Global Economic Daily - 11/12/2024
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Quote of the Day: We relish news of our heroes, forgetting that we are extraordinary to somebody too. – Helen Hayes
Equities: The markets continue to surge after the U.S. election. The?Dow Jones Industrial Average?surged more than 300 points on Monday and closed at a record high above 44,000 for the first time, as the benchmark’s postelection rally pressed forward. The 30-stock Dow gained 304 points to 44,293.69. The S&P 500 closed at fresh a record. The?S&P 500?added 5.81 points to end the day at 6,001.35, while the?Nasdaq 100?fell 10.59 points to 21,106.59.TECHNICAL OUTLOOK – The Dow and S&P are above the 14, 21 day moving average.
Metals: Gold and silver prices are sharply lower, with gold strongly down and hitting a four-week low, in midday U.S. trading Monday. A surge in the U.S. dollar index to a 4.5-month high, solidly lower crude oil prices and rising U.S. Treasury yields are all bearish outside-market elements working against the metals markets today. Also featured is technical selling pressure and more profit taking from the shorter-term futures traders. Metals traders are also concerned about less demand coming out of China. U.S. stock indexes are mixed at midday but hit record highs early on. That’s also bearish for the precious metals, from a competing asset class perspective. Today is the U.S. Veterans Day holiday and the U.S. government and Treasury markets are closed. Other markets will operate under normal hours today. The key outside markets today see the U.S. dollar index solidly higher. Nymex crude oil futures prices are solidly lower and trading around $68.25 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently 4.304%. Technically, December gold bulls have lost their the overall near-term technical advantage for the first time in months. Bears are now working on a price downtrend on the daily bar chart. This suggests a near-term market top is in place. Bulls’ next upside price objective is to produce a close above solid resistance at $2,700.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,550.00. December silver futures bulls have also lost their overall near-term technical advantage as prices are starting to trend down on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at $32.50. The next downside price objective for the bears is closing prices below solid support at $29.00. TECHNICAL OUTLOOK – Gold is above the 14, 21 day moving average, while silver is below.
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DISCLAIMER: The Information and data contained herein was obtained from sources deemed reliable. The accuracy and completeness are not guaranteed
Futures and options trading involves substantial risk and is not suitable for all investors. Therefore, individuals should carefully consider their financial condition in deciding whether to trade. Option traders should be aware that the exercise of a long option will result in a futures position. The valuation of futures and options may fluctuate, and as a result, clients may lose more than their original investment. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS.