General trend: bullish

Time interval: 30 minutes

Current price: $1.09429

First scenario: Sell EURUSD on the break of $1.09429, targeting a price of $1.09269 and then $1.09056.
Alternative scenario: Buy EURUSD on the break when steady by closing the candle above the levels of $1.09657, targeting a price of $1.09841 and then $1.10066.

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

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GBPUSD

 

General trend: bullish

Time interval: 30 minutes

Current price: $1.26254

First scenario: Sell GBPUSD on the break of $1.26140, targeting a price of $1.25942 and then $1.25718.
Alternative scenario: Buy GBPUSD on the break when steady by closing the candle above the levels of $1.26475, targeting a price of $1.26761 and then $1.26983.

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

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NAS100

 

General trend: bullish

Time interval: 30 minutes

Current price: $16,007

First scenario: Sell Nasdaq on the break of $15,961, targeting a price of $15,907 and then $15,844.
Alternative scenario: Buy Nasdaq on the break when steady by closing the candle above the levels of $16041, targeting a price of $16,103 and then $16,166.

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

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Economic Calendar

(Times are in GMT+3)

 

• Germany: The GfK Consumer Sentiment Index at 10:00
• United States: The Consumer Confidence Index at 18:00

 

Fundamental Analysis

 

• The dollar index held steady around 103.1 on Tuesday, hovering near its lowest level in three months, as weak US economic data boosted bets that the Federal Reserve has finished raising interest rates and may start cutting rates next year.
• Markets see a 25% chance of central banks starting to cut rates as early as March 2024, and 45% by May.
• Data released on Monday showed that new home sales in the United States fell 5.6% on a seasonally adjusted basis to 679,000 units in October, below the 723,000 units that analysts had expected.
• Investors are now looking to personal consumption expenditures, the Federal Reserve’s preferred measure of inflation, as well as data on personal income and spending and the Institute for Supply Management (ISM) manufacturing purchasing managers’ index for further guidance.
• In addition, several Federal Reserve officials are scheduled to make statements at various events this week.
• The dollar fell across all sectors, with the most pronounced selling activity against the yen and other currencies.
• Gold stabilized after touching a six-month high on Tuesday, as expectations of an end to the US Federal Reserve’s rate-hike cycle kept the dollar and bond yields in check.
• Oil prices rose slightly on Tuesday due to weakness in the dollar and expectations that the OPEC+ group of producers will deepen and extend production cuts amid concerns that demand will remain weak.