Tuesday, November 25, 2025
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Market Comment
Market Wrap: Stocks, Bonds, Commodities

On Monday, U.S. stocks rebounded for a second straight session, led by tech stocks, particularly artificial-intelligence-related (AI) ones, with the Nasdaq 100 gaining 634 points (+2.62%) to 24,873.

The S&P 500 advanced 102 points (+1.55%) to 6,705, and the Dow Jones Industrial Average was up 202 points (+0.44%) to 46,448.

Alphabet (GOOGL), a top player within the AI theme, advanced a further 6.31% after rebounding 4% Friday.

Nvidia (NVDA) rebounded 2.05% after losing for two sessions.

Other AI-related stocks outperforming the market included Broadcom (AVGO) +11.10%, Micron (MU) +7.99%, Advanced Micro Devices (AMD) +5.53%, and Palantir (PLTR) +4.78%.

Meanwhile, other tech giants also did well: Tesla (TSLA) +6.82%, Meta (META) +3.16%, Amazon (AMZN) +2.53%, and Apple (AAPL) +1.63%.

The U.S. 10-year Treasury yield was down for a third session, slipping 4 basis points to 4.027%.

U.S. markets will be on Thursday (November 27) for Thanksgiving Day, and will end early on Black Friday (November 28).

In Europe, the DAX 40 closed 0.64% higher, while the CAC 40 dropped 0.29%, and the FTSE 100 dipped 0.05%.

Gold price bounced 70 dollars (+1.71%) to 4,135 dollars an ounce.

U.S. WTI crude futures gained 85 cents (+1.46%) to 58.91 dollars a barrel, halting a three-session decline.


Market Wrap: Forex

The U.S. dollar softened a bit following dovish comments from Federal Reserve officials that raised expectations for a rate cut at the central bank’s December 9-10 policy meeting.

The dollar index edged down to 100.18.

EUR/USD increased 10 pips to 1.1521.

USD/JPY rebounded 44 pips to 156.83.

GBP/USD added 14 pips to 1.3108. Investors are watching closely the U.K. government’s Autumn Budget to be announced on Wednesday (November 26). Further tax rises are expected.

AUD/USD gained 11 pips to 0.6465.

USD/CHF dipped 4 pips to 0.8080, while USD/CAD was relatively stable at 1.4102.

Bitcoin showed further upward momentum, climbing over 2% to levels close to 89,000 dollars.


Morning Trading

In Asian trading hours, EUR/USD was steady at 1.1527 and GBP/USD held gains at 1.3112.

Meanwhile, USD/JPY eased to 156.65.

Gold advanced to 4,147 dollars.

Bitcoin was down slightly to 87,850 dollars.


Expected Today

In the U.S., producer price index is expected to be up 2.6% year-on-year in September. Also, the Conference Board consumer confidence index is expected to slip to 94.2 in November, while the Richmond Fed manufacturing index is estimated to improve to -1.
Forex Last %1D %YTD
EUR/USD 1.1516 -0.03 11.27
USD/JPY 156.69 -0.13 -0.18
GBP/USD 1.3099 -0.03 4.73
Commodities Last %1D %YTD
Gold 4,149.8600 0.26 57.75
Silver 51.6670 0.52 78.02
Crude Oil 58.5800 -0.44 -18.31
EUR/USD intraday : the upside prevails as long as 1.1551 is support Next
Our pivot point is at 1.1551.

Our preference: the upside prevails as long as 1.1551 is support

Alternative scenario: below 1.1551, expect 1.1520 and 1.1501.

Comment: the RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 1.1559 and 1.1537).
Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
EUR/JPY intraday : technical rebound towards 180.93 before a new drop Previous  | Next
Our pivot point is at 180.93.

Our preference: technical rebound towards 180.93 before a new drop

Alternative scenario: above 180.93, look for 181.37 and 181.63.

Comment: the RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price stands above its 20 period moving average (180.50) but below its 50 period moving average (180.55).
Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
GBP/USD intraday : the RSI is overbought Previous  | Next
Our pivot point is at 1.3178.

Our preference: the upside prevails as long as 1.3178 is support

Alternative scenario: below 1.3178, expect 1.3148 and 1.3131.

Comment: the RSI is above 70. It could mean either that the price is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 1.3166 and 1.3132).
Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
GBP/JPY intraday : the upside prevails as long as 205.17 is support Previous  | Next
Our pivot point is at 205.17.

Our preference: the upside prevails as long as 205.17 is support

Alternative scenario: below 205.17, expect 204.55 and 204.19.

Comment: the RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 205.61 and 205.51).
Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
USD/JPY intraday : the downside prevails as long as 156.33 is resistance Previous  | Next
Our pivot point is at 156.33.

Our preference: the downside prevails as long as 156.33 is resistance

Alternative scenario: above 156.33, look for 156.81 and 157.09.

Comment: the RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 156.15 and 156.50).
Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
USD/CAD intraday : the downside prevails as long as 1.4119 is resistance Previous  | Next
Our pivot point is at 1.4119.

Our preference: the downside prevails as long as 1.4119 is resistance

Alternative scenario: above 1.4119, look for 1.4141 and 1.4154.

Comment: the RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1.4108 and 1.4111).
Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
Crude Oil (WTI) (F6) Intraday: under pressure. Previous  | Next
Pivot: 58.30

Our preference: short positions below 58.30 with targets at 57.00 & 56.60 in extension.

Alternative scenario: above 58.30 look for further upside with 58.60 & 59.05 as targets.

Comment: the RSI is below its neutrality area at 50%

Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
Brent (ICE) (G6) Intraday: choppy. Previous  | Next
Pivot: 62.10

Our preference: long positions above 62.10 with targets at 62.90 & 63.30 in extension.

Alternative scenario: below 62.10 look for further downside with 61.65 & 61.25 as targets.

Comment: the next resistances are at 62.90 and then at 63.30.
Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
Dow Jones (CME) (Z5) Intraday: limited upside. Previous  | Next
Pivot: 46630

Our preference: long positions above 46630 with targets at 47040 & 47240 in extension.

Alternative scenario: below 46630 look for further downside with 46400 & 46160 as targets.

Comment: investors have to remain cautious since these levels may trigger profit taking.
Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced
Gold Intraday: intraday support around 4107. Previous 
Pivot: 4107

Our preference: long positions above 4107 with targets at 4155 & 4185 in extension.

Alternative scenario: below 4107 look for further downside with 4083 & 4064 as targets.

Comment: the RSI is around its neutrality area at 50%
Green Lines Represent Resistances | Red Lines Represent Support Levels | Light Blue is a Pivot Point |  Black represents the price when the report was produced

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