Daily Review for April 12, 2021
Important week in the equities market. Corporate earnings for Q1 2021 begins.
Gold is at a double bottom, so a possible rebound towards the 1,750 mark is likely.
Over the weekend, the price of Bitcoin and other cryptos consolidated. Significant upward momentum. The price regained USD$60,000.
According to Powell the economy is at an inflection point, however Covid-19 still leaves significant room for recovery going forward.
Crude oil prices in a sideways period. Significant sales volume seen on Friday. The price remains above USD$59 per barrel.
DAX 30 remains above 15,200 points. Investors are aware to this week corporate results in the USA.
| GOLD – 0.26% |
| The week begins with gold prices trying to bounce off the 1,737 support. On Friday, the price closed with a significant pullback, following the rise in Treasury yields. The price is currently marking a double bottom, which could indicate a rebound towards 1,756 resistance. |
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| Support 1: 1,736.34 Support 2: 1,734.17 Support 3: 1,732.99 Resistance 1: 1,739.69 Resistance 2: 1,740.87 Resistance 3: 1,743.04 Pivot Point: 1,737.52 |
| The price is above support 1, characterized by a double bottom. Possible bounce towards resistance 3 and if it manages to break this level, the next target for the Bulls is 1,780. Expected trading range between 1,732 and 1,743. Pivot point at 1,737. |
| BITCOIN +0.94% |
| Bitcoin reached the 60,000 resistance and is into a period of consolidation. The price is currently up 0.94% and is trading at USD$60,216. The upward momentum came after BtcBlockBot, a crypto market analytics company, reported that 11,901 Bitcoins worth USD$714 million were moved in a block. The move was apparently carried out by Coinbase. This also generated upward momentum for other cryptocurrencies such as Ripple, Ethereum, Dogecoin, among others. |
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| Support 1: 60,075.1 Support 2: 59,954.9 Support 3: 59,869.9 Resistance 1: 60,280.4 Resistance 2: 60,365.3 Resistance 3: 60,485.6 Pivot Point: 60,160.1 |
| Expected trading range between 59.869 and 60.485. Pivot point at 60.160. Consolidation at USD$60.200. RSI in neutral, so the price could rise additional points. Ichimoku Cloud is sideway. |
| CRUDE OIL -0.39% |
| According to the Chicago Mercantile Exchange, Friday’s trading volume increased by 11,000 contracts. At the moment the price is retreating 0.39% and crude oil is trading at USD$59.05. The crude oil market is under pressure due to the delay in the placement of vaccines in Europe. The demand for commodities is highly dependent on the economic reopening. |
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| Support 1: 58.99 Support 2: 58.87 Support 3: 58.69 Resistance 1: 59.29 Resistance 2: 59.47 Resistance 3: 59.59 Pivot Point: 59.17 |
| Price in consolidation period above the 59 support. Bulls have failed to regain the 60 mark. Trading range between 58.69 and 59.59. Pivot point at 59.17. RSI neutral. |
| DAX 30 -0.09% |
| Corporate earnings period for Q1 2021 begins. The outlook is high due to the recovery of the markets. For the German index, the results of companies listed on Wall Street are important because a large part of the sources of revenue of German companies listed on the DAX, originate from the USA. Meanwhile, the market in Europe opens in red, due to the increase of Covid-19 cases. |
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| Support 1: 15,220.0 Support 2: 15,183.5 Support 3: 15,163.5 Resistance 1: 15,276.5 Resistance 2: 15,296.5 Resistance 3: 15,333.0 Pivot Point: 15,240.0 |
| Price remains above the 15,200 point mark and in consolidation period. RSI neutral. Trading range between 15,163 and 15,333. Pivot point at 15,240. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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