Daily Review for June 01, 2021
The oil market is focus today to OPEC+ meeting, where market demand will be analyzed.
Crude oil prices are close to USD$70 per barrel.
Economic Data on GDP, Inflation and PMI, will show the economic situation in Europe.
The market is attentive to the performance of the stock market indexes, mainly the DAX30 and the EuroStoxx50.
Gold managed to consolidate the USD$1,900 per Troy ounce zone, and is looking to climb to USD$1,930.
Wall Street activity returns today, and traders are looking for strategies ahead of the NFP.
Jerome Powell is scheduled to speak on FED policy this week.
| CRUDE OIL +2.13% |
| Today we will have the OPEC+ meeting where the market performance will continue to be analyzed. At the moment, the demand forecast for crude oil remains at 5.95 million barrels per day. Meanwhile, the price is up 2.13% and is trading at USD$67.72 per barrel. |
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| Support 1: 67.56 Support 2: 67.44 Support 3: 67.37 Resistance 1: 67.75 Resistance 2: 67.82 Resistance 3: 67.94 Pivot Point: 67.63 |
| Bulls are targeting USD$70 per barrel. Bullish trend. Price is between resistance 1 and 2. RSI in overbought zone. Trading range between 67.37 and 67.94. Pivot point at 67.63. If the price reaches 70, the next level to watch is 73. |
| DAX30 +0.33% |
| DAX 30 is currently up 0.33% and is trading at 15,481. Traders are analyzing European Union macroeconomic data. Among them: GDP in Switzerland, Manufacturing PMI in Spain, Italy, Germany, France, unemployment rate in Germany and CPI in the Eurozone. If the data as a whole is encouraging, the DAX 30 could climb towards resistance 2. |
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| Support 1: 15,470.9 Support 2: 15,463.2 Support 3: 15,459.4 Resistance 1: 15,482.4 Resistance 2: 15,486.2 Resistance 3: 15,493.9 Pivot Point: 15,474.7 |
| The price is coming out of the Ichimoku cloud. Bullish trend for the moment, heading towards 15,552. Trading range between 15,459 and 15,493. Pivot point at 15,474. RSI neutral. |
| GOLD +0.70% |
| Gold has managed to consolidate above the USD$1,900 mark and is now looking for further gains. Traders are paying attention to the economic data from the Euro Zone, and to hedge from possible volatility they have started to take positions in gold. As a result, the price is currently up 0.70% and is trading at USD$1,915. |
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| Support 1: 1,913.00 Support 2: 1,911.25 Support 3: 1,910.15 Resistance 1: 1,915.85 Resistance 2: 1,916.95 Resistance 3: 1,918.70 Pivot Point: 1,914.10 |
| Bulls are targeting USD$1,930, so they are trying to keep the price above the 21-day moving average. Trading range between 1,910 and 1,918. Pivot point at 1,914. RSI in overbought zone. |
| DOW JONES +0.10% |
| Wall Street is back in action today, and with that, trading volume is expected to be higher. At the moment the Dow Jones is up 0.10%. Nasdaq 100 and the S&P500 are also in positive territory. Traders are analyzing the US economy and are starting to focus their strategies on the NFP. The FED will also make policy statements this week. |
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| Support 1: 34,527.6 Support 2: 34,515.3 Support 3: 34,504.6 Resistance 1: 34,550.6 Resistance 2: 34,561.3 Resistance 3: 34,573.6 Pivot Point: 34,538.3 |
| Expected trading range between 34,504 and 34,573. Pivot point at 34,583. If the economic data from Europe is favorable, the index could advance to 34,665 points, otherwise we could see a sideways movement. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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