04 Dec, 2023
5 minutes
Daily Technical Analysis December 4th 2023
Introduction:
Welcome to our daily technical analysis of the financial markets, focusing today on USD/JPY and Gold. Let's dissect the latest news, market trends, and crucial price levels to watch out for.
1. USD/JPY Analysis:
News Summary:
Although the Japanese economy showed weak performance in the third quarter, it is expected that the weakness will not continue, and a reversal of the economic situation is expected. The market expectation for the Bank of Japan monetary policy revision may not be realized in the past six months. The BOJ policy adjustment may not be as fast as the market speculation on Japanese yen assets. It may intensify the risk in the first half of next year.
Trend Analysis:
We can see USD/JPY fell back below 147.00, and the MACD double line and energy column formed bottom divergence below the zero axis on H4 chart. The risks Japanese economy facing in the future have not dissipated, and USD/JPY may continue to fluctuate downward. The short-term tactic is to set buy limit or sell limit at suitable place, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [145.00]
Key Resistance Levels: [148.00]
Pivot Points [146.00]
2. Gold Analysis:
News Summary:
The gold soared over $70 in short term on Monday, reaching the maximum of $2,144.68, setting a new historical high. Israeli forces attack the Gaza Strip after a temporary ceasefire broke down. In the past 24 hours, hundreds of people have been killed in Israeli attacks, which has rapidly increased market concerns about the further spread of war in the Middle East, and the safe haven buying has provided support for gold price.
Trend Analysis:
We can see gold broke through historical high and stayed away from the 48 hours moving average on H4 chart. Gold price soared as markets reacted to rising tensions in the Middle East. The end of the truce in the region is likely to continue to fuel risk aversion and investor concerns. The reasonable tactic is to set buy limit, another option is to place sell limit on high position, stop loss must be mandatory.
Today's Key Price Levels:
Key Support Levels: [2052]
Key Resistance Levels: [2140]
Pivot Points [2100]