Here are the Top Market Analysis for the 23rd of November, 2023.

Currencies (Forex – FX)

• EUR/USD: The EUR/USD is currently trading at 1.0916, down 0.2% on the day. The pair has been trading in a range between 1.0760 and 1.0943 for the past few weeks, but it is currently testing the lower end of that range. A break below 1.0760 could open the way to a move towards 1.0600. Conversely, a break above 1.0943 could send the pair higher to 1.1000. The Relative Strength Index (RSI) is at 48.50, indicating that the EUR/USD is oversold. The Moving Average Convergence Divergence (MACD) is below the signal line, indicating that the downtrend is still in place. Support: 1.0760, 1.0600 Resistance: 1.0943, 1.1000 The EUR/USD is currently in a neutral bias. A break above or below the current range will determine the direction of the pair.
• GBP/USD: The GBP/USD is currently trading at 1.2560, down 0.3% on the day. The pair has been trading in a range between 1.2300 and 1.2600 for the past few weeks, but it is also currently testing the lower end of that range. A break below 1.2300 could open the way to a move towards 1.2200. Conversely, a break above 1.2600 could send the pair higher to 1.2700. The RSI is at 49.25, indicating that the GBP/USD is oversold. The MACD is below the signal line, indicating that the downtrend is still in place. Support: 1.2300, 1.2200 Resistance: 1.2600, 1.2700 The GBP/USD is currently in a neutral bias. A break above or below the current range will determine the direction of the pair.
• USD/JPY: The USD/JPY is currently trading at 147.00, down 0.4% on the day. The pair has been trading in a choppy range for the past few weeks, and it is currently consolidating around the 147.00 level. A break above 148.00 could open the way to a move towards 148.50. Conversely, a break below 146.00 could send the pair lower to 145.00. The RSI is at 51.00, indicating that the USD/JPY is neither overbought nor oversold. The MACD is below the signal line, indicating that the downtrend is still in place. Support: 146.00, 145.00 Resistance: 148.00, 148.50 The USD/JPY is currently in a neutral bias. A break above or below the current range will determine the direction of the pair.

Metals

• Industrial Metals
  • Copper: Copper prices are trading higher today, above $3.75 per pound. Strong demand from the industrial sector is supporting copper prices. Copper prices are trading above their 20-day, 50-day, and 200-day moving averages. The MACD indicator is showing a bullish crossover. This suggests that copper prices could continue to trend higher in the near term.
  • Aluminum: Aluminum prices are trading lower today, below $2,000 per ton. Concerns about a global recession are weighing on aluminum prices. Aluminum prices are trading below their 20-day, 50-day, and 200-day moving averages. The MACD indicator is showing a bearish crossover. This suggests that aluminum prices could continue to trend lower in the near term.
  • Iron ore: Iron ore prices are trading lower today, below $100 per ton. Concerns about a global recession are also weighing on iron ore prices. Iron ore prices are trading below their 20-day, 50-day, and 200-day moving averages. The MACD indicator is showing a bearish crossover. This suggests that iron ore prices could continue to trend lower in the near term.
• Precious Metals
  • Gold: Gold prices are trading higher today, above $1,990 per ounce. Gold is a safe-haven asset, and investors are buying gold amid global economic uncertainty. Gold prices are trading above their 20-day, 50-day, and 200-day moving averages. The MACD indicator is showing a bullish crossover. This suggests that gold prices could continue to trend higher in the near term.
  • Silver: Silver prices are trading higher today, above $23.60 per ounce. Silver is a precious metal that is also used in industrial applications. Demand for silver is expected to remain strong in the long term. The MACD indicator is showing a bullish crossover. This suggests that silver prices could continue to trend higher in the near term.

Commodities

• Crude Oil (WTI): Crude oil is currently trading at $77.50 per barrel, down 0.2% on the day. The black gold has been trading in a range between $76.50 and $80.00 for the past few weeks. A break above $80.00 could open the way to a move towards $82.00. Conversely, a break below $76.50 could send the oil lower to $75.00. The Relative Strength Index (RSI) is at 51.50, indicating that oil is neither overbought nor oversold. The Moving Average Convergence Divergence (MACD) is below the signal line, indicating that the downtrend is still in place. Support: $76.50, $75.00 Resistance: $80.00, $82.00 Crude oil is currently in a neutral bias. A break above or below the current range will determine the direction of the oil.
• Natural Gas (Henry Hub): Natural gas is currently trading at $5.70 per MMBtu, down 0.3% on the day. The clean-burning fuel has been trading in a range between $5.50 and $6.00 for the past few weeks. A break above $6.00 could open the way to a move towards $6.20. Conversely, a break below $5.50 could send the gas lower to $5.30. The RSI is at 50.75, indicating that natural gas is neither overbought nor oversold. The MACD is below the signal line, indicating that the downtrend is still in place. Support: $5.50, $5.30 Resistance: $6.00, $6.20 Natural gas is currently in a neutral bias. A break above or below the current range will determine the direction of the gas.
• Wheat: Wheat is currently trading at $7.10 per bushel, down 0.4% on the day. The grain has been trading in a range between $7.00 and $7.40 for the past few weeks. A break above $7.40 could open the way to a move towards $7.60. Conversely, a break below $7.00 could send the wheat lower to $6.80. The RSI is at 46.00, indicating that wheat is oversold. The MACD is below the signal line, indicating that the downtrend is still in place. Support: $7.00, $6.80 Resistance: $7.40, $7.60
• Gold, Silver, Copper: Please check Metals category

Indices

• Dow Jones Industrial Average (DJIA): The DJIA is currently trading at 35,270, up 0.3% on the day. The index has been trading in an upward trend for the past few weeks, and a break above 36,000 could open the way to a move towards 376,000. Conversely, a break below 34,000 could send the index lower to 32,000.
• Standard & Poor’s 500 (S&P 500): The S&P 500 is currently trading at 4,550, up 0.4% on the day. The index has been trading in an upward trend for the past few weeks, and a break above 4,600 could open the way to a move towards 4,400. Conversely, a break below 4,000 could send the index lower to 3,900.
• Nasdaq Composite Index (Nasdaq): The Nasdaq is currently trading at 16,000, up 0.5% on the day. The index has been trading in an upward trend for the past few weeks, and a break above 16500 could open the way to a move towards 17,000. Conversely, a break below 15,500 could send the index lower to 14,000.

Cryptocurrencies

• Bitcoin (BTC)
• Bitcoin is currently trading at $37,000, up 0.43% on the day. The cryptocurrency has been trading in a range between $35,000 and $38,000 for the past few weeks. A break above $38,000 could open the way to a move towards $49,000. Conversely, a break below $35,000 could send the Bitcoin lower to $34,000. Bitcoin is currently in a neutral bias. A break above or below the current range will determine the direction of the cryptocurrency.
• Ethereum (ETH)
• Ethereum is currently trading at $2,000, up 0.2% on the day. The cryptocurrency has been trading in a range between $1,900 and $2,100 for the past few weeks. A break above $2,100 could open the way to a move towards $2,200. Conversely, a break below $1,900 could send the Ethereum lower to $1,800. Ethereum is currently in a neutral bias. A break above or below the current range will determine the direction of the cryptocurrency.
• Tether (USDT)
• Tether is currently trading at $1.00, unchanged on the day. The stablecoin has been trading in a very tight range between $0.99 and $1.01 for the past few weeks. A break above $1.01 could open the way to a move towards $1.02. Conversely, a break below $0.99 could send the Tether lower to $0.98. Tether is currently in a bullish bias. A break above $1.01 could open the way to a further move higher.

Current Factors Affecting the Markets and Events to Watch Out For

• Bank of Japan (BOJ) Policy Meeting: The BOJ is due to hold a policy meeting on December 19-20. The BOJ is expected to maintain its dovish monetary policy.
• European Central Bank (ECB) Policy Meeting: The ECB is due to hold a policy meeting on December 14-15. The ECB is expected to raise interest rates by 50 basis points.
• Geopolitical tensions: Geopolitical tensions, such as the war in Ukraine, can also affect currency prices. Investors tend to sell currencies from countries that are involved in geopolitical conflicts, as they are seen as riskier investments.
• US-China trade war: The US-China trade war is still ongoing, and could continue to weigh on the global economy and the forex market.
• The Chinese government’s recent efforts to stimulate the economy
• Changes in investor sentiment
• The adoption of cryptocurrencies by businesses and individuals is growing, but it is still in its early stages.
• Regulatory uncertainty: The cryptocurrency industry is still facing a lot of regulatory uncertainty around the world. This uncertainty is also weighing on the market, as investors are hesitant to invest in assets that are not well-regulated.
• Positive news from the regulatory front: The US Securities and Exchange Commission (SEC) recently approved the first Bitcoin futures ETF, which could lead to increased institutional investment in Bitcoin.
• Strong on-chain metrics: On-chain metrics, such as the number of active addresses and the number of transactions, have been trending positively in recent weeks.
• Short covering: Some traders believe that the recent sell-off in the cryptocurrency market was overdone and that we are now seeing short covering.
• The weather.