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DAILY MARKET REPORT

Bitcoin (BTC) started the week on a Positive note and trades steady above $11000 supported by the weaker dollar and payments company Square announced a $50 million investment in Bitcoin. At the time writing, BTC trades around $11380 the highest level since Sept. 2, and the next important level to watch $11500.

DAILY MARKET REPORT

Bitcoin (BTC) started the week on a Positive note and trades steady above $11000 supported by the weaker dollar and payments company Square announced a $50 million investment in Bitcoin. At the time writing, BTC trades around $11380 the highest level since Sept. 2, and the next important level to watch $11500.

EQUITIES

Global stocks and US futures trading mixed on Monday as investors' worries about a second wave of infections mounted. On the other hand, US House Speaker Nancy Pelosi and Senate Republicans on Saturday rejected President Donald Trump's roughly $1.8 trillion stimulus proposal. European stocks trade lower after new infections in France slowed to more than 16.1K on Sunday from more than 26K the day before and the number of infections in Germany has made its biggest jump since April.

OIL

Crude oil prices retreated from the last week highs following a reported end to a strike in Norway that threatened production. Apart from this, the production in Libya is expected to rise to 355,000 barrels per day after force majeure at the Sharara oilfield was lifted on Sunday.

CURRENCIES

In the currency market, the US dollar slightly rebounded from the two-week lows. Meanwhile, the British pound trades volatile driven by Brexit headlines and the rising number of cases in the UK. The informal negotiations on Brexit continue in Brussels ahead of the October 15th meeting of EU leaders at the European Council.

GOLD

Gold price slides on Monday after the yellow metal settled at their highest in three weeks on Friday. The gold price climbed to a fresh monthly high of $1932 during the Asian session.

Economic Outlook

This week the main highlights of the economic calendar will be the release of UK and Australia employment reports, US CPI and retail sales, and Oil inventories.

With less than one month to go to voting day for the US presidential election held on 3 November 2020. As per recent polls, former Vice President Joe Biden maintains his lead over President Donald Trump in the presidential race. While the Commission on Presidential Debates has canceled the 2nd Presidential Debate after President Trump refused to participate in a virtual debate.

Coronavirus update:

The number of people infected with the coronavirus across the world crossed 37.4 million, of which at least 1.07 million people have died and 26 million have recovered, according to data released by the Johns Hopkins University. The United States has passed 7.7 million confirmed cases, with over 214,000 deaths from COVID-19, the highest numbers in the world. India's total coronavirus cases rose by 66,732 in the last 24 hours to 7.12 million on Monday morning. The number of confirmed coronavirus cases in Germany increased by 2,467 to 325,331 and the reported death toll rose by 6 to 9,621.

Technical Outlook

USD/CAD: The currency pair trades near the demand area of 1.3100/1.3090.  At the time of writing, the Loonie trades around 1.3130.

usdcad

The important levels to watch for today: Support- 1.3090 and 1.3050 Resistance- 1.3160 and 1.3200.

GOLD: The yellow metal testing the short-term support area $1920, any break below this level the next support to watch the $1910 zone.

audusd

The important levels to watch for today: Support- 1912 and 1906 Resistance- 1930 and 1936.

Quote of the day: if you don’t study any companies, you have the same success buying stocks as you do in a poker game if you bet without looking at your cards – Peter Lynch.

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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.