Shiba Inu Coin – Daily Tech Analysis – November 28th, 2021

Shiba Inu Coin

Shiba Inu Coin rose by 1.42% on Saturday. Partially reversing a 9.41% slide from Friday, Shiba Inu Coin ended the day at $0.00003923.

A mixed start to the day saw Shiba Inu Coin slide to an early morning intraday low $0.0000368 before making a move.

Finding support at the 62% FIB of $0.000037, Shiba Inu Coin rallied to a late afternoon intraday high $0.00004173.

Falling well short of the first major resistance level at $0.0000425, however, Shiba Inu Coin fell back to sub-$0.000039 levels before finding late support to wrap up the day at $0.000039 levels.

At the time of writing, Shiba Inu Coin was down by 4.72% to $0.00003738. A bearish start to the day saw Shiba Inu Coin fall from an early morning high $0.00003923 to a low $0.00003703

Shiba Inu Coin left the major support and resistance levels untested early on.

SHIBUSD 281121 Hourly Chart

For the day ahead

Shiba Inu Coin would need to move through the $0.0000393 pivot to bring the first major resistance level at $0.0000417 into play.

Support from the broader market would be needed, however, for Shiba Inu Coin to break back through to $0.000040 levels.

Barring another extended crypto rally, the first major resistance level and Saturday’s high $0.00004173 would likely cap the upside

In the event of an extended breakout, Shiba Inu Coin could test the second major resistance level at $0.0000442 and resistance at $0.000045 levels.

Failure to move through the $0.0000393 pivot would bring the 62% FIB of $0.000037 and the first major support level at $0.0000368 back into play.

Barring another extended sell-off, however, Shiba Inu Coin should avoid sub-$0.000035 levels. The second major support level sits at $0.0000343.

For the bears, a sustained fall through the 62% FIB of $0.000037 would form a near-term bearish trend.

Looking at the Technical Indicators

First Major Support Level: $0.0000368

Pivot Level: $0.0000393

First Major Resistance Level: $0.0000417

23.6% FIB Retracement Level: $0.00006987

38.2% FIB Retracement Level: $0.00005680

62% FIB Retracement Level: $0.00003700

The Crypto Daily – Movers and Shakers – November 28th, 2021

Bitcoin, BTC to USD, rose by 1.79% on Saturday. Partially reversing an 8.77% slide from Friday, Bitcoin ended the day at $54,791.

A mixed morning saw Bitcoin fall to an early morning intraday low $53,711 before making a move.

Steering clear of the 23.6% FIB of $53,628 and the major support levels, Bitcoin rose to a late morning intraday high $55,329.

Falling short of the first major resistance level at $57,533, however, Bitcoin fell back to $54,100 levels before finding late support to end the day at $54,700 levels.

The near-term bullish trend remained intact, in spite of the latest pullback to sub-$54,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $28,814 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Saturday.

Crypto.com Coin rallied by 10.87% to lead the way, with Binance Coin (+2.16%) finding strong support.

Bitcoin Cash SV (+0.32%), Cardano’s ADA (+0.73%), Chainlink (+0.60%), Ethereum (+1.35%), and Ripple’s XRP (+0.61%) trailed the front runners, however.

Litecoin and Polkadot bucked the trend, falling by 0.20% and by 0.11% respectively.

In the current week, the crypto total market rose to a Thursday high $2,689bn before sliding to a Friday low $2,334bn. At the time of writing, the total market cap stood at $2,406bn.

Bitcoin’s dominance fell to a Thursday low 41.75% before rising to a Friday high 43.31%. At the time of writing, Bitcoin’s dominance stood at 42.60%.

This Morning

At the time of writing, Bitcoin was down by 0.94% to $54,276. A mixed start to the day saw Bitcoin rise to an early morning high $54,875 before falling to a low $54,244.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a bearish start to the day.

At the time of writing, Crypto.com Coin was down by 7.23% to lead the way down.

BTCUSD 281121 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the $54,610 pivot to bring the first major resistance level at $55,510 into play.

Support from the broader market would be needed for Bitcoin to break out from Friday’s high $55,329.

Barring an extended crypto rally, the first major resistance level would likely cap the upside.

In the event of an extended rally, Bitcoin could test resistance at $58,000 levels before easing back. The second major resistance level sits at $56,228.

Failure to move back through the $54,610 pivot would bring the first major support level at $53,892 and the 23.6% FIB of $53,628 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$50,000 levels. The second major support level at $52,992 should limit the downside.

The Week Ahead – Central Bank Chatter, Economic Data, and COVID-19 in Focus

On the Macro

It’s a particularly busy week ahead on the economic calendar, with 78 stats in focus in the week ending 3rd December. In the week prior, 49 stats had been in focus.

For the Dollar:

Early in the week, consumer confidence will be in focus ahead of ADP nonfarm and manufacturing data on Wednesday.

Expect the consumer confidence and ADP numbers to draw the greatest interest.

On Thursday, weekly jobless claims will also influence ahead of a busy end to the week.

Nonfarm payrolls and ISM non-manufacturing PMI figures wrap things up on Friday.

On the monetary policy front, FED Chair Powell and FOMC member chatter will also be in focus. The FED Chair is scheduled to deliver testimony in the 1st half of the week, which will be key with the latest new COVID-19 strain.

In the week, the U.S Dollar Index rose by 0.06% to 96.089.

For the EUR:

French consumer spending and German unemployment figures get things going on Tuesday.

While consumption is key, expect Germany’s unemployment data to have a greater impact.

On Wednesday, German retail sales and manufacturing sector PMIs will be in focus.

At the end of the week, service sector PMIs and Euro area retail sales will also influence.

While the stats will draw plenty of interest, prelim November inflation figures for the Eurozone and member states will likely be key.

Away from the economic calendar, any new COVID-19 lockdown measures would likely overshadow any upbeat numbers.

For the week, the EUR rose by 0.24% to $1.1317.

For the Pound:

It’s a relatively quiet week ahead on the economic calendar.

Finalized private sector PMIs for November will be in focus. Expect any revisions to the services PMI to have the greatest impact on the Pound.

On the monetary policy front, central bank chatter will also provide direction. BoE Gov. Bailey is scheduled to speak on Wednesday.

The Pound ended the week down by 0.85% to $1.3337.

For the Loonie:

It’s relatively quiet week ahead on the economic calendar.

GDP figures will provide direction on Tuesday ahead of employment figures on Friday.

Away from the economic calendar, however, expect crude oil inventories and prices to influence. OPEC’s meeting in the week and sentiment towards consumption amidst the latest COVID-19 lockdown measures will drive crude oil prices.

The Loonie ended the week down 1.19% to C$1.2791 against the U.S Dollar.

Out of Asia

For the Aussie Dollar:

It’s a busy week ahead. Early in the week, company gross operating profits and private sector credit data will be in focus.

For the week, however, the key stats will be GDP numbers on Wednesday ahead of trade data on Thursday.

The Aussie Dollar ended the week down by 1.55 to $0.7123.

For the Kiwi Dollar:

It’s a quiet week ahead.

Economic data is limited to business confidence figures due out on Tuesday. With lockdown measures eased, the markets will be looking for a recovery following the decline in October.

The latest COVID-19 news from Europe, however, could weigh on sentiment and more heavily on the Kiwi.

The Kiwi Dollar ended the week down by 2.60% to $0.6822.

For the Japanese Yen:

Retail sales and prelim industrial production figures will be in focus early in the week.

In the 2nd half of the week, finalized private sector PMIs for November will also draw interest.

Ultimately, however, COVID-19 news updates will continue to be the key driver for the Japanese Yen.

The Japanese Yen rose by 0.54% to ¥113.380 against the U.S Dollar.

Out of China

It’s a busy week ahead on the economic calendar.

On Tuesday, NBS manufacturing PMI numbers will be in focus ahead of the all-important Caixin Manufacturing PMI on Wednesday.

While the headline figure will draw plenty of interest, new orders, delivery times, and input and output price trends will likely be the main areas of focus.

On Friday, the Services PMI will also draw interest, however.

The Chinese Yuan ended the week down by 0.10% to CNY6.3933 against the U.S Dollar.

Geo-Politics

Nothing new to consider in the week ahead, with China and Capitol Hill continuing to be the key areas of focus.

COVID-19

News of rising new COVID-19 cases and the talk of lockdown measures will influence. Key, however, will be news updates on the new COVID-19 strain and any government chatter on border controls.

Shiba Inu Coin – Daily Tech Analysis – November 27th, 2021

Shiba Inu Coin

Shiba Inu Coin slid by 9.41% on Friday. Partially reversing a 12.81% breakout from Thursday, Shiba Inu Coin ended the day at $0.0000387.

A mixed start to the day saw Shiba Inu Coin rise to an early morning intraday high $0.0000429 hitting reverse.

Falling short of the first major resistance level at $0.0000479, Shiba Inu Coin slid to a late morning intraday low $0.0000357.

The sell-off saw Shiba Inu Coin slide through the first major support level at $0.0000376 and the 62% FIB of $0.000037.

Finding late morning support, however, Shiba Inu Coin revisited $0.000041 levels before falling back to sub-$0.000040 levels.

In spite of the late pullback, Shiba Inu Coin avoided a fall back through the first major support level and the 62% FIB.

At the time of writing, Shiba Inu Coin was up by 0.98% to $0.00003908. A mixed start to the day saw Shiba Inu Coin fall to an early morning low $0.00003821 before rising to a high $0.00003916.

Shiba Inu Coin left the major support and resistance levels untested early on.

SHIBUSD 271121 Hourly Chart

For the day ahead

Shiba Inu Coin would need to move back through the $0.0000391 pivot to bring the first major resistance level at $0.0000425 into play.

Support from the broader market would be needed, however, for Shiba Inu Coin to break back through to $0.000040 levels.

Barring another extended crypto rally, the first major resistance level and Friday’s high $0.0000429 would likely cap the upside

In the event of an extended breakout, Shiba Inu Coin could test the second major resistance level at $0.0000463.

Failure to move back through the $0.0000391 pivot would bring the 62% FIB of $0.000037 and the first major support level at $0.0000353 into play.

Barring another extended sell-off, however, Shiba Inu Coin should avoid sub-$0.000035 levels. The second major support level sits at $0.0000319.

For the bears, a sustained fall through the 62% FIB of $0.000037 would form a near-term bearish trend.

Looking at the Technical Indicators

First Major Support Level: $0.0000353

Pivot Level: $0.0000391

First Major Resistance Level: $0.0000425

23.6% FIB Retracement Level: $0.00006987

38.2% FIB Retracement Level: $0.00005680

62% FIB Retracement Level: $0.00003700

The Crypto Daily – Movers and Shakers – November 27th, 2021

Bitcoin, BTC to USD, slid by 8.77% on Friday. Reversing a 3.25% gain from Thursday, Bitcoin ended the day at $53,839.

A mixed morning saw Bitcoin rise to an early morning intraday high $59,238 before hitting reverse.

Falling short of the first major resistance level at $59,937, Bitcoin slid to a mid-day intraday low $53,555.

The extended sell-off saw Bitcoin fall through the day’s major support levels and through the 23.6% FIB of $53,628.

Finding early afternoon support, however, Bitcoin revisited $54,800 levels before ending the day at $53,800 levels.

The partial recovery saw Bitcoin break back through the 23.6% FIB of $53,628 and the third major support level at $53,780.

The near-term bullish trend remained intact, in spite of the latest pullback to sub-$54,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $28,814 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bearish day on Friday.

Litecoin led the way down, sliding by 12.26%.

Binance Coin (-8.00%), Bitcoin Cash SV (-9.00%), Cardano’s ADA (-8.41%), Chainlink (-9.20%), Crypto.com Coin (-10.63%), Ethereum (-10.68%), and Ripple’s XRP (-10.18%) also saw deep red.

Polkadot (-3.93%) saw relatively modest losses, however.

In the current week, the crypto total market rose to a Thursday high $2,685bn before sliding to a Friday low $2,334bn. At the time of writing, the total market cap stood at $2,420bn.

Bitcoin’s dominance fell to a Thursday low 41.75% before rising to a Friday high 43.32%. At the time of writing, Bitcoin’s dominance stood at 42.30%.

This Morning

At the time of writing, Bitcoin was up by 0.73% to $54,231. A mixed start to the day saw Bitcoin fall to an early morning low $53,711 before rising to a high $54,479

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (-0.73%) and Crypto.com Coin (-1.81%) bucked the early trend.

It was a bullish start for the rest of the majors, however.

At the time of writing, Litecoin was up by 1.62% to lead the way.

BTCUSD 271121 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $55,544 pivot to bring the first major resistance level at $57,533 into play.

Support from the broader market would be needed for Bitcoin to break out from $55,000 levels.

Barring an extended crypto rally, the first major resistance level would likely cap the upside.

In the event of an extended rally, Bitcoin could test resistance at $60,000 levels before easing back. The second major resistance level sits at $61,227.

Failure to move through the $55,544 pivot would bring the 23.6% FIB of $53,628 and the first major support level at $51,850 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$50,000 levels. The second major support level sits at $49,861.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 27th, 2021

Ethereum

Ethereum slid by 10.68% on Friday. Reversing a 5.97% rally from Thursday, Ethereum ended the day at $4,044.

A mixed start to the day saw Ethereum rise to an early morning intraday high $4,556 before hitting reverse.

Falling short of the first major resistance level at $4,637, Ethereum tumbled to a mid-day intraday low $3,915.

The sell-off saw Ethereum fall through the first major support level at $4,332 and the second major support level at $4,139.

Steering clear of the third major support level at $3,833, however, Ethereum revisited $4,130 levels before easing back. The second major support level pegged Ethereum back late in the day.

At the time of writing, Ethereum was down by 0.10% to $4,040. A mixed start to the day saw Ethereum rise to an early morning high $4,056 before falling to a low $4,032.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 271121 Hourly Chart

For the day ahead

Ethereum would need to move through the $4,171 pivot to bring the first major resistance level at $4,428 into play.

Support from the broader market would be needed, however, for Ethereum to break out from to $4,200 levels.

A broad-based crypto rebound would bring the first major resistance level into play.

In the event of a broad-based crypto rally, Ethereum could test resistance at $4,700 levels before any pullback. The second major resistance level sits at $4,812.

Failure to move through the $4,171 pivot would bring the first major support level at $3,787 and the 23.6% FIB of $3,738 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $3,531.

Looking at the Technical Indicators

First Major Support Level: $3,787

Pivot Level: $4,171

First Major Resistance Level: $4,428

23.6% FIB Retracement Level: $3,738

38.2% FIB Retracement Level: $3,039

62% FIB Retracement Level: $1,909

Litecoin

Litecoin tumbled by 12.26% on Friday. Reversing a 5.11% rally from Thursday, Litecoin ended the day at $196.

Tracking the broader market, Litecoin rose to an early morning intraday high $225.0 before hitting reverse.

Falling short of the first major resistance level at $232, Litecoin slid to a mid-day intraday low $190.1.

Litecoin fell through the first major support level at $213 and the second major support level at $202. More significantly, Litecoin fell through the 38.2% FIB of $223 to end the day at sub-$200 levels.

At the time of writing, Litecoin was flat at $195.8. A mixed start to the day saw Litecoin rise to an early morning high $196.4 before falling to a low $195.4.

Litecoin left the major support and resistance levels untested early on.

LTCUSD 271121 Hourly Chart

For the day ahead

Litecoin would need to move through the $204 pivot to bring the first major resistance level at $217 into play.

Support from the broader market would be needed, however, for Litecoin to break out from $210 levels.

Barring an extended crypto rally, the first major resistance level would likely cap the upside.

In the event of an extended rally, Litecoin could test resistance at the 38.2% FIB of $223 before any pullback. The second major resistance level sits at $239.

Failure to move through the $204 pivot would bring the first major support level at $182 into play.

Barring another extended sell-off, Litecoin should steer clear of sub-$180 levels. The second major support level sits at $169.

Looking at the Technical Indicators

First Major Support Level: $182

Pivot Level: $204

First Major Resistance Level: $217

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP slid by 10.18% on Friday. Reversing a 1.00% gain from Thursday, Ripple’s XRP ended the day at $0.9395.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $1.04626 before hitting reverse.

Falling short of the first major resistance level at $1.0635, Ripple’s XRP slid to a late morning intraday low $0.91318.

The extended sell-off saw Ripple’s XRP fall through day’s major support levels before finding support.

Through the early afternoon, Ripple’s XRP revisited $0.963 levels before falling back into the deep red. The third major support level at $0.9635 pegged Ripple’s XRP back in the 2nd half of the day.

At the time of writing, Ripple’s XRP was down by 0.18% to $0.9378. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.9413 before falling to a low $0.9366.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 271121 Hourly Chart

For the day ahead

Ripple’s XRP would need to move through the $0.9663 pivot to bring the first major resistance level at $1.0194 into play.

Support would be needed, however, for Ripple’s XRP to break back through to $1.00 levels.

Barring an extended crypto rally, the first major resistance level would likely cap the upside.

In the event of a broad-based crypto rally, Ripple’s XRP could test the second major resistance level at $1.0994. Ripple’s XRP would need plenty of support, however, to breakout from the 38.2% FIB of $1.0659.

Failure to move through the $0.9663 pivot would bring first major support level at $0.8864 into play.

Barring another extended sell-off, however, Ripple’s XRP should avoid the second major support level at $0.8332. The 23.6% FIB of $0.8533 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.8864

Pivot Level: $0.9663

First Major resistance Level: $1.0194

23.6% FIB Retracement Level: $0.8533

38.2% FIB Retracement Level: $1.0659

62% FIB Retracement Level: $1.4096

USD/JPY Forex Technical Analysis – Trader Reaction to 113.173 to 112.619 Sets the Near-Term Tone

The Dollar/Yen is down sharply late Friday as U.S. Treasury yields slid on Friday, reversing recent gains amid concerns around a new variant of the coronavirus found in South Africa. The bearish news fueled a tightening of the interest rate differential between U.S. Government bonds and Japanese Government bonds, making the U.S. Dollar a less-attractive investment.

At 21:15 GMT, the USD/JPY is trading 113.250, down 2.125 or -1.84%.

The Japanese Yen surged on Friday as investors fled for shelter following the discovery of a new coronavirus variant that could resist current vaccines. The day after the U.S. Thanksgiving holiday is traditionally a low volume day due to the absence of major banks and institutions. This may have been a contributing factor to today’s volatility, which some traders say was a little exaggerated.

Most traders, however, agree that the move into the Japanese Yen, Swiss Franc and U.S. Treasuries was the textbook move due to the uncertainty over the new COVID-variant, which some believe could be vaccine resistant.

Heightened volatility could be the theme for a while since the World Health Organization has said it will take weeks to understand how the variant may affect diagnostic, therapeutics and vaccines.

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. The trend turned down early Friday when sellers took out the last swing bottom at 113.591. A trade through the next swing bottom at 112.728 will reaffirm the downtrend. A move through 115.519 will change the main trend to up.

The main range is 110.826 to 115.519. On Friday the USD/JPY tested its retracement zone at 113.173 to 112.619. This zone is controlling the near-term direction of the Forex pair.

We could see a technical bounce on a test of this zone early Monday, but a failure to hold 112.619 could trigger an acceleration to the downside with 110.826 the next major downside target.

For a look at all of today’s economic events, check out our economic calendar.

NZD/USD Forex Technical Analysis – .6805 Could Be Trigger Point for Acceleration to Downside

The New Zealand Dollar is down sharply late Friday as fears of a new COVID variant in South Africa started to rise overnight after the U.K. suspended flights from six African countries. According to scientists, more than 30 mutations have been detected in the new variant, raising concern that it could possibly better evade the antibody protection created by vaccines and prior infections.

At 20:52 GMT, the NZD/USD is trading .6818, down 0.0038 or -0.55%.

Despite the global sell-off in nearly all asset classes, traders cautioned that Friday was the day after a major U.S. holiday and traditionally a low-volume day so many of the responses to the news may have been exaggerated.

Nonetheless, there is still a real fear that some of the hawkish central banks like the Reserve Bank of New Zealand (RBNZ) will curtail plans to raise rates if the pandemic emerges. This would weigh on the Kiwi.

Daily NZD/USD

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. On Friday, the downtrend was reaffirmed when the NZD/USD inched through the August 20 main bottom at .6806.

We’re expecting to see a lot more downside pressure, however, if the new low for the year at .6805 is taken out by aggressive sellers.

Traders should note that the daily chart indicates there is plenty of room to the downside with the November 2, 2020 main bottom at .6589 the next major target. Given this set up, don’t be surprised by the start of an acceleration to the downside.

On the upside, the nearest resistance is a trailing pivot at .6929.

The trend in motion suggests the selling pressure is likely to continue. With support spread wide apart, the only bottoming signal that we’re looking for is a closing price reversal bottom. We don’t expect to see a valid change in trend until the market forms a support base.

The closing price reversal bottom won’t change the main trend but it could trigger the start of a 2 to 3 day relief rally.

For a look at all of today’s economic events, check out our economic calendar.

AUD/USD Forex Technical Analysis – In Position to Post New Low for the Year

News of a coronavirus variant potentially resistant to current vaccines drove investors out of the commodity-linked Australian Dollar and into the safety of the U.S. Dollar, Japanese Yen and Swiss Franc. We don’t know much about the new variant, but the fear of the unknown is powerful when dealing with matters of risk.

At 20:25 GMT, the AUD/USD is trading .7116, down 0.0073 or -1.02%.

One fear is that another coronavirus wave would encourage some countries to shut down parts of their economies. Certainly air travel, hotels and any other travel-related industry will take a hit. The 13% loss in crude oil is a sign that traders are taking this new development seriously.

The biggest concern is that hawkish central banks like the Fed and Reserve Bank of New Zealand (RBNZ) will pause their stimulus tapering and quest to raise interest rates. In Australia, the Reserve Bank (RBA) is already dovish, but a prolonged shutdown of its economy will push any thoughts of a rate hike well into the future.

Daily AUD/USD

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. A trade through the August 20 main bottom at .7106 will reaffirm the downtrend. If this move creates enough downside momentum then look for an acceleration to the downside with the November 2, 2020 main bottom at .6991 the next target, followed closely by the July 16, 2020 main bottom at .6963.

On the upside, the nearest resistance is a series of minor retracement levels at .7242, .7272 and .7310.

Short-Term Outlook

One thing to consider early Monday is that the day after Thanksgiving is traditionally a low volume day with most of the major banks and institutions taking an extended break. This can amplify moves in the market.

That being said, it doesn’t change the bearish fundamentals driving the AUD/USD at this time. Essentially, the RBA is still dovish and the Fed is still likely to consider a faster tapering and a sooner-than-expected rate hike. This outlook won’t change until the Fed tells us the new variant will have a negative effect on the economy and jobs growth.

For a look at all of today’s economic events, check out our economic calendar.

Gold Price Futures (GC) Technical Analysis – Buyers/Sellers Take Advantage of Thin Post-Holiday Volume

Gold futures are inching higher late in the session on Friday after giving up all of its earlier gains. The market rose earlier in the session and was up more than $30.00 before sellers came in.

Prices rose sharply higher as concerns over the spread of a newly identified coronavirus variant boosted the metal’s safe-haven appeal. The move was primarily driven by a steep plunge in Treasury yields and a weaker U.S. Dollar.

The early rally and the steep drop were likely the result of thin post-holiday trading conditions. We may not see the real reaction to the new virus variant threat until next week when the major traders return.

The big issue for gold investors is whether a new COVID-19 outbreak will encourage central banks, especially the Federal Reserve, to delay any plans to reduce stimulus or raise interest rates.

At 16:00 GMT, February Comex gold futures are trading $1787.10, up $0.20 or +0.01%. This is down from an intraday high of $1819.30.

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart. However, momentum has been trending lower since the formation of the closing price reversal top on November 16.

A trade through 1881.90 will negate the closing price reversal top and signal a resumption of the uptrend.  A move through $1761.00 will change the main trend to down.

The main range is $1680.00 to $1881.90. Its retracement zone at $1781.00 to $1757.10 is a potential value zone. Since the main trend is up, buyers are likely to come in on a test of this zone. On Wednesday, this zone stopped the selling at $1780.20.

On the upside, the first resistance is a minor pivot at $1821.50.

The short-term range $1881.90 to $1780.20. Its 50% level at $1831.10 is a potential upside target.

Daily Swing Chart Technical Forecast

The direction of the February Comex gold futures contract into the close on Friday is likely to be determined by trader reaction to $1781.00.

Bullish Scenario

A sustained move over $1781.00 will indicate the presence of buyers. If this move creates some late session momentum then look for the rally to possibly extend into the pivot at $1802.80.

Overtaking $1802.80 will indicate the buying is getting stronger. This could trigger a further rally into the intraday high at $1819.30, followed by a pivot at $1821.50 and the short-term 50% level at $1831.10.

Bearish Scenario

A sustained move under $1781.00 will signal the presence of sellers. Taking out this week’s low at $1780.20 will indicate the selling pressure is getting stronger. This could trigger a steep break into the main bottom at $1761.00, followed by the main Fibonacci level at $1757.10.

Since the main trend is up, don’t be surprised if buyers show up on a test of $1781.00 to $1757.10.

For a look at all of today’s economic events, check out our economic calendar.

S&P 500 Price Forecast – Stock Market Continues Volatile Action

It appears that coronavirus is now the headline again, as South Africa has announced it has a new variant. There have been a lot of fears of a potential lockdown coming, and that of course has people concerned in general. That being said I believe that this is a market that will eventually find reasons to rally, if for no other reason than the so-called “Santa Claus rally” that typically happens this time year as money managers try to bring home returns for clients.

The 50 day EMA sits just below, but it is worth noting that we close that the very bottom of the session. With this tells me is that we could very well see another plunge or panic on Monday, only to see longer-term traders come in and pick up value. I do not short this market as you know, but if we were to break the trendline underneath there might be a buyer of puts.

S&P 500 Video 29.11.21

Quite frankly, I more likely to sit on the sidelines and wait for support of candle in order to pick up value in a market that despite the fact that the Federal Reserve is tapering its bond buying program, still runs on a lot of liquidity measures being thrown at it. Because of this, I think that the market is more likely than not to be difficult on Monday, but if you let cooler heads prevail, you probably get an opportunity to make a fairly large trade. I still think that we go looking towards the 4800 level, but the panic and low liquidity of course makes things look a lot worse than they truly are.

For a look at all of today’s economic events, check out our economic calendar.

Crude Oil Price Forecast – Crude Oil Markets Get Hit in Low Liquidity

WTI Crude Oil

The West Texas Intermediate Crude Oil market has broken down significantly during the trading session on Friday to lose roughly 10%, as traders around the world panic at the thought of a new coronavirus variant, and the possibility of lockdowns coming. If that continues to be a serious threat, then you have to worry about the possibility of demand for crude oil falling apart.

That being said, the market has found support at the crucial 200 day EMA, and officials out of South Africa are already starting to talk about how the virus does not seem to be vaccine resistant in this new version, so if that is the case there is a very good chance that this turned around right away. Keep in mind that the market is very thin when looking at this candlestick.

WTI Oil Video 29.11.21

Brent

Brent markets also crashed, reaching towards the 200 day EMA. It is very likely that this market will continue to see a lot of support in this area, so it will be interesting to see whether or not the buyers come in to pick this market up. At this point in time, I think it is obvious that the market may have gotten ahead of itself, so it will be interesting to see how this plays out. I believe by the end of the day on Monday we will know whether or not the uptrend can continue or not. If we get a daily close below the 200 day EMA, we are more than likely going to go looking towards the $65 level. Weekend news will obviously have a major part of play here.

For a look at all of today’s economic events, check out our economic calendar.

Gold Price Prediction – Prices Rise on Risk of Session

Gold prices edged higher as the yellow metal benefited from safe-haven status. Riskier assets took it on the chin as concerns of a new South African COVID-19 strain hammered stocks globally. The dollar reversed course as U.S. yields tumbled as the fear trade moved into full bloom. It was like the markets hit the panic button.

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Technical analysis

Gold prices moved, holding just above support is seen near an upward sloping trend line that comes in near 1790. This level coincides with the 50-day moving average at 1,790. Resistance is seen near the 10-day moving average at 1,825. Medium-term momentum has turned negative as the MACD (moving average convergence divergence index) generated a crossover sell signal. This scenario occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses below the MACD signal line (the 9-day moving average of the MACD line. Short-term momentum has turned positive as the fast stochastic generated a crossover buy signal. Prices are oversold as the fast stochastic is printing a reading of 18, below the oversold trigger level of 20.

The feat trade dominated market activity globally. The U.S. had a short week due to the observance of the Thanksgiving Holiday. Generally, riskier assets benefit through November, but the fear that the variant could spread overwhelmed market participants.

Silver Price Forecast – Silver Markets Collapse

Silver markets have fallen rather hard during the trading session on Friday, slicing through a major trendline. That being said, the market is likely to continue to see a lot of negative pressure, as we are suddenly worried about the lock down trade again. If that is going to be the case, then one would have to assume that the demand for silver will fall apart. After all, silver is an industrial metal, and now that we are threatening the $23 level, this thing is getting rather serious.

SILVER Video 29.11.21

If we break down below $23 rather handily, then it is possible that we go looking towards the $22 level. The $22 level course is an area that I think continues to show itself as being important, as it has been massive support multiple times going back several months. Because of this, the market should continue to see a lot of trouble ahead, considering that we are closing at the range for the week.

That being said, it will be interesting to see whether or not the $22 level can hold, because if it does not it is likely that silver is done and we will see a collapse. Short-term rallies at this point need to take out the top of the candlestick of Friday to show a turnaround over the course of the next couple of weeks. Nonetheless, silver is volatile, so you need to be cautious with your position size as it can wreck your account if you are not careful. At this point, you need to be very cautious about jumping “all in”, but if the market starts to move in your direction, then it is likely that you can add down the road.

For a look at all of today’s economic events, check out our economic calendar.

Natural Gas Price Forecast – Natural Gas Markets Break 50 Day EMA

Natural gas markets have rallied significantly during the course of the trading session on Friday, breaking above the 50 day EMA and clearing the $5.25 level. Because of this, the market looks as if it is ready to continue the upward march, but we need to take out that shooting star from last week and order to have the “all clear” for much bigger move. Ultimately, this is a market that I think will continue to be a “buy on the dips” scenario as the temperatures plunge again, and of course there are concerns about overall attitude of the reopening trade. Ultimately, I think natural gas continues to be one of the better trade for the next month or so.

NATGAS Video 29.11.21

Keep in mind that the markets will continue to see a lot of support underneath, especially near the $4.75 level. The temperatures are starting to drop again in the United States, so that of course helps the situation. Natural gas tends to move on the latest weather report, so you need to be aware of that as well. All things been equal, this is a market that I think continues to see a lot of noise, but more upward pressure than down over the next few weeks. Eventually, we will start trading the spring contracts, but we are not doing so yet, so one still has to think higher more than anything else. The market tends to be very erratic, so you need to be cautious about your position size.

For a look at all of today’s economic events, check out our economic calendar.

Gold Price Forecast – Gold Markets Give Up Early Gains

Gold markets have rallied a bit during the course of the trading session on Friday, reaching towards the $1820 level. Remember, that is a level that I said need to be overcome in order to circuiting bullish. We did not do so, and in fact we have seen a massive amount of selling pressure just below there, and now we have formed a massive, inverted hammer. If we break down below the lows of both Friday and Thursday, this market could fall apart. At that point, I would anticipate that gold would probably go looking towards the $1750 level, especially if we continue to see a lot of “risk off” behavior.

Gold Price Predictions Video 29.11.21

That being said, you should also keep in the back of your mind that a lot of this negativity was done with almost no liquidity. After all, the Thanksgiving holiday on Thursday would have taken a lot of players out of the game, and that of course most traders are not bothered on Friday either. The Monday session will be crucial, to give us an idea as to where we may be going longer term. That being said, if we do break down, I am not hesitating to short this market as it would be a continuation of the bloodbath that we have seen over the last several days. To the upside, if we can take out the $1820 level, then I would simply look past this candlestick due to the lack of trading volume. All things being equal, this is a market that you need to be cautious with because it is about to get pretty wild.

For a look at all of today’s economic events, check out our economic calendar.

E-mini NASDAQ-100 Index (NQ) Futures Technical Analysis – Minor Trend, Momentum Shift to Downside

December E-mini NASDAQ-100 Index futures plummeted on Friday as fears over the discovery of a new and possibly vaccine-resistant coronavirus variant encouraged investors to shed riskier assets.

Although lower for the session, the technology-driven index is performing better than the blue chip Dow and benchmark S&P 500 Index. Ten of the 11 major S&P sectors dropped in early trading, with energy sliding 6.3% followed by financials and industrials.

At 17:19 GMT, December E-mini NASDAQ-100 Index futures are trading 16078.00, down 288.00 or -1.76%.

On the positive side, “Stay-at-home” names such as Netflix Inc, Peloton Interactive and Zoom Video Communications jumped between 1.3% and 8.4%.

Daily December E-mini NASDAQ-100 Index

Daily Swing Chart Technical Analysis

The main trend is up according to the daily swing chart, however, momentum has been trending lower since the formation of the closing price reversal top on November 22.

A trade through 16767.50 will negate the closing price reversal bottom and signal a resumption of the uptrend. The main trend will change to down on a trade through 15896.50.

The minor trend is down. It changed to down earlier today. This move confirmed the shift in momentum. A trade through 16436 will change the minor trend to up.

On the upside, the nearest resistance is 16332.00.

On the downside, the first potential support is 16020.50. This is the last support before the 15896.50 main bottom.

The next support level is 15676.50, followed by a retracement zone at 15567.50 to 15284.50.

Daily Swing Chart Technical Forecast

The direction of the December E-mini NASDAQ-100 Index into the close on Friday is likely to be determined by trader reaction to 16020.50.

Bearish Scenario

A sustained move under 16020.50 will indicate the presence of sellers. This could trigger a break into 15896.50. Taking out this level will change the main trend to down, which could extend the selling into 15676.50 and 15567.50 to 15284.50.

Bullish Scenario

A sustained move over 16020.50 will signal the presence of buyers. This could trigger a late session short-covering rally into 16332.00.

For a look at all of today’s economic events, check out our economic calendar.

E-mini Dow Jones Industrial Average (YM) Futures Technical Analysis – Value Buyers Eyeing 34641 -34214

December E-mini Dow Jones Industrial Average futures are down sharply on Friday as a new COVID-19 variant found in South Africa triggered a global shift away from risk assets. At one point, the blue chip average dropped 1000 points, or 2.8%, for its worst day of the year. Friday is a shortened trading day because of the Thanksgiving holiday with U.S. markets closing at 18:00 GMT.

At 16:48 GMT, December E-mini Dow Jones Industrial Average futures are trading 34781, down 968 or -2.71%.

Dow components in the financial sector were hit the hardest with American Express down by 8.9%, JPMorgan Chase off by 4.14% and Goldman Sachs down 3.59%.

Airline stock Boeing also fell sharply, dropping 7.54%. Energy company Chevron Corp was off by 3.23% as crude oil prices plunged.

Daily December E-mini Dow Jones Industrial Average

Daily Swing Chart Technical Analysis

The main trend is down according to the daily swing chart. The next downside target is the main bottom at 33984. A trade through 36238 will change the main trend to up.

The minor trend is also down. A trade through 35900 will change the minor trend to up. This will shift momentum to the upside.

The main range is 32835 to 36446. Its retracement zone at 34641 to 34214 is the primary downside target.

The intermediate range is 33383 to 36446. The market is currently testing its retracement zone at 34915 to 34553.

The combination of these zones create a potential support cluster at 34641 to 34553.

On the upside, potential resistance is a 50% level at 34915 and another 50% level at 35215.

Short-Term Outlook

The volume is extremely low today so we may be looking at an exaggerated sell-off. We won’t know for sure until traders return next week.

In the meantime, buyers may show up on the first test of 34641 to 34553. If successful, this could produce a late session short-covering rally.

If 34553 fails to hold then the selling could possibly extend to the main Fibonacci level at 34214.

We think calmer heads will prevail early next week, which means aggressive buyers may try to get an early jump on the rebound rally on a test of 34641 to 34214.

For a look at all of today’s economic events, check out our economic calendar.

USD/CAD Daily Forecast – Canadian Dollar Is Under Pressure As WTI Oil Moves Below $70

Canadian Dollar Declines Against U.S. Dollar

USD/CAD is currently trying to get above the resistance level at 1.2800 while the U.S. dollar is under pressure against a broad basket of currencies.

The U.S. Dollar Index gained strong downside momentum and managed to get to the 96 level. In case the U.S. Dollar Index declines below this level, it will move towards the support at 95.75 which will be bearish for USD/CAD.

Today, foreign exchange market traders focused on the news about the new variant of coronavirus, which have put significant pressure on global markets.

WTI oil found itself under huge pressure and is down by more than 10% today on fears that countries will introduce travel curbs. The major sell-off in the oil market put significant pressure on commodity-related currencies, including Canadian dollar. While the U.S. dollar was under heavy pressure against a broad basket of currencies today, it was able to gain ground against Canadian dollar due to weakness in the oil markets.

Technical Analysis

usd cad november 26 2021

USD to CAD managed to settle above the resistance level at 1.2780 and is trying to settle above the next resistance which is located at 1.2800.

In case this attempt is successful, USD to CAD will move towards the next resistance level at 1.2825. A move above this level will open the way to the test of the resistance at 1.2850.

On the support side, the previous resistance level at 1.2780 will serve as the first support level for USD to CAD. It should be noted that RSI is in the overbought territory, so the risks of a pullback are increasing.

In case USD to CAD manages to settle below the support at 1.2780, it will move towards the next support level at 1.2760. A move below this level will push USD to CAD towards the support at 1.2730. In case USD to CAD declines below the support at 1.2730, it will head towards the next support level at 1.2700.

For a look at all of today’s economic events, check out our economic calendar.

Why Moderna Stock Is Up By 23% Today

Moderna Stock Rallies As Traders Focus On The New COVID-19 Variant

Shares of Moderna gained strong upside momentum on worries about the new variant of coronavirus.

S&P 500 is down by almost 2% today, but vaccine stocks are rallying. BioNTech is up by 19%, Pfizer gains 6% while Novavax is up by 10%.

The emergence of the new variant will likely boost demand for vaccines as countries rush to vaccinate their residents or to provide boosters for them. While it remains to be seen whether existing vaccines work well against the new variant, the world has little options to choose from, so countries will likely be forced to bet on increased vaccine adoption.

What’s Next For Moderna Stock?

Moderna stock received strong support today as traders were trying to find a way to protect their funds against the risks posed by the new variant of the virus. In this environment, vaccine stocks served as safe-haven assets.

Analysts expect that Moderna will report earnings of $25.76 per share in 2021 and $26.21 per share in 2022, so the stock is trading at roughly 13 forward P/E. As usual, the key question is whether Moderna will be able to enjoy strong demand for its vaccine in the next few years.

Back at the beginning of November, Moderna stock made an attempt to settle below the $210 level but managed to gain upside momentum and is currently trying to settle above the $340 level.

The near-term dynamics of Moderna stock will depend on the developments on the coronavirus front. In case the new variant is a real threat, the stock will have a good chance to gain additional upside momentum.

In fact, Moderna stock may get additional support even in the scenario when the current panic turns out to be unjustified. The emergence of a new variant with many mutations has already highlighted major risks, so demand for vaccines will likely increase in any scenario.

For a look at all of today’s economic events, check out our economic calendar.