Daily Analysis December 1, 2014

US Stock Market – The US indices finished trading mixed on low volatility following the Thanksgiving festivities. The S&P 500 dropped by 0.25%, the Dow Jones stayed the same at 17,828 and the NASDAQ went up by 0.09%.

US Dollar – The US Dollar was traded higher against its major counterparts following investors increased interest towards the currency. This was mainly due to the general pessimistic outlook on the economic conditions in the Euro zone.

EUR/USD – The Euro lost ground to the US Dollar following the unchanged CPI Flash Estimate report. Analysis shows the emergence of a Head & Shoulders pattern. If there is a breach in the support of 1.2435 there might be a new level of 1.2400.

GBP/USD – The Pound fell against the US Dollar, mainly due to the stable performance of the US economy. Analysis shows that the pair is at the support of 1.5585.

Gold – The price of gold dropped by 2% and is currently going at a rate close to 1150.00, following the rejection of the proposal to increase gold reserves by the Swiss Central Bank.