Daily Forex Guide
Gold - XAU Silver - XAG Oil - WTI EUR/USD GBP/USD USD/JPY

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.

 

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
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

Intra-Day Strategy (3rd December 2024)
GOLD-XAU Sell on Strength
Silver-XAG Buy on Dips
Crude Oil Neutral to Sell
EUR/USD Neutral to Sell
GBP/USD Neutral to Buy
USD/JPY Neutral to Sell

Gold – XAU

Daily Forex Guide

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.

Intraday Support Levels
S1     2635-2,620-2,600
S2     2,590-2,579
S3     2,560-2,546

Intraday Resistance Levels
R1     2,650
R2     2,670-2,684
R3     2,694-2,705

Technical Indicators

Name   Value Action
14DRSI  

60.427

Buy
20-DMA   2705.79 Buy
50-DMA  

2628.62

Buy
100-DMA   2517.03 Buy
200-DMA   2373.49 Buy
STOCH(5,3)   43.958 Buy
MACD(12,26,9)   15.543 Buy

Silver - XAG

Daily Forex Guide

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.

Intraday  Support Levels
S1     30.25-29.90
S2     29.65-29.10
S3     28.65-28.00

Intraday  Resistance Levels
R1     30.70-31.30
R2     32.10-32.60
R3     33.10-33.80-34.20
TECHNICAL INDICATORS
Name   Value Action
14DRSI   52.09 Buy
20-DMA   32.63 Buy
50-DMA   31.18 Buy
100-DMA   30.14 Buy
200-DMA   28.32 Buy
STOCH(5,3)   11.195 Buy
MACD(12,26,9)   0.5705 Buy

Oil - WTI

Daily Forex Guide

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.

Intraday Support Levels
S1     68.00
S2     67.50-66.90
S3     66.10-65.50

Intraday Resistance Levels
R1     69.2-70.10-70.90-71.50
R2     72.45-73.00
R3     73.90-74.50
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)   12.748 Sell
MACD(12,26,9)   -2.093 Buy

EUR/USD

Daily Forex Guide

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.

Intraday Support Levels
S1     1.0470-1.0440
S2     1.0390-1.0340
S3     1.0290-1.0210

Intraday  Resistance Levels
R1     1.0540-1.0600-1.0660-1.0700
R2     1.0790-1.0840
R3     1.0890
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

GBP/USD

Daily Forex Guide

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.

Intraday Support Levels
S1     1.2590-1.2510
S2     1.2450-1.2380
S3     1.2340-1.2290

Intraday Resistance Levels
R1     1.2670-1.2750
R2     1.2800-1.2890
R3     1.2920-1.2990
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

USD/JPY

Daily Forex Guide

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
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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