Daily Market Report: December 2, 2021
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December 2, 2021
Oil down US; stocks lower
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%.
The S&P 500 RSI is below its neutrality area at 50%.
For short positions below 4611.00, look for fresh targets at 4495.00 and 4449.00 in extension.
Should the price move above 4611.00, look for a further upside with 4670.00 and 4702.00 as targets.
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.
A support base at 0.9170 has formed and has allowed for a temporary stabilisation.
Should the price increase above 0.9170, with targets at 0.9220 and 0.9245 in extension.
In the case where the price drops below 0.9170, look for a further downside with 0.9150 and 0.9130 as targets.
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.
The RSI calls for a drop.
In the event of a short positions below 1792.00 with targets at 1769.00 and 1762.00 in extension.
Should there be a price climb above 1792.00, look for a further upside with 1799.00 and 1809.00 as targets.
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.
As long as the resistance at 67.80 is not surpassed, the risk of the break below 64.45 remains high.
For short positions below 67.80, new targets could be found at 64.45 and 62.75 in extension.
If the rate surpasses 67.80, look for a further upside with 69.40 and 71.20 as targets.
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).
A break below 1.1300 would trigger a drop towards 1.1270.
A sell opportunity could present itself if the price moves below 1.1355 with targets at 1.1300 and 1.1270 in extension.
If the price rises above 1.1355, look for a further upside with 1.1380 and 1.1400 as targets.
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.
A break below 1.3250 would trigger a drop towards 1.3220.
For short positions below 1.3310, the next targets could be found at 1.3250 & 1.3220 in extension.
In the scenario where the rate rises above 1.3310, look for a further upside with 1.3345 and 1.3370 as targets.
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