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Morning Insights 4th December

Razvan Mihai

Analyst

Instrument: GOLD

Intraday: Bullish

Technical Analysis

Preference:  Long position is envisaged with take profit at 1486.96;

Alternative scenario: Short position is envisaged if price trades below 1476.84 with take profit at 1462.65;

Fundamentals:

  1. ADP Non-Farm Employment Change (USD) 2:15 PM
  2. ISM Non-Manufacturing PMI (USD) 4 PM

Comment: Gold is supported by the statement of Donald Trump about making next decisions on the US-China trade deal after the 2020 elections. This is expected to further boost the demand for safe-haven commodities like gold.

Instrument: US30

Intraday: Bearish

Technical Analysis

Preference: Short position is envisaged with take profit at 27299;

Alternative scenario: Long position is envisaged if price trades below 27524 with take profit at 27644.

Fundamentals:


  1. ADP Non-Farm Employment Change (USD) 2:15 PM
  2. ISM Non-Manufacturing PMI (USD)  4 PM

Comment: Fresh US tariffs on Argentina and brazil coupled with Donald Trump delaying the US-China trade deal till after the US elections dampened the mood of investors, hence supporting a bearish move on this index pending the release of the expected data from the US.

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