1. Forex Market Insight
Eurozone manufacturing activity remains resilient at the end of 2021, with factories taking advantage of easing supply chain bottlenecks to stockpile raw materials at a record pace.
During this interval, the euro was down by 0.64% against the dollar at $1.1297. On the other hand, the dollar is expected to record its biggest one-day percentage gain since 17th December 2021.
(EUR/USD 1-hour chart)
Today, pay attention to the suppression of the 1.1338-line. If the euro runs stably below the 1.1338-line, then pay attention to the support at the lower 1.1267 and 1.1250 positions. If the euro breaks through the 1.1338-line, then pay attention to the suppression at the 1.1357 and 1.1378 positions.
GBP Intraday Trend Analysis
The pound fell by 0.4% against the dollar to 1.3482, although a weaker euro against the pound helped boost the pound. Adding to this, the 3-month pound-to-dollar forward pips were the highest in six years.
(GBP/USD 1-hour chart)
The pound today is mainly focused on the 1.3522-line. If the pound runs below the 1.3522-line, then pay attention to the support at 1.3450 and 1.3409. If the pound runs above the 1.3522-line, then pay attention to the suppression at the 1.3574-line.
2. Precious Metals Market Insight
Gold prices fell sharply yesterday, dropping by nearly $30 and once below the 1800-mark. The sharp rise in the U.S. bond yields and stocks driven up by risk sentiment put pressure on gold prices.
At the same time, investors turned a deaf ear to concerns about the impact of the Omicron Coronavirus variant. For intraday, focus on the U.S. December ISM manufacturing PMI and job openings data.
(Gold 1-hour chart)
Today, gold pays attention to the 1812-line. If the price of gold runs stably below the 1812-line, then pay attention to the support of the 1804 and 1793 positions. If the price of gold breaks through the 1812-line, it will open up a further upward space. At that time, pay attention to the suppression of 1820.
3. Commodities Market Insight
WTI Crude Oil
Oil prices rose by nearly 1% yesterday as markets held out hope for a further recovery in demand in 2022, although it appears that the OPEC+ alliance formed by OPEC and its allies seems to agree to continue increasing production and concerns persist over how climbing Covid-19 infections may affect demand.
In addition, Libyan oil pipeline maintenance supports oil prices. Intraday focus on China December Caixin manufacturing PMI, U.S. December ISM manufacturing PMI, U.S. November JOLTs job openings, 24th OPEC and non-OPEC oil-producing countries ministerial meeting and the API data released at 5:30 on Wednesday.
(Crude oil 1-hour chart)
Today, oil prices are paying attention to the 76.89-line. If the oil price runs below the 76.89-line, then it will still pay attention to the support at the 75.04 and 72.77 positions. If the oil price breaks through the 76.89-line, then pay attention to the suppression of the 78.92-line.
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