Daily Market Report: December 1, 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.

December 1, 2020

New Dawn for Oil, Hard Times for Gold

U.S. Stock Market

Last: 29,575

Pivot: 30,120

Review:

U.S. stocks were mixed after the close on Monday, as gains in the Technology, Healthcare and Consumer Services sectors led shares higher while losses in the Oil & Gas, Utilities and Financials sectors directed them downwards. At the close in NYSE, the Dow Jones Industrial Average lost 1.09%, while the S&P 500 index dropped 0.51%, and the NASDAQ Composite index added 0.01%.

Technical comment:

The Dow Jones RSI advocates for further decline.

Preference scenario:

Short positions below 30,120 with targets at 29,230 & 28,900 in extension.

Alternative scenario:

Above 30,120, look for further upside with 30,400 & 30,750 as targets.

Resistance 30,120 30,400 30,750
Support 29,230 28,900 28,500
New Dawn for Oil, Hard Times for Gold
USD/CAD

Last: 1.2985

Pivot: 1.2955

Review:

The Canadian dollar fell on Monday, closing at 1.2985.

Technical comment:

The RSI is mixed with a bullish bias.

Preference scenario:

Long positions above 1.2955 with targets at 1.3010 & 1.3025 in extension.

Alternative scenario:

Below 1.2955, look for further downside with 1.2940 & 1.2920 as targets.

Resistance 1.3010 1.3025 1.3040
Support 1.2955 1.2940 1.2820
New Dawn for Oil, Hard Times for Gold
Gold

Last: 1,776

Pivot: 1,764

Review:

Gold ended November down almost 6%, booking its worst month in four years, as relentless news of progress in Covid-19 vaccines and the diminishing need to hedge against an economic collapse continued to divert money from safe-havens into risk markets and cryptocurrencies.

Technical comment:

A support base at 1764.00 has formed and has allowed for a temporary stabilisation.

Preference scenario:

Long positions above 1764.00 with targets at 1793.00 & 1800.00 in extension.

Alternative scenario:

Below 1764.00, look for further downside with 1757.00 & 1747.00 as targets.

Resistance 1,793 1,800 1,807
Support 1,764 1,757 1,747
New Dawn for Oil, Hard Times for Gold
Oil

Last: 45.21

Pivot: 45.80

Review:

Oil prices jumped 27% or more for November, their biggest leap since the disaster of spring 2020, when crude prices tumbled into negative territory for the first time in history.

Technical comment:

As long as 45.80 is resistance, look for choppy price action with a bearish bias.

Preference scenario:

Short positions below 45.80 with targets at 44.65 & 44.40 in extension.

Alternative scenario:

Above 45.80, look for further upside with 46.25 & 46.55 as targets.

Resistance 45.80 46.25 46.55
Support 44.65 44.40 44
New Dawn for Oil, Hard Times for Gold
EUR/USD

Last: 1.1935

Pivot: 1.1960

Review:

EUR/USD traded higher, closing at 1.1935.

Technical comment:

The RSI is bearish and calls for further decline.

Preference scenario:

Short positions below 1.1960 with targets at 1.1915 & 1.1900 in extension.

Alternative scenario:

Above 1.1960, look for further upside with 1.1975 & 1.2000 as targets.

Resistance 1.1960 1.1975 1.2000
Support 1.1915 1.1900 1.1885
New Dawn for Oil, Hard Times for Gold
GBP/USD

Last: 1.3333

Pivot: 1.3360

Review:

GBP/USD traded higher as market participants look for progress on Brexit talks.

Technical comment:

The RSI is mixed with a bearish bias.

Preference scenario:

Short positions below 1.3360 with targets at 1.3305 & 1.3285 in extension.

Alternative scenario:

Above 1.3360, look for further upside with 1.3380 & 1.3395 as targets.

Resistance 1.3360 1.3380 1.3395
Support 1.3305 1.3285 1.3265
New Dawn for Oil, Hard Times for Gold

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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