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Daily Markets
- Most Asian stocks climbed on Tuesday with shares in Japan and South Korea leading gains on strength in major technology stocks, while Chinese shares declined on new U.S. export restrictions. U.S. stock index futures steadied in Asian trade as investors awaited an address from Federal Reserve Chair Jerome Powell and a series of economic data releases due later this week to further gauge the central bank's outlook on interest rates. Gains in the tech sector came as investors repositioned following Washington’s latest export restrictions targeting 140 Chinese companies, which are aimed at cutting China’s access to advanced chips and equipment vital for AI. The restrictions are expected to benefit global semiconductor players outside China. Japanese chip firms stand to gain modestly as the restrictions disrupt their Chinese competitors, said Bernstein analysts in a note. Markets are closely watching for updates on U.S.-China trade relations, as incoming U.S. President Donald trump earlier vowed to impose additional tariffs on Chinese goods. Trump had over the weekend also threatened to impose sanctions on the BRICS group of nations.
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Intraday RESISTANCE LEVELS |
3rd December 2024 |
R1 |
R2 |
R3 |
GOLD-XAU |
2,650 |
2,670-2,684 |
2,694-2,705 |
Silver-XAG |
30.70-31.30 |
32.10-32.60 |
33.10-33.80-34.20 |
Crude Oil |
69.2-70.10-70.90-71.50 |
72.45-73.00 |
73.90-74.50 |
EURO/USD |
1.0540-1.0600-1.0660-1.0700 |
1.0790-1.0840 |
1.0890 |
GBP/USD |
1.2670-1.2750 |
1.2800-1.2890 |
1.2920-1.2990 |
USD/JPY |
150.80-151.50 |
152.10-153.00 |
153.70-154.10-155.25 |
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Intraday SUPPORTS LEVELS |
3rd December 2024 |
S1 |
S2 |
S3 |
GOLD-XAU |
2635-2,620-2,600 |
2,590-2,579 |
2,560-2,546 |
Silver-XAG |
30.25-29.90 |
29.65-29.10 |
28.65-28.00 |
Crude Oil |
68.00 |
67.50-66.90 |
66.10-65.50 |
EURO/USD |
1.0470-1.0440 |
1.0390-1.0340 |
1.0290-1.0210 |
GBP/USD |
1.2590-1.2510 |
1.2450-1.2380 |
1.2340-1.2290 |
USD/JPY |
150.10-149.70 |
149.20-148.50 |
147.90-147.50 |
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Intra-Day Strategy (3rd December 2024) |
GOLD-XAU |
Sell on Strength |
Silver-XAG |
Buy on Dips |
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Crude Oil |
Neutral to Sell |
EUR/USD |
Neutral to Sell |
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GBP/USD |
Neutral to Buy |
USD/JPY |
Neutral to Sell |
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Gold – XAU
Gold on Monday made its intraday high of US$2652.60/oz and low of $2621.78/oz. Gold is down by 0.528% at US$2621.78/oz.
Technicals in Focus:
On the daily charts, gold trades higher than 20DMA (2197). If it drops below this level, it could lead to 2,100. The MACD is currently above the zero line and the histograms are showing an increasing trend, indicating that there may be upward movement in the coming sessions. The RSI is currently at 83.04, which is in the overbought region, suggesting there may be selling pressure in the next 2 to 3 sessions. The Stochastic Oscillator is also in the overbought territory but has given a positive crossover, indicating a bullish stance for intraday trades, but rebound in expected in all the overbought indicators.
Trading Strategy: Sell on Strength
Sell below 2650-2700 keeping stop loss closing above 2700, targeting 2600-2579-2560-2540-2519 and 2510-2500.
Buy in between 2639-2489 with risk below 2480 targeting 2650 and 2662-2670-2684.
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Intraday Support Levels |
S1 |
|
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2635-2,620-2,600 |
S2 |
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2,590-2,579 |
S3 |
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2,560-2,546 |
Intraday Resistance Levels |
R1 |
|
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2,650 |
R2 |
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2,670-2,684 |
R3 |
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2,694-2,705 |
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Technical Indicators
|
Name |
|
Value |
Action |
14DRSI |
|
60.427
|
Buy |
20-DMA |
|
2705.79 |
Buy |
50-DMA |
|
2628.62
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Buy |
100-DMA |
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2517.03 |
Buy |
200-DMA |
|
2373.49 |
Buy |
STOCH(5,3) |
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43.958 |
Buy |
MACD(12,26,9) |
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15.543 |
Buy |
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Silver - XAG
Silver on Monday made its intraday high of US$30.66/oz and low of US$30.03/oz settle down by 0.196% at US$30.48/oz.
Technicals in Focus:
On daily charts, silver is sustaining above 20MA (25.05), breakage above will lead to 23.73. MACD is below the zero line and histograms are increasing trend, bringing a bullish stance in the upcoming sessions. RSI is in the oversold region, indicating a sell signal for now. The Stochastic Oscillator is in the overbought region and gives a positive crossover to show an upside move for the intraday trade.
Trading Strategy: Buy on Dips
Buy in between 30.20-27.50, targeting 31.30-32.10-32.60 and 33.10-33.80-34.20 with stop loss should be placed on the breakage below 27.00.
Sell in between 30.70-34.30 with a stop loss above 35.00 targeting 30.25-29.70 and 29.10-28.65-28.00.
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Intraday Support Levels |
S1 |
|
|
30.25-29.90 |
S2 |
|
|
29.65-29.10 |
S3 |
|
|
28.65-28.00 |
Intraday Resistance Levels |
R1 |
|
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30.70-31.30 |
R2 |
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32.10-32.60 |
R3 |
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33.10-33.80-34.20 |
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TECHNICAL INDICATORS |
Name |
|
Value |
Action |
14DRSI |
|
52.09 |
Buy |
20-DMA |
|
32.63 |
Buy |
50-DMA |
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31.18 |
Buy |
100-DMA |
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30.14 |
Buy |
200-DMA |
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28.32 |
Buy |
STOCH(5,3) |
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11.195 |
Buy |
MACD(12,26,9) |
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0.5705 |
Buy |
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Oil - WTI
Crude Oil on Monday an intra‐day high of US$68.93/bbl, an intraday low of US$67.55/bbl, and settled down by 0.201% to close at US$67.99/bbl.
Technicals in Focus:
On daily charts, oil is sustaining above its 100DMA i.e. 75.37, a support level, and breakage above will call for 77.48. MACD is above the zero line and histograms are in increasing mode will bring a bullish stance in the upcoming sessions. The Stochastic Oscillator is in the overbought region, giving a negative crossover to confirm a bearish stance; while the RSI is in the neutral region, more upside can be expected to reach the overbought region, which is highly probable.
Trading Strategy: Neutral to Sell
Sell in between 69.00-76.85 with stop loss at 77.00; targeting 69.20-68.50-67.50 and 66.90-66.10-65.05.
Buy above 68.10-64.05 with risk daily closing below 64.00, targeting 70.90 and 71.65-73.00-73.90.
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Intraday Support Levels |
S1 |
|
|
68.00 |
S2 |
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67.50-66.90 |
S3 |
|
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66.10-65.50 |
Intraday Resistance Levels |
R1 |
|
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69.2-70.10-70.90-71.50 |
R2 |
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72.45-73.00 |
R3 |
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73.90-74.50 |
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TECHNICAL INDICATORS |
Name |
|
Value |
Action |
14DRSI |
|
39.229 |
Sell |
20-DMA |
|
69.13 |
Buy |
50-DMA |
|
72.86 |
Buy |
100-DMA |
|
76.10 |
Buy |
200-DMA |
|
77.15 |
Buy |
STOCH(5,3) |
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12.748 |
Sell |
MACD(12,26,9) |
|
-2.093 |
Buy |
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EUR/USD
EUR/USD of Monday made an intraday low of US$1.0460/EUR, a high of US$1.0596/EUR, and settled the day down by 0.640% to close at US$1.0496/EUR.
Technicals in Focus:
On daily charts, prices are sustaining above 100DMA (1.0800), which becomes immediate support, a break below will target 1.0717. MACD is above the zero line and histograms are increasing mode, bringing a bullish view. Stochastic is in oversold territory, giving negative crossovers to the bullish outlook for intraday. 14D RSI is currently in a neutral region and giving no directions to consider right now.
Trading Strategy: Neutral to Sell
Sell below 1.0540-1.0840, targeting 1.0450-1.0400-1.0340 and 1.0290-1.0210 with stop-loss at daily closing above 1.1400.
Buy above 1.0470-1.0210 with risk below 1.0210 targeting 1.0490-1.0540-1.0600 and 1.0660-1.0700-1.0790.
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Intraday Support Levels |
S1 |
|
|
1.0470-1.0440 |
S2 |
|
|
1.0390-1.0340 |
S3 |
|
|
1.0290-1.0210 |
Intraday Resistance Levels |
R1 |
|
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1.0540-1.0600-1.0660-1.0700 |
R2 |
|
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1.0790-1.0840 |
R3 |
|
|
1.0890 |
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TECHNICAL INDICATORS |
Name |
|
Value |
Action |
14DRSI |
|
37.566 |
Buy |
20-DMA |
|
1.0838 |
Sell |
50-DMA |
|
1.0978 |
Buy |
100-DMA |
|
1.0940 |
Buy |
200-DMA |
|
1.0868 |
Buy |
STOCH(5,3) |
|
34.688 |
Sell |
MACD(12,26,9) |
|
-0.0013 |
Buy |
|
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GBP/USD
GBP/USD on Monday made an intra‐day low of US$1.2616/GBP, a high of US$1.2733/GBP, and settled the day down by 0.569% to close at US$1.2648/GBP.
Technicals in Focus:
On daily charts, prices are sustaining above 50DMA (1.2674) is becoming a support level. 14-D RSI is currently in a neutral region and direction is difficult to predict on an RSI basis. The Stochastic Oscillator is in oversold territory and gives a positive crossover to confirm a bullish stance. MACD is above the zero line, but histograms are increasing leading to movement.
Trading Strategy: Neutral to Buy
Based on the charts and explanations above; buy in between 1.2670-1.2380 with a target of 1.2750 and 1.2800.1.2890-1.2990 with a stop loss closing below 1.2380.
Sell in between 1.2750-1.3260 with targets at 1.2670-1.2590-1.2520 and 1.2450-1.2380-1.2290 with a stop loss of 1.3200.
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Intraday Support Levels |
S1 |
|
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1.2590-1.2510 |
S2 |
|
|
1.2450-1.2380 |
S3 |
|
|
1.2340-1.2290 |
Intraday Resistance Levels |
R1 |
|
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1.2670-1.2750 |
R2 |
|
|
1.2800-1.2890 |
R3 |
|
|
1.2920-1.2990 |
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TECHNICAL INDICATORS |
Name |
|
Value |
Action |
14DRSI |
|
54.495
|
Buy |
20-DMA |
|
1.3240 |
Buy |
50-DMA |
|
1.3071 |
Buy |
100-DMA |
|
1.2921 |
Buy |
200-DMA |
|
1.2776 |
Buy |
STOCH(5,3) |
|
28.458 |
Buy |
MACD(12,26,9) |
|
-0.003 |
Sell |
|
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USD/JPY
USD/JPY on Monday made an intra‐day low of JPY149.07/USD an intraday high of 150.74/USD, and settled the day down by 0.0073% at JPY149.55/USD.
Technicals in Focus:
In daily charts, JPY is sustaining above 100DMA (155.35), major support on the daily chart. 14-D RSI is currently in the overbought region and chances of downward are expected based on RSI. MACD is above the zero line but histograms are in decreasing mode which might lead to downward movement. The Stochastic Oscillator is in overbought territory and signaling to sell as it has given a negative crossover to confirm a bearish stance.
Trading Strategy: Neutral to Sell
Sell below 151.00-159.50 with risk above 159.00 targeting 150.10-149.70-149.20 and 148.50-147.90-147.50..
Long positions above 150.00-147.00 with targets of 150.80-151.50 -152.10 and 153.00-153.70-154.10 with stops below 147.00.
|
Intraday Support Levels |
S1 |
|
|
150.10-149.70 |
S2 |
|
|
149.20-148.50 |
S3 |
|
|
147.90-147.50 |
INTRADAY RESISTANCE LEVELS |
R1 |
|
|
150.80-151.50 |
R2 |
|
|
152.10-153.00 |
R3 |
|
|
153.70-154.10-155.25 |
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TECHNICAL INDICATORS |
Name |
|
Value |
Action |
14DRSI |
|
56.10 |
Buy |
20-DMA |
|
153.90 |
Buy |
50-DMA |
|
150.00 |
Buy |
100-DMA |
|
149.44 |
Buy |
200-DMA |
|
151.94 |
Buy |
STOCH(9,6) |
|
93.662 |
Sell |
MACD(12,26,9) |
|
0.683 |
Sell |
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