Daily Review for April 13, 2022
The war in Ukraine continues to escalate. Traders keep gold and silver in portfolios. Stock indices are mixed globally.
Analysts expect the Central Bank of Canada to raise interest rates by 0.50% to 1%.
New Zealand’s central bank raised rates from 0.50% to 1.50%.
Bitcoin remains sideways just below USD$40,000. Treasury Secretary Janeth Yellen changed her outlook on cryptocurrencies.
Traders are keeping an eye on the UK and Spanish inflation reports.
| GOLD -0.39% |
| The war between Ukraine and Russia is escalating. On the other hand, the United States and the United Kingdom are exporting more weapons to Ukraine. This is generating more geo-political tension and with it more volatility in the equity market. Investors continue to buy and hold gold and silver in their portfolios. Gold is currently down 0.39% and is trading at USD$1,968 per Troy ounce. Silver is trading at USD$25.66 per Troy ounce. |
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| Support 1: 1,970.10 Support 2: 1,966.70 Support 3: 1,964.60 Resistance 1: 1,975.60 Resistance 2: 1,977.70 Resistance 3: 1,981.10 Pivot Point: 1,972.20 |
| The price is above the 200-day moving average. Expected trading range between USD$1,964 and USD$1,981. Pivot point for trend change at USD$1,972. RSI neutral, so it could continue to present the profit taking of traders until the next support level. |
| NASDAQ 100 +0.78% |
| Traders are watching the interest rate decision of the Central Bank of Canada. An increase from the current 0.50% to 1% is expected. On the other hand, the Central Bank of New Zealand raised rates from 0.50% to 1.50%. The above, for the moment, has generated mixed movements in the global stock markets. The Nasdaq 100 is bouncing 0.78% and is trading at 14,051 points. The technology sector could be of interest to investors in times of a restrictive monetary policy strategy by central banks. |
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| Support 1: 14,043.1 Support 2: 13,995.5 Support 3: 13,970.9 Resistance 1: 14,115.3 Resistance 2: 14,139.9 Resistance 3: 14,187.5 Pivot Point: 14,067.7 |
| The price is below the 200-day moving average. The index rebounded after a double bottom at support 1. Expected trading range between 13,970 and 14,187. Pivot point for trend change at 14,067. RSI neutral, so the index could climb towards resistance 1. |
| BITCOIN +0.03% |
| Bitcoin is trying to recover the falls from USD$42,000, and seeks to consolidate the USD$40,000 zone. At the moment the crypto is up 0.03% and is trading at USD$39,887. Bulls maintain the bullish outlook keeping the first target towards USD$55,000. Meanwhile, Treasury Secretary Janeth Yellen presented a more friendly speech on cryptocurrencies, which presents a change of perspective and positivity for the industry. |
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| Support 1: 40,102.0 Support 2: 40,020.0 Support 3: 39,959.0 Resistance 1: 40,245.0 Resistance 2: 40,306.0 Resistance 3: 40,388.0 Pivot Point: 40,163.0 |
| The price is below the 200-day moving average, which is a bearish signal for Bitcoin. The price is looking for a bounce from the support 2. However, it is moving sideways just below the USD$40,000 level. Expected trading range between USD$39,959 and USD$40,388. Pivot point at USD$40,163. RSI neutral, so the Bulls can gain some positions towards resistance 1. |
| EUROSTOXX 50 +0.38% |
| Traders are keeping an eye on the UK and Spanish inflation reports. At the moment, the global inflationary level is high, derived from the injection of liquidity that the market has evidenced in the pandemic. The Eurostoxx 50 is currently up 0.38% and is trading at 3,736 points. The ECB’s strategy continues to be oriented towards market support, which is why the bank has not yet raised interest rates. |
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| Support 1: 3,732 Support 2: 3,723 Support 3: 3,708 Resistance 1: 3,756 Resistance 2: 3,771 Resistance 3: 3,780 Pivot Point: 3,747 |
| Price is below the 200-day moving average. Expected trading range between 3,708 and 3,780. Pivot point for trend change at 3,747. RSI neutral, so the price could continue bouncing towards resistance 1. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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