Daily Review for August 09, 2021
Crude oil price is falling 2.28% at the moment, trading at USD$66 per barrel.
The Delta variant continues to exert pressure on the physical commodities market.
The NFP and the US unemployment rate surprised the market. Stock indices are correcting now because of investors’ profit taking.
Gold price continues to trend lower. If the equity market continues to decline, the metal could rebound and look for USD$1,800 again.
Bitcoin reached USD$45,000 over the weekend. Now, the price is correcting as traders are taking profits. Institutions are returning to the crypto market. The U.S. Senate continues to work on regulation, but with a more flexible look.
| CRUDE OIL -2.28% |
| The week begins and the pressure of the Delta variant on commodities continues. Crude oil is currently down 2.28% and is trading at USD$66.64 per barrel. Global trade, given the restrictions due to the pandemic, has begun to slow down. Also, the increase of OPEC+ production has been evident in the price of oil, which fell from the USD$74 zone, to the current level of USD$66. If the downward trend continues, we could see an upcoming OPEC+ meeting where they will evaluate the maximum support level of the price before stopping the increase in production. |
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| Support 1: 66.70 Support 2: 66.63 Support 3: 66.48 Resistance 1: 66.92 Resistance 2: 67.07 Resistance 3: 67.14 Pivot Point: 66.85 |
| The price is below the 200-day moving average. Expected trading range between USD$66.48 and USD$67.14. Pivot point at USD$66.85. RSI at oversold level. Possible rebound towards resistance 1. Bearish outlook. |
| DOW JONES -0.27% |
| The Dow Jones closed last week with an increase of 0.41%, reaching a price of 35,208 points. This was driven by the good NFP data and the lower unemployment rate reported by the US economy. At the beginning of the week, the index start correcting 0.27%, trading at 35,118 points. Today, we will have the JOLT survey of job offers in the US, where a high level is expected, as a consequence of the economic recovery. On the other hand, the implementation of Biden’s infrastructure plan could be approved fully in the coming days. |
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| Support 1: 35,133.5 Support 2: 35,127.1 Support 3: 35,114.6 Resistance 1: 35,152.4 Resistance 2: 35,164.9 Resistance 3: 35,171.3 Pivot Point: 35,146.0 |
| Expected trading range between 35,114 and 35,171. Pivot point for trend change at 35,146. RSI neutral. The price could regain the uptrend after the Bulls finish taking profits. |
| GOLD -0.96% |
| The good performance of the U.S. economy has generated significant pressure on the price of gold. On Friday, the price fell from USD$1,809 to USD$1,684 per Troy ounce. At the moment, the price continues to correct, this time falling 0.96% and trading at USD$1,746 per Troy ounce. The stock market indexes started the week with a downward trend, mainly in Europe and the United States. A possible market correction could create a change of trend in the price of the metal. |
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| Support 1: 1,739.14 Support 2: 1,734.57 Support 3: 1,730.24 Resistance 1: 1,748.04 Resistance 2: 1,752.37 Resistance 3: 1,756.94 Pivot Point: 1,743.47 |
| The price has tried to bounce from the level of USD$1,684. Expected trading range between USD$1,730 and USD$1,756. Pivot point for trend change at USD$1,743. RSI neutral. Bulls look for price to climb back to USD$1,800 resistance. Bears look to challenge USD$1,700. |
| BITCOIN -3.58% |
| Over the weekend, Bitcoin reached USD$45,277 on the back of the U.S. Senate’s easing of regulations on the cryptocurrency market. Today, the Bulls started to take profits, so the price is currently falling 3.58%. Actual trading level is USD$43,500. Analysts assess that institutions are once again entering the market. They project the price to be between USD$53,000 and USD$66,000, with a confidence level of 68.5%. |
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| Support 1: 43,389.0 Support 2: 43,221.7 Support 3: 43,055.7 Resistance 1: 43,722.4 Resistance 2: 43,888.3 Resistance 3: 44,055.7 Pivot Point: 43,555.0 |
| The price is at the Ichimoku cloud. Expected trading range between USD$43,055 and USD$44,055. Pivot point for trend change at USD$43,555. RSI neutral. The price remains above the 200-day moving average. Possible change of trend. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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