Daily Market Report: December 3, 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 3, 2020
Gold, Oil Rise as Major Currencies Show Mild Instability
U.S. stocks were mixed after the close on Wednesday, as gains in the Oil & Gas, Telecoms and Healthcare sectors led shares higher while losses in the Consumer Goods, Basic Materials and Industrials sectors led the stock market in the opposite direction. At the close in NYSE, the Dow Jones Industrial Average added 0.11%, while the S&P 500 index gained 0.08%, and the NASDAQ Composite index lost 0.14%.
The S&P 500 RSI calls for a new upleg.
Long positions above 3515.00 with targets at 3745.00 & 3900.00 in extension.
Below 3515.00, look for further downside with 3390.00 & 3210.00 as targets.
USD/CAD traded lower to close at 1.2919.
As long as the resistance at 1.2945 is not surpassed, the risk of the break below 1.2905 remains high.
Short positions below 1.2945 with targets at 1.2905 & 1.2885 in extension.
Above 1.2945, look for further upside with 1.2960 & 1.2980 as targets.
Gold prices rose again on Wednesday, settling above $1,830, as the yellow metal continued to recover from the beatings of November, when breakthroughs in Covid-19 vaccines diverted money from the haven into risk assets rallying on the notion that the world will soon be free from the pandemic.
The RSI is mixed with a bullish bias.
Long positions above 1812.00 with targets at 1841.00 & 1851.00 in extension.
Below 1812.00, look for further downside with 1802.00 & 1793.00 as targets.
Oil prices rose for the first time in three sessions as U.S. crude stockpiles fell for a second week in a row and as data showed OPEC kingpin Saudi Arabia exporting its least to U.S. shores in 35 years in a strident enforcement of the cartel’s production. Crude inventories fell by 0.679 million barrels during the week ended Nov. 27, the Energy Information Administration said. While the drawdown was less than a third of the 2.358 million-barrel decline expected by analysts, it added to the 754,000-barrel drop in the previous week to Nov. 20.
The RSI is mixed and calls for caution.
Short positions below 45.30 with targets at 44.65 & 44.15 in extension.
Above 45.30, look for further upside with 45.90 & 46.25 as targets.
EUR/USD traded flat to close at 1.2061.
The RSI advocates for further upside.
Long positions above 1.2070 with targets at 1.2150 & 1.2175 in extension.
Below 1.2070, look for further downside with 1.2040 & 1.2000 as targets.
GBP/USD fell 0.45% to 1.3354.
Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.
Long positions above 1.3320 with targets at 1.3400 & 1.3440 in extension.
Below 1.3320, look for further downside with 1.3285 & 1.3260 as targets.
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