Here are the Top Market Analysis for the 9th of November, 2023.

Currencies (Forex – FX)

• EUR/USD: The EUR/USD is currently trading in a range between 1.0630 and 1.0700. The pair is testing a key resistance level at 1.0700. If the pair can break through this level, it could rise to 1.0750. Alternatively, if the pair falls back below this level, it could fall to 1.0630. The euro is currently trading sideways against the US dollar as investors await the release of key economic data from both the United States and the eurozone. The US is scheduled to release its latest jobs report on Friday, while the eurozone is scheduled to release its latest inflation data.
• USD/JPY: The USD/JPY is currently trading in a range between 150.50 and 151.50. The pair is testing a key resistance level at 151.50. If the pair can break through this level, it could rise to 152.00. Alternatively, if the pair falls back below this level, it could fall to 150.50. The Japanese yen is currently trading sideways against the US dollar as investors remain cautious ahead of the Bank of Japan’s (BOJ) next monetary policy meeting. The BOJ is widely expected to keep its monetary policy settings on hold at its meeting in December.
• GBP/USD: The GBP/USD is currently trading in a range between 1.2200 and 1.2300. The pair is testing a key resistance level at 1.2300. If the pair can break through this level, it could rise to 1.2350. Alternatively, if the pair falls back below this level, it could fall to 1.2200. The British pound is currently trading sideways against the US dollar as investors weigh the risks of a recession in the United Kingdom against the potential for a more hawkish stance from the Bank of England (BOE). The BOE is expected to raise interest rates again at its next meeting in December.

Metals

• Gold: Gold is currently trading at $1950 per ounce, down 0.50% on the day. The metal is in a consolidation phase, with the $1980 level acting as resistance and the $1930 level acting as support. A break above $1980 could lead to a further advance towards the $2000 level, while a break below $1930 could lead to a decline towards the $1900 level.
• Silver: Silver is currently trading at $22.50 per ounce, up 1% on the day. The metal is following gold’s lead in recent weeks and is also in a consolidation phase. The key support level for silver is at $22.00 per ounce, while the key resistance level is at $23.00 per ounce. A break above $23.00 could lead to a further advance towards the $23.50 level, while a break below $22.00 could lead to a decline towards the $21.50 level.
• Platinum: Platinum is currently trading at $980 per ounce, up 0.75% on the day. The metal is in a consolidation phase, with the $1000 level acting as resistance and the $960 level acting as support. A break above $1000 could lead to a further advance towards the $1020 level, while a break below $960 could lead to a decline towards the $940 level.
• Palladium: Palladium is currently trading at $1350 per ounce, up 0.8% on the day. The metal is in a consolidation phase, with the $1380 level acting as resistance and the $1320 level acting as support. A break above $1380 could lead to a further advance towards the $1420 level, while a break below $1320 could lead to a decline towards the $1280 level.

Commodities

• Energy
  • Oil: Oil prices are trading lower today, below $80 per barrel. Concerns about a global recession are weighing on oil prices.
  • Natural gas: Natural gas prices are trading lower today, below $3 per MMBtu. Concerns about a global recession are also weighing on natural gas prices.
• Agriculture
  • Corn: Corn prices are trading higher today, above $5 per bushel. Strong demand from the livestock sector is supporting corn prices.
  • Wheat: Wheat prices are trading higher today, above $6 per bushel. Strong demand from the food industry is supporting wheat prices.
  • Soybeans: Soybean prices are trading lower today, below $13 per bushel. Concerns about a global recession are weighing on soybean prices.
• Gold, Silver, Copper: Please check Metals category

Indices

• US Indices
  • S&P 500: The S&P 500 index is currently facing resistance at the 4400 level. A break above this level could lead to a test of the resistance at 4450. However, a break below the support at 4350 could lead to a further decline towards the support level at 4300.
  • Dow Jones Industrial Average: The Dow Jones Industrial Average is currently facing resistance at the 34100 level. A break above this level could lead to a test of the resistance at 34600. However, a break below the support at 34000 could lead to a further decline towards the support level at 33800.
  • Nasdaq Composite Index: The Nasdaq Composite Index is currently facing resistance at the 15200 level. A break above this level could lead to a test of the resistance at 15700. However, a break below the support at 15000 could lead to a further decline towards the support level at 14800.
• European Indices
  • DAX: The DAX index is currently facing resistance at the 14000 level. A break above this level could lead to a test of the resistance at 14150. However, a break below the support at 13900 could lead to a further decline towards the support level at 13800.
  • CAC 40: The CAC 40 index is currently facing resistance at the 6800 level. A break above this level could lead to a test of the resistance at 6850. However, a break below the support at 6750 could lead to a further decline towards the support level at 6700.
  • FTSE 100: The FTSE 100 index is currently facing resistance at the 7500 level. A break above this level could lead to a test of the resistance at 7550. However, a break below the support at 7450 could lead to a further decline towards the support level at 7400.
• Asian Indices
  • Nikkei 225: The Nikkei 225 index is currently facing resistance at the 29000 level. A break above this level could lead to a test of the resistance at 29500. However, a break below the support at 28500 could lead to a further decline towards the support level at 28000.
  • Hang Seng Index: The Hang Seng Index is currently facing resistance at the 19500 level. A break above this level could lead to a test of the resistance at 20000. However, a break below the support at 19000 could lead to a further decline towards the support level at 18500.
  • Shanghai Composite Index: The Shanghai Composite Index is currently facing resistance at the 3300 level. A break above this level could lead to a test of the resistance at 3350. However, a break below the support at 3250 could lead to a further decline towards the support level at 3200.

Cryptocurrencies

• Bitcoin: Bitcoin is trading below $35,000 today, after a strong rally in recent weeks. The cryptocurrency has been supported by a number of factors, including increased institutional adoption, a weakening US dollar, and positive news from the regulatory landscape.
• Ethereum: Ethereum is trading above $1,900 today, after a recent pullback. Ethereum’s price is stabilizing around $1,800, a psychological resistance level for months, amid growing ETF approval news.
• Altcoins: Altcoins are a broad category of cryptocurrencies that are not Bitcoin or Ethereum. Some altcoins, such as Solana and Cardano, are trading higher today. Solana is a high-performance blockchain that is known for its low fees and fast transaction times. Cardano is a blockchain platform that is known for its smart contracts and its focus on sustainability.
• Other cryptocurrencies: Other cryptocurrencies that are trading higher today include Polkadot, Avalanche, and Polygon. These cryptocurrencies are all seen as having strong potential for long-term growth.

Current Factors Affecting the Markets and Events to Watch Out For

• The US dollar is trading lower today, which is supporting market prices.
• The Federal Reserve is expected to raise interest rates by 75 basis points at its meeting next week, but investors are now looking ahead to the possibility of a slower pace of rate hikes in the future.
• 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.