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. 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%.
The Dow Jones RSI advocates for further decline.
Short positions below 30,120 with targets at 29,230 & 28,900 in extension.
Above 30,120, look for further upside with 30,400 & 30,750 as targets.
The Canadian dollar fell on Monday, closing at 1.2985.
The RSI is mixed with a bullish bias.
Long positions above 1.2955 with targets at 1.3010 & 1.3025 in extension.
Below 1.2955, look for further downside with 1.2940 & 1.2920 as targets.
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.
A support base at 1764.00 has formed and has allowed for a temporary stabilisation.
Long positions above 1764.00 with targets at 1793.00 & 1800.00 in extension.
Below 1764.00, look for further downside with 1757.00 & 1747.00 as targets.
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.
As long as 45.80 is resistance, look for choppy price action with a bearish bias.
Short positions below 45.80 with targets at 44.65 & 44.40 in extension.
Above 45.80, look for further upside with 46.25 & 46.55 as targets.
EUR/USD traded higher, closing at 1.1935.
The RSI is bearish and calls for further decline.
Short positions below 1.1960 with targets at 1.1915 & 1.1900 in extension.
Above 1.1960, look for further upside with 1.1975 & 1.2000 as targets.
GBP/USD traded higher as market participants look for progress on Brexit talks.
The RSI is mixed with a bearish bias.
Short positions below 1.3360 with targets at 1.3305 & 1.3285 in extension.
Above 1.3360, look for further upside with 1.3380 & 1.3395 as targets.
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