Daily Market Report: November 24, 2021

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

Gold down; Oil in surprise rise

US Stock Market

Last: 4,687

Pivot: 4,658

Review:

US stocks were mixed after the close on Tuesday, as gains in the oil & gas, financials and telecoms sectors led shares higher while losses in the consumer goods, technology and healthcare sectors led shares lower. At the close in NYSE, the Dow Jones Industrial Average added 0.55%, while the S&P 500 index climbed 0.17%, and the NASDAQ Composite index declined 0.50%.

Technical comment:

The next resistances are at 4714.00 and then at 4743.00.

Preference scenario:

A buy opportunity could arise if the price rises above 4658.00, with targets at 4714.00 and 4743.00 in extension.

Alternative scenario:

In the event of a downside breakout below 4658.00, look for a further downside with 4638.00 and 4620.00 as targets.

Resistance 4,714 4,743 4,762
Support 4,658 4,638 4,620
Gold down; Oil in surprise rise
USD/CHF

Last: 0.9333

Pivot: 0.9305

Review:

The USD/CHF traded higher on Tuesday reaching 0.9340, the highest level since September 30.

Technical comment:

The RSI calls for a bounce.

Preference scenario:

For long positions above 0.9305, the next targets could be found at 0.9355 and 0.9370 in extension.

Alternative scenario:

Should the price decline below 0.9305, look for a further downside with 0.9290 and 0.9275 as targets.

Resistance 0.9355 0.937 0.9385
Support 0.9305 0.929 0.9275
Gold down; Oil in surprise rise
Gold

Last: 1,789.5

Pivot: 1,781

Review:

Gold down for the fourth day in a row, signalling a new 'lower for longer' trend. US gold futures settled down on Tuesday $22.50, or 1.2%, at $1,794.20 an ounce.

Technical comment:

The RSI shows upside momentum.

Preference scenario:

Should the rate surpass 1781.00, look for the next targets at 1802.00 and 1812.00 in extension.

Alternative scenario:

If the price drops below 1781.00, look for a further downside with 1770.00 and 1760.00 as targets.

Resistance 1,802 1,812 1,819
Support 1,781 1,770 1,760
Gold down; Oil in surprise rise
Oil

Last: 78.38

Pivot: 77.1

Review:

US crude stockpiles unexpectedly rose last, according to data from the API on Tuesday. Crude Oil traded at $78.62 barrel on the news, after settling up 2.5% at $78.67 a barrel, at the time of writing.

Technical comment:

The RSI is bullish and calls for further advance.

Preference scenario:

For long positions above 77.10, targets could be found at 79.30 and 80.30 in extension.

Alternative scenario:

In the scenario of a rate decrease below 77.10, look for a further downside with 76.20 and 75.30 as targets.

Resistance 79.3 80.3 80.95
Support 77.1 76.2 75.3
Gold down; Oil in surprise rise
EUR/USD

Last: 1.1243

Pivot: 1.127

Review:

The EUR/USD pairs trades marginally higher on a daily basis and is heading into Wall Street’s close at around 1.1242, at the time of writing. It posted a lower low for the year at 1.1225, as demand for the greenback persists in a risk-averse environment.

Technical comment:

As long as the resistance at 1.1270 is not surpassed, the risk of the break below 1.1225 remains high.

Preference scenario:

A sell opportunity could emerge if the price drops below 1.1270, with targets at 1.1225 and 1.1210 in extension.

Alternative scenario:

In the case of a price increase above 1.1270, look for a further upside with 1.1285 and 1.1300 as targets.

Resistance 1.127 1.1285 1.13
Support 1.1225 1.121 1.119
Gold down; Oil in surprise rise
GBP/USD

Last: 1.3374

Pivot: 1.3405

Review:

GBP/USD bounces off intraday low to extend the previous day’s U-turn from the 2021 bottom, around 1.3382 during Wednesday’s Asian session.

Technical comment:

As long as the resistance at 1.3405 is not surpassed, the risk of the break below 1.3340 remains high.

Preference scenario:

For short positions below 1.3405, targets could be found at 1.3340 and 1.3320 in extension.

Alternative scenario:

If the price surpasses 1.3405, look for a further upside with 1.3425 and 1.3445 as targets.

Resistance 1.3405 1.3425 1.3445
Support 1.334 1.332 1.33
Gold down; Oil in surprise rise

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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