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DAILY MARKET REPORT

US stock futures and Metals trading steady on Tuesday ahead of the first US presidential election debate between US President Donald Trump and his Democratic rival Joe Biden which is set to start at 9 pm ET (2 am on Wednesday morning in the UK).

DAILY MARKET REPORT

US stock futures and Metals trading steady on Tuesday ahead of the first US presidential election debate between US President Donald Trump and his Democratic rival Joe Biden which is set to start at 9 pm ET (2 am on Wednesday morning in the UK).

EQUITIES

Wall Street ended higher on Monday ahead of the first 2020 presidential election debate. Dow Jones Industrial Average rose 1.51%, the S&P 500 gained 1.61%, and the Nasdaq Composite was up 1.87%. 

OIL

Crude oil prices trading higher on Tuesday supported by a weaker dollar and optimism that US lawmakers can still reach a deal on another relief bill.

CURRENCIES

In the currency market, the British pound retreated from the previous session highs after the EU commissioner said the EU would “not be shy” in legally pursuing the UK if the UK does not abandon or rewrites the internal market bill. On Monday, the currency pair surged to fresh weekly highs of 1.2930.

GOLD

The Gold price rebounded from the previous weekly support $1848 boosted by the weaker dollar. At the time writing, the yellow metal hovers near $1885 zone.

Economic Outlook

U.S. House of Representatives Speaker Nancy Pelosi said on Monday that Democratic lawmakers unveiled a new, $2.2 trillion coronavirus relief bill, which she said was a compromise measure that reduces the costs of the economic aid.

Coronavirus update:

The number of people infected with the coronavirus across the world crossed 33.3 million, of which at least 1 million people have died and 23.1 million have recovered, according to data released by the Johns Hopkins University. The US is the worst-hit country with the world’s highest number of cases and deaths at 7,115,338 and 204,758, respectively. India comes in the second place in terms of cases at 6,074,702, while the country’s death toll soared to 95,542. On the other hand, WHO said that some 120 million rapid diagnostic tests for COVID-19 will be made available to low-and middle-income countries at a maximum of $5 per unit.

Technical Outlook

EUR/USD: The currency pair rebounded from the two-months low after positive comments from European Central Bank president Christine Lagarde. She said that the ECB might consider further stimulus given the increasing number of COVID infections.

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The important levels to watch for today: Support- 1.1660 and 1.1620 Resistance- 1.1720 and 1.1770.

GOLD: The yellow metal trades steady above $1880 during the European session, supported by $1860 and $1848.

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The important levels to watch for today: Support- 1860 and 1848 Resistance- 1896 and 1905.

Quote of the day: Learn to take losses. The most important thing in making money is not letting your losses get out of hand- Marty Schwartz.

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DAILY MARKET REPORT

DAILY MARKET REPORT

Global stocks and Wall Street ended higher in November. The S&P 500 climbed 10.8% for the month, its biggest monthly gain since April. While the Dow has added almost 13% so far, which would be the best month since January 1987. The energy stocks in the S&P 500 ended November with an above 25% gain supported by the strong rebound in the crude oil prices.

DAILY MARKET REPORT

DAILY MARKET REPORT

Crude oil prices trading slightly lower on Monday ahead of OPEC two days of meetings that begin later today. The investors and traders eagerly waiting for the fresh updates whether the OPEC and other oil-exporting countries will extend large output cuts to balance global markets.

DAILY MARKET REPORT

DAILY MARKET REPORT

Hello Everyone, Happy Thanksgiving Day! We expect Trading will be thinned out next two days and liquidity is expected to remain low as US financial markets are closed on Thursday and a half-day on Friday.

DAILY MARKET REPORT

DAILY MARKET REPORT

Gold price slightly rebounded from the previous session lows. The yellow metal plunged more than 3% and closed to near $1800 on Tuesday. Moving ahead to the North American session, the gold investors and traders will keep an eye on the US GDP and durable goods data due later in the session.