Here is the daily technical analysis for December 12, 2023. The data and analysis in this bulletin can be widely applied to your trading activities. However, please note that GICTrade and the data providers are not responsible for your trading outcomes.

Below, we provide price movement forecasts in Forex and Commodities, complete with Pivot Point calculations, Resistance, and Support levels.

EURUSD



EUR/USD on the 1-hour timeframe is attempting to move upwards, reaching the resistance level at 1.07980 and heading toward the next resistance level at 1.08180. The uptrend is also evident from the template, where the potential percentage for an increase is higher compared to the potential for a decline. Meanwhile, the bullish bias is supported by a buy signal indicated by a blue arrow.

Suggest: Sell 1.07980 TP1 1.07700 TP2 1.07500 SL 1.08180

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.07576

1.07789

1.07416

1.07646

1.07635

0.00011

0.01%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.08180

1.07980

1.07800

1.07610

1.07430

1.07240

1.07060

 

GBPUSD



GBP/USD on the 1-hour timeframe is attempting to move downwards, touching the support level at 1.25490 and heading towards the next support level at 1.25070. The downtrend is also evident from the template, where the potential percentage for a decline is higher compared to the potential for an increase. Meanwhile, the bearish bias is supported by a sell signal indicated by a purple arrow.

Suggest: Sell 1.25740 TP1 1.25490 TP2 1.25070 SL 1.26000

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

1.25249

1.25908

1.25239

1.25556

1.25486

0.00070

0.06%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

1.26410

1.26160

1.25740

1.25490

1.25070

1.24820

1.24400

 

AUDUSD



AUD/USD on the 1-hour timeframe is attempting to move upwards, touching the resistance level at 0.66000 and heading towards the next resistance level at 0.66170. The uptrend is also visible from the template, where the potential percentage for an increase is higher compared to the potential for a decline. Meanwhile, the bullish bias is supported by a buy signal indicated by a blue arrow.

Suggest: Sell 0.66000 TP1 0.65800 TP2 0.65600 SL 0.66200

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.65685

0.65832

0.65500

0.65676

0.65793

-0.00117

-0.18%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.66170

0.66000

0.65840

0.65670

0.65510

0.65340

0.65180

 

USDCHF



USD/CHF on the 1-hour timeframe is attempting to move downwards, touching the support level at 0.87550 and heading towards the next support level at 0.87310. The downtrend is also visible from the template, where the potential percentage for a decline is higher compared to the potential for an increase. Meanwhile, the bearish bias is supported by a sell signal indicated by a purple arrow.

Suggest: Buy 0.87600 TP1 0.87920 TP2 0.88100 SL 0.87350

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

0.87885

0.88160

0.87790

0.87836

0.88005

-0.00169

0.18%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

0.88420

0.88290

0.88050

0.87920

0.87680

0.87550

0.87310

 

USDJPY



USD/JPY on the 1-hour timeframe is attempting to move downwards, touching the support level at 144.650 and heading towards the next support level at 143.850. The downtrend is also evident from the template, where the potential percentage for a decline is higher compared to the potential for an increase. Meanwhile, the bearish bias is supported by a sell signal indicated by a purple arrow.

Suggest: Buy 145.350 TP1 145.620 TP2 146.000 SL 145.100

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

144.908

146.587

144.813

146.157

144.972

1.185

0.82%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

148.200

147.390

146.430

145.620

144.650

143.850

142.880

 

XUL (LOCO LONDON GOLD)



On the 1-hour timeframe, gold prices are attempting to rise, touching the resistance level at 1992.30 and heading towards the next resistance level at 1976.80. The trend is in a downtrend as shown by the template, where the potential percentage for a decline is higher compared to the potential for an increase. However, the bullish bias is supported by a buy signal indicated by a blue arrow.

Suggest: Sell 1992.30 TP1 1987.00 TP2 1980.00 SL 1996.00

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

2004.04

2007.82

1975.91

1981.40

2003.64

-22.24

-1.11%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

2040.60

2024.20

2008.70

1992.30

1976.80

1960.40

1944.90

 

CLSK (OIL)



On the 1-hour timeframe, oil prices are attempting to move down, needing to break through the support level at 71.17 to reach the next support at 70.56. For a bullish bias, oil prices need to break through the resistance level at 72.00 to reach the next resistance at 72.61.

Suggest: Sell 71.50 TP1 71.00 TP2 70.50 SL 72.00

PREVIOUS RANGE

OPEN

HIGH

LOW

CLOSE

PREV.CLOSE

CHANGE

%CHANGE

71.11

71.78

70.34

71.39

71.26

0.13

0.18%

DAILY PIVOT POINT

R3

R2

R1

PIVOT

S1

S2

S3

73.44

72.61

72.00

71.17

70.56

69.73

69.12

That concludes the explanation about “Daily Technical Analysis: December 12, 2023 – The Fate of the US Dollar Amid Inflation.” Also, check out our other articles, such as guides on how to buy cryptocurrency, only in the GIC Journal. Don’t forget to hone your trading skills by obtaining the Scalping Ebook guide and participating in Live Trading at NFP Live Trading. Be sure to download the GIC Mobile App from the Google Play Store.