Daily Market Report: November 30, 2020

Today’s events & figures – Trade what you know Financial markets feed into world events and are their direct consequence. Keep a daily eye on our roundup of the day’s news, numbers and announcements.

November 30, 2020

Oil Soars While Gold Dives Amid Optimism for Economic Recovery

U.S. Stock Market

Last: 3,636.56

Pivot: 3,515.00

Review:

U.S. stock markets drifted higher early Friday in holiday-thinned trend, continuing to look through the short-term pain of the pandemic a day after the number of people nationwide with the Covid-19 virus topped 90,000 for the first time. At the close in NYSE, the Dow Jones Industrial Average rose 0.4% to hit a new 6-months high, while the S&P 500 index gained 0.4%, and the NASDAQ Composite index climbed 0.6%.

Technical comment:

The S&P 500 RSI advocates for further upside.

Preference scenario:

Long positions above 3515.00 with targets at 3745.00 & 3900.00 in extension.

Alternative scenario:

Below 3515.00, look for further downside with 3390.00 & 3210.00 as targets.

Resistance 3,745 3,900 4,070
Support 3,515 3,390 3,210
Oil Soars While Gold Dives Amid Optimism for Economic Recovery
USD/CAD

Last: 1.2983

Pivot: 1.3010

Review:

The Canadian dollar fell on Friday, closing at 1.2983.

Technical comment:

The RSI advocates for further decline.

Preference scenario:

Short positions below 1.3010 with targets at 1.2955 & 1.2940 in extension.

Alternative scenario:

Above 1.3010, look for further upside with 1.3025 & 1.3040 as targets.

Resistance 1.301 1.3025 1.304
Support 1.2955 1.294 1.2925
Oil Soars While Gold Dives Amid Optimism for Economic Recovery
Gold

Last: 1,787

Pivot: 1,802.00

Review:

Gold enters $1,700 lows in 3rd losing week, amid risk-on rampage.

Technical comment:

As long as the resistance at 1802.00 is not surpassed, the risk of the break below 1774.00 remains high.

Preference scenario:

Short positions below 1802.00 with targets at 1774.00 & 1764.00 in extension.

Alternative scenario:

Above 1802.00, look for further upside with 1811.00 & 1818.00 as targets.

Resistance 1,802 1,811 1,818
Support 1,774 1,764 1,757
Oil Soars While Gold Dives Amid Optimism for Economic Recovery
Oil

Last: 45.11

Pivot: 45.70

Review:

Crude prices posted a fourth straight week of gains returning oil to a bull market ahead of an OPEC+ meeting, where the industry’s most powerful were likely to agree not to raise production at this point to preserve the momentum.

Technical comment:

If the resistance at 45.70 is not breached, the asset is highly likely to break below 44.55.

Preference scenario:

Short positions below 45.70 with targets at 44.55 & 43.75 in extension.

Alternative scenario:

Above 45.70, look for further upside with 46.25 & 46.70 as targets.

Resistance 45.7 46.25 46.7
Support 44.55 43.75 43.1
Oil Soars While Gold Dives Amid Optimism for Economic Recovery
EUR/USD

Last: 1.1973

Pivot: 1.1940

Review:

EUR/USD traded higher, closing at 1.1973.

Technical comment:

The RSI is bullish and calls for further advance.

Preference scenario:

Long positions above 1.1940 with targets at 1.2000 & 1.2020 in extension.

Alternative scenario:

Below 1.1940, look for further downside with 1.1915 & 1.1900 as targets.

Resistance 1.2 1.204 1.194
Support 1.194 1.1915 1.19
Oil Soars While Gold Dives Amid Optimism for Economic Recovery
GBP/USD

Last: 1.3332

Pivot: 1.3310

Review:

GBP/USD traded higher as market participants look for progress on Brexit talks.

Technical comment:

The RSI calls for a rebound.

Preference scenario:

Long positions above 1.3310 with targets at 1.3360 & 1.3380 in extension.

Alternative scenario:

Below 1.3310, look for further downside with 1.3285 & 1.3260 as targets.

Resistance 1.336 1.338 1.34
Support 1.331 1.3285 1.326
Oil Soars While Gold Dives Amid Optimism for Economic Recovery

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