DBG Markets: Market Report for Nov 27, 2024

Market Overview

GOLD - Gold prices remained largely unchanged after yesterday‘s trading, showing little volume or momentum as markets await developments in the Ukraine conflict. During early Asian trade, gold edged lower as safe-haven demand softened. UOB analysts attribute this to Israel’s ceasefire agreement with Lebanon, which may signal an end to its conflict with Hezbollah, thereby easing global tensions.

Technically, the MACD indicates appropriate buying volume, and the RSI suggests sufficient momentum for a bullish market. However, the broader price trend has shifted to selling, with the current upward movement likely being a correction before the continuation of the downtrend.

SILVER - Silver prices continue to find support at the previous swing low but face resistance at 30.668. Market indicators suggest a potential continuation of the downward trend, although the overall bias remains bullish as long as prices stay above the support zone.

The RSI leans towards lower levels, indicating bearish momentum, while the MACD shows diminishing strength and is on the verge of a bearish crossover. The overall price action suggests a strong chance of further declines, even as broader conditions maintain a bullish undertone above the current zone.

DXY - The dollar is consolidating and showing signs of weakening as global security concerns ease following a truce between Israel and Hezbollah. Additionally, Trumps recent cabinet picks have contributed to negative sentiment surrounding the currency.

While the MACD displays minimal progress in momentum and strength, the RSI also reflects indecision by moving sideways. Despite these indicators, price action remains supported at 106.848, sustaining bullish momentum in the near term.

GBPUSD - The British pound showed little activity compared to yesterday, with technical indicators reflecting minimal strength or momentum. The MACD and RSI both highlight the market‘s indecisiveness, with neither side taking control. Price action, however, leans toward selling, as the current pause is attributed to low trading volume. Additional trading activity will likely determine the market’s direction.

AUDUSD - The Australian dollar experienced a minor recovery after yesterdays trading session. However, technical indicators suggest this move may be short-lived and part of a larger bearish continuation. The MACD does not support the upward movement, indicating a lack of momentum, while the RSI confirms bearish divergence. Current market trends point to continued bearishness, pending further trading developments.

NZDUSD - The New Zealand dollar strengthened during the early Asian session after a period of stagnation. Its rise was spurred by the central banks decision to lower interest rates for the third consecutive meeting, although the reduction was less aggressive than market expectations. This development reflects some economic resilience in New Zealand, allowing for a moderated rate cut.

Despite this, technical indicators remain mixed. While the market is expected to stay bearish overall, the MACD and RSI have yet to show clear direction, leaving the broader trajectory uncertain.

EURUSD - The euro remains stagnant, with prices unable to break above the previous swing high. This resistance indicates that selling momentum remains dominant. The MACD shows growing volume and momentum for sellers, while the RSI reflects adequate strength for continued bearish pressure. These factors suggest the euro is likely to maintain its downward trajectory.

USDJPY - The Japanese yen gained momentum as prices broke below the previous swing low, signaling sufficient strength for further declines. The RSI continues to favor selling, and the MACD supports this with increasing bearish volume and momentum. The yens current movement underscores a strong bearish trend.

USDCHF - The Swiss franc remained in consolidation after yesterdays session, leaving a gap at the price high. Despite this, the market shows greater potential for a bullish continuation, as prices respect key levels. The MACD has crossed into bullish territory with increasing histogram strength, though the RSI remains range-bound, suggesting further consolidation in the short term.

USDCAD - The Canadian dollar initially saw an increase in price after yesterdays session, but a significant RSI divergence suggested a pullback, which is now evident. The MACD has already crossed downward with increasing strength and momentum. While price action signals a shift in momentum, the overall bias appears bullish, contingent on further developments in the market.