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. Stock Market

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
Gold Bounces Off Its 5-Month Low
USD/CAD

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
Gold Bounces Off Its 5-Month Low
Gold

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
Gold Bounces Off Its 5-Month Low
Oil

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
Gold Bounces Off Its 5-Month Low
EUR/USD

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
Gold Bounces Off Its 5-Month Low
GBP/USD

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
Gold Bounces Off Its 5-Month Low

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