Daily Market Report: November 30, 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 30, 2020
Oil Soars While Gold Dives Amid Optimism for Economic Recovery
Last: 3,636.56
Pivot: 3,515.00
Review:
U.S. stock markets drifted higher early Friday in holiday-thinned trend, continuing to look through the short-term pain of the pandemic a day after the number of people nationwide with the Covid-19 virus topped 90,000 for the first time. At the close in NYSE, the Dow Jones Industrial Average rose 0.4% to hit a new 6-months high, while the S&P 500 index gained 0.4%, and the NASDAQ Composite index climbed 0.6%.
Technical comment:
The S&P 500 RSI advocates for further upside.
Preference scenario:
Long positions above 3515.00 with targets at 3745.00 & 3900.00 in extension.
Alternative scenario:
Below 3515.00, look for further downside with 3390.00 & 3210.00 as targets.
Resistance | 3,745 | 3,900 | 4,070 |
Support | 3,515 | 3,390 | 3,210 |

Last: 1.2983
Pivot: 1.3010
Review:
The Canadian dollar fell on Friday, closing at 1.2983.
Technical comment:
The RSI advocates for further decline.
Preference scenario:
Short positions below 1.3010 with targets at 1.2955 & 1.2940 in extension.
Alternative scenario:
Above 1.3010, look for further upside with 1.3025 & 1.3040 as targets.
Resistance | 1.301 | 1.3025 | 1.304 |
Support | 1.2955 | 1.294 | 1.2925 |

Last: 1,787
Pivot: 1,802.00
Review:
Gold enters $1,700 lows in 3rd losing week, amid risk-on rampage.
Technical comment:
As long as the resistance at 1802.00 is not surpassed, the risk of the break below 1774.00 remains high.
Preference scenario:
Short positions below 1802.00 with targets at 1774.00 & 1764.00 in extension.
Alternative scenario:
Above 1802.00, look for further upside with 1811.00 & 1818.00 as targets.
Resistance | 1,802 | 1,811 | 1,818 |
Support | 1,774 | 1,764 | 1,757 |

Last: 45.11
Pivot: 45.70
Review:
Crude prices posted a fourth straight week of gains returning oil to a bull market ahead of an OPEC+ meeting, where the industry’s most powerful were likely to agree not to raise production at this point to preserve the momentum.
Technical comment:
If the resistance at 45.70 is not breached, the asset is highly likely to break below 44.55.
Preference scenario:
Short positions below 45.70 with targets at 44.55 & 43.75 in extension.
Alternative scenario:
Above 45.70, look for further upside with 46.25 & 46.70 as targets.
Resistance | 45.7 | 46.25 | 46.7 |
Support | 44.55 | 43.75 | 43.1 |

Last: 1.1973
Pivot: 1.1940
Review:
EUR/USD traded higher, closing at 1.1973.
Technical comment:
The RSI is bullish and calls for further advance.
Preference scenario:
Long positions above 1.1940 with targets at 1.2000 & 1.2020 in extension.
Alternative scenario:
Below 1.1940, look for further downside with 1.1915 & 1.1900 as targets.
Resistance | 1.2 | 1.204 | 1.194 |
Support | 1.194 | 1.1915 | 1.19 |

Last: 1.3332
Pivot: 1.3310
Review:
GBP/USD traded higher as market participants look for progress on Brexit talks.
Technical comment:
The RSI calls for a rebound.
Preference scenario:
Long positions above 1.3310 with targets at 1.3360 & 1.3380 in extension.
Alternative scenario:
Below 1.3310, look for further downside with 1.3285 & 1.3260 as targets.
Resistance | 1.336 | 1.338 | 1.34 |
Support | 1.331 | 1.3285 | 1.326 |

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