Daily Market Report: December 2, 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 2, 2020
Gold Bounces Off Its 5-Month Low
Last: 12,450.00
Pivot: 12,340.00
Review:
U.S. stocks were higher after the close on Tuesday, as gains in the Financials, Technology and Utilities sectors established an upward trend. At the close in NYSE, the Dow Jones Industrial Average gained 0.72%, while the S&P 500 index climbed 1.17%, and the NASDAQ Composite index added 1.21% to its value.
Technical comment:
The NASDAQ 100 RSI is mixed to bullish.
Preference scenario:
Long positions above 12,340.00 with targets at 12,510.00 & 12,600.00 in extension.
Alternative scenario:
Below 12,340.00, look for further downside with 12,240.00 & 12,090.00 as targets.
| Resistance | 12,510 | 12,600 | 12,720 |
| Support | 12,340 | 12,240 | 12,090 |
Last: 1.2935
Pivot: 1.2965
Review:
The Canadian dollar fell on Tuesday, closing at 1.2935.
Technical comment:
The RSI calls for a new downleg.
Preference scenario:
Short positions below 1.2965 with targets at 1.2900 & 1.2880 in extension.
Alternative scenario:
Above 1.2965, look for further upside with 1.2985 & 1.3010 as targets.
| Resistance | 1.2965 | 1.2985 | 1.301 |
| Support | 1.29 | 1.288 | 1.285 |
Last: 1,811.00
Pivot: 1,793.00
Review:
The beatings were so severe and seemingly endless that people thought they would never stop. But halt they have, and gold has risen meaningfully for the first time in over a month.
Technical comment:
The RSI is mixed with a bullish bias.
Preference scenario:
Long positions above 1793.00 with targets at 1832.00 & 1841.00 in extension.
Alternative scenario:
Below 1793.00, look for further downside with 1782.00 & 1770.00 as targets.
| Resistance | 1,832 | 1,841 | 1,851 |
| Support | 1,793 | 1,782 | 1,770 |
Last: 44.11
Pivot: 44.70
Review:
U.S. oil stockpiles climbed last week on rising crude product inventories, exacerbating concerns about oversupply amid uncertainty over whether major oil produces will deepen output cuts.
Technical comment:
The RSI has broken down its 30 level.
Preference scenario:
Short positions below 44.70 with targets at 43.70 & 43.30 in extension.
Alternative scenario:
Above 44.70, look for further upside with 45.15 & 45.70 as targets.
| Resistance | 44.7 | 45.15 | 45.7 |
| Support | 43.7 | 43.3 | 42.9 |
Last: 1.2071
Pivot: 1.200
Review:
EUR/USD traded higher, closing at 1.2071.
Technical comment:
The RSI is bullish and calls for further advance.
Preference scenario:
Long positions above 1.2000 with targets at 1.2120 & 1.2170 in extension.
Alternative scenario:
Below 1.2000, look for further downside with 1.1975 & 1.1950 as targets.
| Resistance | 1.212 | 1.217 | 1.22 |
| Support | 1.2 | 1.1975 | 1.195 |
Last: 1.3420
Pivot: 1.3385
Review:
GBP/USD traded higher, closing at 1.3420.
Technical comment:
The RSI calls for a new upleg.
Preference scenario:
Long positions above 1.3385 with targets at 1.3440 & 1.3480 in extension.
Alternative scenario:
Below 1.3385, look for further downside with 1.3360 & 1.3330 as targets.
| Resistance | 1.344 | 1.348 | 1.353 |
| Support | 1.3385 | 1.336 | 1.333 |
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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