Daily Technical Analysis

Introduction: 

Welcome to our daily technical analysis of the financial markets, focusing today on EUR/USD and Gold. Let's dissect the latest news, market trends, and crucial price levels to watch out for.  

1. EUR/USD Analysis:  

News Summary: 

Although the euro zone may slip into recession, the European Central Bank will keep interest rates steady until next year, with the first rate cut not until at least July. Last month, after raising interest rates at ten consecutive meetings, ECB maintained deposit rate at a record high of 4.00% and will not increase interest rate in the current cycle. However, financial markets still expect the ECB to cut interest rates in April next year.  

Trend Analysis: 

We can see EUR/USD broke through upwards and fluctuated below 1.0900 mark. In addition, the MACD histogram bar and double line expanded after forming a golden cross near the zero axis on H4 chart and the price was far away from 48 hours moving average as well. Owing to overbought status, sell limit or selling strategy is acceptable, stop loss is necessary.  

 Today's Key Price Levels: 

Key Support Levels: [1.0750] 

Key Resistance Levels: [1.1000] 

Pivot Points [1.0900]

2. Gold Analysis:  

News Summary: 

The latest US inflation data showed that US consumer prices cooled more than expected in October, leading some economists to predict that a FED rate hike in December is now completely out of the question, as a result, gold price moved steadily higher. Because of overall US CPI and core CPI were both lower than expected, investors changed their views on the possibility of further interest rate increase and bet on a rate cut in 2024, it is good news for investors.  

Trend Analysis: 

The latest US inflation data showed that US consumer prices cooled more than expected in October, leading some economists to predict that a FED rate hike in December is now completely out of the question, as a result, gold price moved steadily higher. Because of overall US CPI and core CPI were both lower than expected, investors changed their views on the possibility of further interest rate increase and bet on a rate cut in 2024, it is good news for investors.   

Today's Key Price Levels: 

Key Support Levels: [1945] 

Key Resistance Levels: [1990] 

Pivot Points [1960]