Daily Market Report: December 2, 2021

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

Oil down US; stocks lower

US Stock Market

Last: 4,544

Pivot: 4,611

Review:

US stocks were lower after the close on Wednesday, as losses in the consumer services, technology and telecoms sectors led shares lower. At the close in the NYSE, the Dow Jones Industrial Average declined 1.34% to hit a new 1-month low, while the S&P 500 index declined 1.18%, and the NASDAQ Composite index declined 1.83%.

Technical comment:

The S&P 500 RSI is below its neutrality area at 50%.

Preference scenario:

For short positions below 4611.00, look for fresh targets at 4495.00 and 4449.00 in extension.

Alternative scenario:

Should the price move above 4611.00, look for a further upside with 4670.00 and 4702.00 as targets.

Resistance 4.00 4.00 4.00
Support 4.00 4.00 4.00
Oil down US; stocks lower
USD/CHF

Last: 0.9203

Pivot: 0.917

Review:

The USD/CHF pair trimmed a part of its intraday gains and was last seen hovering around the 0.9200 mark, up nearly 0.25% for the day.

Technical comment:

A support base at 0.9170 has formed and has allowed for a temporary stabilisation.

Preference scenario:

Should the price increase above 0.9170, with targets at 0.9220 and 0.9245 in extension.

Alternative scenario:

In the case where the price drops below 0.9170, look for a further downside with 0.9150 and 0.9130 as targets.

Resistance 0.922 0.9245 0.9265
Support 0.917 0.915 0.913
Oil down US; stocks lower
Gold

Last: 1,781

Pivot: 1,792

Review:

Gold price forecast: still depressed despite the better market mood. Gold futures defends short-term key support despite multiple failures to cross the 200-DMA, easing to $1,780 during Thursday’s Asian session.

Technical comment:

The RSI calls for a drop.

Preference scenario:

In the event of a short positions below 1792.00 with targets at 1769.00 and 1762.00 in extension.

Alternative scenario:

Should there be a price climb above 1792.00, look for a further upside with 1799.00 and 1809.00 as targets.

Resistance 1,792 1,799 1,809
Support 1,769 1,762 1,755
Oil down US; stocks lower
Oil

Last: 66.55

Pivot: 67.8

Review:

US crude futures settled down 61 cents, or 0.9%, at $65.57 a barrel. As an early rally fizzled and selling intensified on worries the Omicron variant of coronavirus could cut oil demand as global supply builds.

Technical comment:

As long as the resistance at 67.80 is not surpassed, the risk of the break below 64.45 remains high.

Preference scenario:

For short positions below 67.80, new targets could be found at 64.45 and 62.75 in extension.

Alternative scenario:

If the rate surpasses 67.80, look for a further upside with 69.40 and 71.20 as targets.

Resistance 67.8 69.4 71.2
Support 64.45 62.75 61.65
Oil down US; stocks lower
EUR/USD

Last: 1.1317

Pivot: 1.1355

Review:

EUR/USD remains sidelined near 1.1320 during early Thursday morning in Asia, following a mildly negative daily performance. The currency major’s latest moves disagree with the fall in the US Treasury yields and the market sentiment following the fresh updates over the South African variant of the coronavirus and central bank, namely the Federal Reserve (Fed) and the European Central Bank (ECB).

Technical comment:

A break below 1.1300 would trigger a drop towards 1.1270.

Preference scenario:

A sell opportunity could present itself if the price moves below 1.1355 with targets at 1.1300 and 1.1270 in extension.

Alternative scenario:

If the price rises above 1.1355, look for a further upside with 1.1380 and 1.1400 as targets.

Resistance 1.1355 1.138 1.14
Support 1.13 1.127 1.124
Oil down US; stocks lower
GBP/USD

Last: 1.3275

Pivot: 1.331

Review:

GBP/USD holds lower grounds near 1.3280, retreating towards the yearly low during Thursday’s Asian session. Although the cable pair grinds above the 2021 bottom marked on Tuesday, descending RSI line and sustained trading below the short-term key support, now resistance, keeps bears hopeful.

Technical comment:

A break below 1.3250 would trigger a drop towards 1.3220.

Preference scenario:

For short positions below 1.3310, the next targets could be found at 1.3250 & 1.3220 in extension.

Alternative scenario:

In the scenario where the rate rises above 1.3310, look for a further upside with 1.3345 and 1.3370 as targets.

Resistance 1.331 1.3345 1.337
Support 1.325 1.322 1.3195
Oil down US; stocks lower

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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