Bay Street Seen Opening On Cautious Notefxcue.com

(fxcue news) - The Canadian market is likely to open on a cautious note Tuesday morning with investors awaiting the Bank of Canada's interest rate decision, and U.S. consumer price inflation data due on Wednesday. The Canadian central bank is widely expected to cut interest rate by 50 basis points. North West Company Inc (NWC.TO) reported net earnings of $36.4 million for the third quarter of fiscal 2024, down 4.3% compared to net earnings of $38.0 million in the year-ago quarter. The Canadian market hit a new record high in early trades on Monday, but soon slipped and fell into negative territory and stayed weak right till the end of the session as investors stayed cautious, looking ahead to the Bank of Canada's policy announcement and a slew of crucial economic data from the U.S. The benchmark S&P/TSX Composite Index, which posted a new high at 25,843.20 early on in the session, closed down 66.38 points or 0.26% at 25,625.42. Asian stocks ended mixed on Tuesday after China's exports and imports both missed expectations in November, signaling growing trade challenges. China's exports grew at a slower pace and imports posted an unexpected decline in November, official data revealed today. European stocks are weak, with miners leading losses on weak trade data from China. Investors are awaiting U.S. CPI data and the monetary policy meeting of the European Central Bank. In commodities, West Texas Intermediate Crude oil futures are down $0.21 or 0.31% at $68.16 a barrel. Gold futures are gaining $13.70 or 0.51% at $2,699.50 an ounce, while Silver futures are down $0.076 or 0.23% at $32.535 an ounce.

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Trader

Buy more near the opening of gold at around 2606, lose 2598, look at 2620, 2626; Short selling is available near 2647 first!

Gold trading: 2615 short selling, loss 2624, take profit 2593

Gold short selling stop loss...

Today's gold trading strategy 1: Buy long until it falls back to around 2589, lose 2582, look short around 2615, target 2620-25; Strategy 2: Short sell when the rebound reaches around 2625, with a loss of 2633. Short look around 2590, with a target of 2560.

Sell near spot gold 2604, protect 2614, target 2582-2570; Break through holding;

Gold bought more at 2590 in the morning session of the Asian market today, 2585, with a target of 2610.

Short term focus on the resistance line of 70.5-71.0 above crude oil, and short-term focus on the support line of 68.0-67.5 below.

Today's short-term operations in gold are mainly focused on rebound short selling, supplemented by buy long during pullbacks. The short-term focus above is on the resistance line of 2605-2610, while the short-term focus below is on the support line of 2575-2570.

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Bay Street Seen Opening On Cautious Note

Eurozone Sentix Investor Confidence At 13-Month Low

Yen Falls Against Majors

Oracle Shares Hit As Q2 Misses Estimates

Yen Falls Amid BoJ Rate Hike Uncertainty

Sensex

U.S. Labor Productivity Growth In Q3 Unrevised From Initial Estimate

Bay Street Seen Opening On Cautious Note

LG Electronics' India Unit Files For IPO To Raise Up To $1.8 Bln

Please sign in

Trader

Buy more near the opening of gold at around 2606, lose 2598, look at 2620, 2626; Short selling is available near 2647 first!

Gold trading: 2615 short selling, loss 2624, take profit 2593

Gold short selling stop loss...

Today's gold trading strategy 1: Buy long until it falls back to around 2589, lose 2582, look short around 2615, target 2620-25; Strategy 2: Short sell when the rebound reaches around 2625, with a loss of 2633. Short look around 2590, with a target of 2560.

Sell near spot gold 2604, protect 2614, target 2582-2570; Break through holding;

Gold bought more at 2590 in the morning session of the Asian market today, 2585, with a target of 2610.

Short term focus on the resistance line of 70.5-71.0 above crude oil, and short-term focus on the support line of 68.0-67.5 below.

Today's short-term operations in gold are mainly focused on rebound short selling, supplemented by buy long during pullbacks. The short-term focus above is on the resistance line of 2605-2610, while the short-term focus below is on the support line of 2575-2570.

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