DAILY MARKET REPORT - Wed, Nov 04, 2020


morning-brew-VMsBqJy6Ny0-unsplash (1).jpg

Global markets trading volatile especially US futures and precious metals as investors await the US presidential election outcome. The precious metals retreated from the highs after the early election outcomes proved far closer than polls had predicted. At the time of writing, Biden has 49.9% votes at a national level, while Trump has 48.5%. Meanwhile, the final result of the election might be disclosed later the week as some battleground states did not get a head start in the counting. In Michigan, with just under half of ballots counted, Trump led with 54% of counted ballots, compared to 43% for Biden.


Global stocks trading higher on Wednesday. While during the Asian session the US futures slightly retreated from the highs after the comments from US President Donald Trump, he called the election a fraud and said that he plans to go to the Supreme Court to stop all vote counting.


Crude oil prices trading steady on Wednesday supported by a strong API inventory report, the data showed the inventory dropped by 8.01 million barrels for the week ending October 30, while analysts expected a 600,000-barrel build.


In the currency market, the US dollar rebounds from the early session lows after the investors turned back to the safe-haven greenback following the fear of a repeat of the 2016 scenario when Trump won against most predictions.


The gold price up and down movement continues, the price rallied to above $1910 during the Asian session but failed to keep the bullish momentum. At the time of writing, the gold price trading below the $1900 psychological level.

Economic Outlook

On Tuesday, Ant Group has officially confirmed that its listing has been suspended by Shanghai Stock Exchange. The IPO was expected to rake in a record $37 billion, the highest for any company ever. Ant Group issued a statement late last night “sincerely apologizing” to investors for any inconvenience caused by the suspensions of the IPOs.

Apart from the election, investors are awaiting the Federal Reserve's decision on its interest-rate policy on Thursday and US non-farm payrolls data on Friday.

Moving ahead today, the important events to watch:

US – ADP employment report: GMT – 13.15

US – ISM non-manufacturing PMI: GMT – 15.00

US – Crude oil inventories: GMT – 15.30

Coronavirus update:

Worldwide, more than 47.4 million people have been confirmed infected and more than 1.2 million have died, according to Johns Hopkins University. France reported 854 deaths from the coronavirus on Tuesday, bringing the death toll to 38,289, the world’s seventh-highest reported death toll. Meanwhile, Spain reported nearly 18,700 new coronavirus cases and 238 deaths on Tuesday.

Technical Outlook

At the time of writing, the index hovers near the 93.80 level. During the Asian session, the greenback surged back to above 94 zones but failed to break above this week's high of 94.30.


The important levels to watch for today: Support- 93.30 and 93 Resistance- 94.30 and 94.70.

GOLD: The yellow metal trading below $1900 zones. The important breakout levels to watch for today $1880 and $1920.

gold neww

The important levels to watch for today: Support- 1880 and 1872 Resistance- 1900 and 1910.

Quote of the day: The fastest way to lose your whole trading account is to try to quickly double it – Steve Burns.

Read more- https://gulfbrokers.com/en/daily-market-report-201


Looking forward to next Monday if im honest. Hopefully well have a clear understanding about some of the pairs. :)