Daily Market Report: November 16, 2020
Today’s events & figures – Trade what you know Financial markets feed into world events and are their direct consequence. Keep a daily eye on our roundup of the day’s news, numbers and announcements.
November 16, 2020
Market Wars: A New Hope?
U.S. stock futures rose on Sunday night as traders assessed a sharp market rotation that led to a mixed weekly performance last week.
The S&P 500 RSI is bullish and calls for further advance.
Long positions above 3515.00 with targets at 3745.00 & 3900.00 in extension.
Below 3515.00, look for further downside with 3390.00 & 3210.00 as targets.
Investors are suddenly more optimistic on the global economic outlook after upbeat news on the Pfizer vaccine early last week.
The RSI is above 50.
The upside prevails as long as 36 is support.
Below 36, expect 33.7 and 32.5.
New York-traded gold for December delivery did a final trade of $1,888.35, after settling the official session at $1,886.20, up 0.7%.
The RSI has just landed on its neutrality area at 50% and is turning up.
Long positions above 1880.00 with targets at 1900.00 & 1912.00 in extension.
Below 1880.00, look for further downside with 1873.00 & 1867.00 as targets.
Crude oil with 8% advance, the largest since May.
The RSI is mixed with a bearish bias.
Short positions below 40.85 with targets at 40.10 & 39.40 in extension.
Above 40.85, look for further upside with 41.35 & 41.90 as targets.
The EUR/USD pair finished the week with losses around 1.1830, although up on Friday for a second consecutive day.
The RSI advocates for further advance.
Long positions above 1.1815 with targets at 1.1860 & 1.1885 in extension.
Below 1.1815, look for further downside with 1.1800 & 1.1780 as targets.
The GBP/USD pair is heading into the weekly opening, trading a few pips below the 1.3200 level.
The RSI is bullish and calls for further upside.
Long positions above 1.3165 with targets at 1.3230 & 1.3270 in extension.
Below 1.3165 look for further downside with 1.3150 & 1.3135 as targets.
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