Daily Market Report: December 6, 2021

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

GBPUSD slides; US stocks down

US Stock Market

Last: 15,712

Pivot: 16,150

Review:

The S&P 500 closed lower for the second-straight week Friday, as investors weighed up a "colossal miss" in job gains for November at a time when the Federal Reserve looks likely to step up the pace of monetary policy tightening. The S&P 500 fell 0.8%, the Dow Jones Industrial Average slipped 0.17%, or 59 points, the Nasdaq fell 1.9%. The major averages ended off the session lows.

Technical comment:

The RSI shows downside momentum.

Preference scenario:

For short positions below 16150.00, the next targets could be at 15330.00 and 14900.00 in extension.

Alternative scenario:

In the event of an upside breakout above 16150.00, look for a further upside with 16450.00 and 16760.00 as targets.

Resistance 16,150 16,450 16,760
Support 15,330 14,900 14,470
GBPUSD slides; US stocks down
USD/CAD

Last: 1.2833

Pivot: 1.28

Review:

USD/CAD retreats towards the level of 1.2800.

Technical comment:

The RSI lacks downward momentum.

Preference scenario:

For long positions above 1.2800, look for targets at 1.2860 and 1.2880 in extension.

Alternative scenario:

Should the price drop below 1.2800, look for a further downside with 1.2775 and 1.2750 as targets.

Resistance 1.286 1.288 1.29
Support 1.28 1.2775 1.275
GBPUSD slides; US stocks down
Gold

Last: 1,782

Pivot: 1,770

Review:

US gold futures’ most active contract, February, settled Friday’s trade up $21.20, or 1.2%, at $1,783.90 an ounce. For the week, it lost a tiny 0.2%.

Technical comment:

The RSI calls for a rebound.

Preference scenario:

A buy opportunity could arise if the price moves above 1770.00, with targets at 1795.00 and 1808.00 in extension.

Alternative scenario:

In the case where the price falls below 1770.00, look for a further downside with 1761.00 and 1755.00 as targets.

Resistance 1,795 1,808 1,817
Support 1,770 1,761 1,755
GBPUSD slides; US stocks down
Oil

Last: 67.53

Pivot: 66.2

Review:

US oil prices fell back on Friday, posting a sixth straight weekly loss, despite OPEC signaling that it was ready to pull back on production at any time if fears over Omicron continued to hurt demand for energy.

Technical comment:

The RSI calls for a bounce.

Preference scenario:

For long positions above 66.20, find new targets at 68.20 and 69.30 in extension.

Alternative scenario:

For positions below 66.20, look for a further downside with 65.50 and 64.40 as targets.

Resistance 68.2 69.3 70.55
Support 66.2 65.5 64.4
GBPUSD slides; US stocks down
EUR/USD

Last: 1.1302

Pivot: 1.129

Review:

EUR/USD ignores heavy yields around 1.1300.

Technical comment:

A support base at 1.1290 has formed and has allowed for a temporary stabilisation.

Preference scenario:

Should the price climb above 1.1290, the next targets could be found at 1.1330 and 1.1345 in extension.

Alternative scenario:

If the price declines below 1.1290, look for a further downside with 1.1270 and 1.1255 as targets.

Resistance 1.133 1.1345 1.136
Support 1.129 1.127 1.1255
GBPUSD slides; US stocks down
GBP/USD

Last: 1.3235

Pivot: 1.3265

Review:

GBP/USD slides for the fourth day in the week meanders around 1.3230s.

Technical comment:

As long as the resistance at 1.3265 is not surpassed, the risk of the break below 1.3210 remains high.

Preference scenario:

A sell opportunity could present itself if the rate dips below 1.3265, with targets at 1.3210 and 1.3195 in extension.

Alternative scenario:

Should the price surpass the rate of 1.3265, look for a further upside with 1.3285 and 1.3305 as targets.

Resistance 1.3265 1.3285 1.3305
Support 1.321 1.3195 1.3175
GBPUSD slides; US stocks down

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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