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.
December 3, 2021
Gold down; US stocks move higher
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%.
The RSI is below its neutrality area at 50% but reversing up.
For long positions above 15770.00, look for new targets at 16220.00 and 16420.00 in extension.
below 15770.00 look for further downside with 15600.00 & 15520.00 as targets.
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.
A support base at 1.2780 has formed and has allowed for a temporary stabilisation.
A buy opportunity could arise if the price climbs above 1.2780, with targets at 1.2835 and 1.2860 in extension.
For positions below 1.2780, look for a further downside with 1.2755 and 1.2730 as targets.
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.
The upward potential is likely to be limited by the resistance at 1775.00.
For short positions below 1775.00, look for fresh targets at 1761.00 and 1755.00 in extension.
In the event of an upside breakout above 1775.00, look for a further upside with 1781.00 and 1788.00 as targets.
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.
The RSI is bullish and calls for further upside.
In the event of a price rise above 64.95, seek out new targets at 68.75 and 70.55 in extension.
Should the price decline below 64.95, look for a further downside with 63.80 and 62.45 as targets.
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.
The RSI lacks upward momentum.
A chance to sell could arise with positions below 1.1340, with new targets at 1.1280 and 1.1255 in extension.
In the event of a price hike above 1.1340, look for a further upside with 1.1360 and 1.1380 as targets.
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.
A break below 1.3280 would trigger a drop towards 1.3260.
For short positions below 1.3330, find new targets at 1.3280 andf1.3260 in extension.
Should the rate surpass 1.3330,look for a further upside with 1.3350 and 1.3370 as targets.
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