Daily Review for August 03, 2021
Commodities begin to correct as a result of the increase in Delta variant cases, which may put pressure on physical commodities trading.
The Chinese government attacks gaming companies. As a result, the shares of these companies correct at this time pushing the stock indexes in Asia downwards.
Opportunity for gold to change trend. The Asian equity market continues to be under pressure.
Gasoline demand has managed to keep crude oil prices above USD$70 per barrel. Despite this, the market is going to test the next supports as a result of the OPEC+ production increase.
Cryptos correct. Bitcoin is falling 4.77%, as investors took profit from the USD$42,000 resistance.
The market in Europe is expecting a bullish opening, driven by the DAX 30. The Eurostoxx 50 is expecting an uptrend during the day.
| GOLD -0.46% |
| Yesterday, the price of gold recovered a few points to USD$1,817 per Troy ounce. Today, the metal starts the day with downward pressure. However, the downward trend of the stock market indexes in China could generate a change of trend in the metal, mainly to hedge portfolios from the volatility that has been created by the sale of technology stocks in Asia, mainly those related to gaming. |
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| Support 1: 1,813.89 Support 2: 1,812.87 Support 3: 1,812.09 Resistance 1: 1,815.69 Resistance 2: 1,816.47 Resistance 3: 1,817.49 Pivot Point: 1,814.67 |
| The price is above the 200-day moving average. The metal is trying to bounce from the 1,804 support zone. If the bears manage to break this level, the next target is 1,796. Otherwise, if the metal rebounds considering the fall of the Asian stock markets, the metal could recover to 1,829. Pivot point at 1,814. RSI neutral. |
| CRUDE OIL -0.06% |
| Crude oil price has not been able to overcome the resistance of USD$74 per barrel. The pressure in the physical market has been generated by the Delta variant. Crude oil is currently down 0.06% and is trading at USD$71.14 per barrel. Due to the pandemic, international trade has slowed down as well as the demand for goods and services. After a month of rally, the commodities market is beginning to show a decrease in demand, as a consequence of the advance of the Delta variant, and the possible closing of borders in more markets. The factor that has managed to maintain the price of crude oil at its current level is the demand for gasoline. |
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| Support 1: 71.03 Support 2: 70.92 Support 3: 70.78 Resistance 1: 71.28 Resistance 2: 71.42 Resistance 3: 71.53 Pivot Point: 71.17 |
| The price is below the 200-day moving average. The price has dropped to USD$70 per barrel. Sideways trend above this level. Possible break of the support, due to the beginning of the production increase by OPEC+. Pivot point at 71.17. RSI near the oversold zone. |
| BITCOIN -4.77% |
| Bitcoin is currently falling 4.77%, as investors take profits from the resistance of USD$42.581. At the moment the crypto is trading at USD$38.204. In general, there is a correction in the crypto market. The main explanation is the profit taking of investors, after a week of rally. The market expects that the fall will not be so representative and that the Bitcoin will return to the uptrend, overcoming the resistance of USD$42,000. |
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| Support 1: 38,065.8 Support 2: 37,871.7 Support 3: 37,729.4 Resistance 1: 38,402.2 Resistance 2: 38,544.5 Resistance 3: 38,738.6 Pivot Point: 38,208.1 |
| The price is below the 200-day moving average, indicating a bearish signal for Bitcoin. Expected trading range between 37,729 and 38,738. Pivot point at 38,208. RSI in oversold zone. Inflection points could be supports 2 and 3. |
| EUROSTOXX 50 -0.18% |
| The European market is trying to maintain the uptrend mainly with the DAX 30 +0.30%, CAC 40 +0.17% and the IBEX 35 +0.16%. The Eurostoxx 50 is currently down 0.18%, but is trying to change the trend, mainly with AXA, Adidas, Siemens and Inditex. The main stocks that closed in the red were Allianz, BNP Paribas and Intensa Sanpaolo. Analysts remain attentive to corporate results (BP, Dupont, Societe Generale report today), and to the NFP. |
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| Support 1: 4,104 Support 2: 4,102 Support 3: 4,099 Resistance 1: 4,110 Resistance 2: 4,112 Resistance 3: 4,116 Pivot Point: 4,107 |
| Sideways movement, but possible bullish channel formation. Trading range between 4,099 and 4,116. The price has managed to stay above 4,000. Pivot point at 4,107. RSI neutral. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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