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
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%.
The S&P 500 RSI advocates for further upside.
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.
The Canadian dollar fell on Friday, closing at 1.2983.
The RSI advocates for further decline.
Short positions below 1.3010 with targets at 1.2955 & 1.2940 in extension.
Above 1.3010, look for further upside with 1.3025 & 1.3040 as targets.
Gold enters $1,700 lows in 3rd losing week, amid risk-on rampage.
As long as the resistance at 1802.00 is not surpassed, the risk of the break below 1774.00 remains high.
Short positions below 1802.00 with targets at 1774.00 & 1764.00 in extension.
Above 1802.00, look for further upside with 1811.00 & 1818.00 as targets.
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.
If the resistance at 45.70 is not breached, the asset is highly likely to break below 44.55.
Short positions below 45.70 with targets at 44.55 & 43.75 in extension.
Above 45.70, look for further upside with 46.25 & 46.70 as targets.
EUR/USD traded higher, closing at 1.1973.
The RSI is bullish and calls for further advance.
Long positions above 1.1940 with targets at 1.2000 & 1.2020 in extension.
Below 1.1940, look for further downside with 1.1915 & 1.1900 as targets.
GBP/USD traded higher as market participants look for progress on Brexit talks.
The RSI calls for a rebound.
Long positions above 1.3310 with targets at 1.3360 & 1.3380 in extension.
Below 1.3310, look for further downside with 1.3285 & 1.3260 as targets.
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