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 |
Customer Notice: The charts are provided by Trading Central, which is a respected third party research provider. The information provided should not be considered as trading or investment advice. Trade360 provides Trading Central chart analysis to support clients in their trading decisions, which should be independently evaluated. The recipient acknowledges that he is solely responsible for his decisions. The analysis offered reflects the views of Trading Central and are subject to change at any time. Past performance of a financial asset is not a reliable indicator of its future performance. Trade360 cannot be held liable for any information provided by Trading Central. Trade360 makes no representation and assumes no liability as to the accuracy or completeness of the information provided nor any loss arising from any investment based on this material, forecast or other information supplied by an employee of Trade360, a third party or otherwise.
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