Daily Market Report: December 3, 2021

Latest events and figures - make your trading smarter by following the daily summary of the hottest market news and announcements.

Gold down; US stocks move higher

US Stock Market

Last: 16,005

Pivot: 15,770

Review:

US stocks were higher after the close on Thursday, as gains in the financials, telecoms and oil & gas sectors led shares higher. At the close in the NYSE, the Dow Jones Industrial Average added 1.82%, while the S&P 500 index added 1.42%, and the NASDAQ Composite index added 0.83%.

Technical comment:

The RSI is below its neutrality area at 50% but reversing up.

Preference scenario:

For long positions above 15770.00, look for new targets at 16220.00 and 16420.00 in extension.

Alternative scenario:

below 15770.00 look for further downside with 15600.00 & 15520.00 as targets.

Resistance 16.00 16.00 16.00
Support 15.00 15.00 15.00
USD/CAD

Last: 1.2807

Pivot: 1.278

Review:

USD/CAD is on the move and the bulls are in control from a longer-term perspective. The following illustrates the prospects of a run all the way into test the 1.30's in the coming days. However, US Nonfarm Payrolls will be critical in this regard.

Technical comment:

A support base at 1.2780 has formed and has allowed for a temporary stabilisation.

Preference scenario:

A buy opportunity could arise if the price climbs above 1.2780, with targets at 1.2835 and 1.2860 in extension.

Alternative scenario:

For positions below 1.2780, look for a further downside with 1.2755 and 1.2730 as targets.

Resistance 1.2835 1.286 1.288
Support 1.278 1.2755 1.273
Gold down; US stocks move higher
Gold

Last: 1,771

Pivot: 1,775

Review:

US gold futures settled down 1.2% at $1,762.70 an ounce. Gold dropped over 1% to a one-month low as investors latched on to the Fed's plans to tighten monetary policy more quickly than expected to rein in rising consumer prices.

Technical comment:

The upward potential is likely to be limited by the resistance at 1775.00.

Preference scenario:

For short positions below 1775.00, look for fresh targets at 1761.00 and 1755.00 in extension.

Alternative scenario:

In the event of an upside breakout above 1775.00, look for a further upside with 1781.00 and 1788.00 as targets.

Resistance 1,775 1,781 1,788
Support 1,761 1,755 1,750
Gold down; US stocks move higher
Oil

Last: 67.23

Pivot: 64.95

Review:

Oil prices climbed on Friday, extending gains after OPEC+ said it would review supply additions ahead of its next scheduled meeting if the Omicron variant hits demand, but prices were still on course for a sixth week of declines. (WTI) crude futures rose 27 cents, or 0.4%, to $66.77 a barrel at the writing time adding to a 1.4% gain on Thursday.

Technical comment:

The RSI is bullish and calls for further upside.

Preference scenario:

In the event of a price rise above 64.95, seek out new targets at 68.75 and 70.55 in extension.

Alternative scenario:

Should the price decline below 64.95, look for a further downside with 63.80 and 62.45 as targets.

Resistance 68.75 70.55 72.5
Support 64.95 63.8 62.45
Gold down; US stocks move higher
EUR/USD

Last: 1.13

Pivot: 1.134

Review:

The pairs holds lower ground after two consecutive days of downtrend. EUR/USD bears remain hopeful around 1.1300, grinding lower during early Friday morning in Asia.

Technical comment:

The RSI lacks upward momentum.

Preference scenario:

A chance to sell could arise with positions below 1.1340, with new targets at 1.1280 and 1.1255 in extension.

Alternative scenario:

In the event of a price hike above 1.1340, look for a further upside with 1.1360 and 1.1380 as targets.

Resistance 1.134 1.136 1.138
Support 1.128 1.1255 1.1235
Gold down; US stocks move higher
GBP/USD

Last: 1.3297

Pivot: 1.333

Review:

GBP/USD holds onto the previous day’s rebound within a choppy range. Having snapped a three-day downtrend, GBP/USD wobbles around 1.3300 during the initial Asian session trading on the key Friday comprising the US jobs report for November.

Technical comment:

A break below 1.3280 would trigger a drop towards 1.3260.

Preference scenario:

For short positions below 1.3330, find new targets at 1.3280 andf1.3260 in extension.

Alternative scenario:

Should the rate surpass 1.3330,look for a further upside with 1.3350 and 1.3370 as targets.

Resistance 1.333 1.335 1.337
Support 1.328 1.326 1.3235
Gold down; US stocks move higher

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. 1Market 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. 1Market cannot be held liable for any information provided by Trading Central. 1Market 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 1Market, a third party or otherwise.

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