Daily Review for August 10, 2021
Today Coinbase reports results. Traders are analizing the company financial statements. Cryptos performed well in Q1, but in Q2 there was turbulence. The Nasdaq 100 seeks to change trend.
After yesterday’s significant fall, Gold is presenting a rebound and upward movement with a lateral trend over the USD $ 1,734 zone. Traders are aware on the Fed’s tapering and Biden’s infrastructure plan.
The FED sees the inflation close to the 2% target.
The crypto rally continues. Ethereum rises 6% and starts looking for 3,500.
Traders are aware to the ZEW Index of Investor Confidence in Germany and the European Union. This could lead to buying volume on the DAX 30.
| NASDAQ 100 -0.08% |
| Traders are aware of Coinbase’s corporate results. During Q2 2021, there was turbulence in the crypto market, so investors are attentive to the company’s financial statements. The market expects EPS of 2.31 and operating income of USD$1.73 Billion. The Nasdaq 100 is currently down 0.08%, trading at 15,107. The technology sector has been one of the fastest growing during the pandemic. |
 |
| Support 1: 15,118.1 Support 2: 15,111.0 Support 3: 15,104.3 Resistance 1: 15,131.9 Resistance 2: 15,138.6 Resistance 3: 15,145.7 Pivot Point: 15,124.8 |
| Price is near the Ichimoku cloud. Expected trading range between 15,104 and 15,145. Pivot point for trend change at 15,124. RSI neutral. Bulls are looking for 15,200. Bears are looking to break 15,000 support. |
| GOLD +0.47% |
| Gold prices are trying to rebound after traders saw the buying opportunity afterward the decline to USD$1,684. Yesterday, FED policy makers commented that the macroeconomic data is encouraging, and possibly tapering could start sooner. According to the FED, the inflation target of 2% is close and could lead to an interest rate hike. This would be earlier than the initial estimates of 2022 and 2023. If tapering is executed, gold could regain the USD$1,800 area. On the other hand, the US Congress continues to evaluate the final phase of the Biden’s infrastructure plan. If it is fully approved, gold and silver prices could rebound. |
 |
| Support 1: 1,733.29 Support 2: 1,731.72 Support 3: 1,729.84 Resistance 1: 1,736.74 Resistance 2: 1,738.62 Resistance 3: 1,740.19 Pivot Point: 1,735.17 |
| The price presents a sideways recovery movement above the USD$1,734 zone. Expected trading range between USD$1,729 and USD$1,740. RSI neutral. If the trend continues, the price could look for the USD$1,767 zone. Pivot point at USD$1,735 |
| ETHEREUM +6.34% |
| The cryptocurrency rally continues. Ethereum is up 320% so far this year. Today the crypto is up 6.34%, and is trading at 3,111. On the other hand, analysts see Bitcoin as a global reserve, because since its conception, it maintains a supply limit, while the USD or any other currency can be printed without limits. Returning to Ether, the update of its platform has attracted the attention of investors worldwide, as it proposes to reduce the cost of financial transactions. |
 |
| Support 1: 3,089.53 Support 2: 3,066.15 Support 3: 3,042.50 Resistance 1: 3,136.56 Resistance 2: 3,160.21 Resistance 3: 3,183.59 Pivot Point: 3,113.18 |
| Price is above the 200-day moving average. Expected trading range between 3,042 and 3,183. Pivot point at 3,113. RSI neutral. If the buying volume continues, the price could overcome the resistance 3 and look for the next level of 3,500. |
| DAX 30 -0.16% |
| Traders in Europe are aware at the ZEW index of investor confidence in Germany and the Euro Zone. The economic growth that is being presented in the market could generate more confidence. Almost all companies in the U.S. have reported results that exceeded market expectations. This is good for Germany and the EU, as European companies develop businesses in the United States. At the moment the DAX 30 is down 0.16% and is trading at 15,736. |
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| Support 1: 15,728.6 Support 2: 15,718.3 Support 3: 15,708.1 Resistance 1: 15,749.1 Resistance 2: 15,759.3 Resistance 3: 15,769.6 Pivot Point: 15,738.8 |
| Price is at the Ichomoku cloud. Expected trading range between 15,708 and 15,769. Pivot point at 15,738. RSI neutral. If the market trend changes, the index could reach the 15,800 area. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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