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
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.
The NASDAQ 100 RSI is mixed to bullish.
Long positions above 12,340.00 with targets at 12,510.00 & 12,600.00 in extension.
Below 12,340.00, look for further downside with 12,240.00 & 12,090.00 as targets.
The Canadian dollar fell on Tuesday, closing at 1.2935.
The RSI calls for a new downleg.
Short positions below 1.2965 with targets at 1.2900 & 1.2880 in extension.
Above 1.2965, look for further upside with 1.2985 & 1.3010 as targets.
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.
The RSI is mixed with a bullish bias.
Long positions above 1793.00 with targets at 1832.00 & 1841.00 in extension.
Below 1793.00, look for further downside with 1782.00 & 1770.00 as targets.
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.
The RSI has broken down its 30 level.
Short positions below 44.70 with targets at 43.70 & 43.30 in extension.
Above 44.70, look for further upside with 45.15 & 45.70 as targets.
EUR/USD traded higher, closing at 1.2071.
The RSI is bullish and calls for further advance.
Long positions above 1.2000 with targets at 1.2120 & 1.2170 in extension.
Below 1.2000, look for further downside with 1.1975 & 1.1950 as targets.
GBP/USD traded higher, closing at 1.3420.
The RSI calls for a new upleg.
Long positions above 1.3385 with targets at 1.3440 & 1.3480 in extension.
Below 1.3385, look for further downside with 1.3360 & 1.3330 as targets.
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