Daily Review for August 13, 2021
OPEC report does not convince the market. Crude price corrects more than 1% at the moment.
European stock indices are trending sideways. Traders are aware of the CPI data in France and Spain, and the Trade Balance in the Euro Zone.
Bitcoin Bulls start looking for USD$48,000 and then USD$50,000. It all depends on the long volume. The main support is at USD$42,000.
Gold price keeps sideways. Traders are looking for higher yields in fixed income, while the FED pronounces on tapering. At the moment, investors are not taking positions in the metal.
Delta variant is spreading rapidly in China. Commodities are starting to feel the pressure.
| CRUDE OIL -1.13% |
| In OPEC’s report, the organization stated that they do not believe that the Delta variant will affect market demand. Thus, they maintain the demand projection at 96.6 mbd. They also maintain the strategy of gradually increasing production month by month. The market saw those conclusions as a factor of medium to low probability of fulfillment in the short term, which is why the price of crude oil began to fall. At this moment the price is falling 1.13% and is trading at USD$68.14 per barrel. On the other hand, most commodities are in negative territory, as a consequence of the resurgence of the Delta variant in one of China’s main ports. |
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| Support 1: 68.53 Support 2: 68.48 Support 3: 68.41 Resistance 1: 68.65 Resistance 2: 68.72 Resistance 3: 68.77 Pivot Point: 68.60 |
| The price is entering the Ichimoku cloud zone. Expected trading range between USD$68.41 and USD$68.77. Pivot point for trend change at USD$68.60. RSI neutral. Crude oil is near the moving average of the last 200 days. Neutral trend, with negative outlook. |
| DAX 30 -0.09% |
| In Europe, we will have CPI data from France, and Spain and the Euro Zone Trade Balance data. The market is expecting positive numbers, supported by the economic recovery. At the moment, the DAX 30 is down 0.09% and is trading at 15,929. In futures, the market has mixed movements, with a sideways trend. Traders are waiting for the next market trend. For the time being, they are analyzing the possible impact of the delta variant on the economic sectors of the Euro Zone. Tesla CEO Elon Musk is in Germany, organizing the inauguration of new company facilities. |
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| Support 1: 15,935.6 Support 2: 15,930.3 Support 3: 15,926.6 Resistance 1: 15,944.6 Resistance 2: 15,948.3 Resistance 3: 15,953.6 Pivot Point: 15,939.3 |
| The price is above the 200-day moving average. It is currently at resistance 1. If it pulls back, it would meet the pivot point, which could change the trend. Expected trading range between 15,926 and 15,953. Pivot point at 15,939. RSI in overbought zone. |
| BITCOIN -0.47% |
| Bitcoin remains above the USD$45,000 mark. The Fear and Greed index of cryptos, has a reading at the moment of 70 out of 100, which indicates that the market is in “Greed” mode, so it could evidence a higher buying volume, taking advantage of yesterday’s correction. At the moment, the price is down 0.47% and is trading at USD$45,490. The Bulls maintain the target at USD$50,000. |
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| Support 1: 44,945.4 Support 2: 44,908.0 Support 3: 44,873.2 Resistance 1: 45,017.6 Resistance 2: 45,052.4 Resistance 3: 45,089.8 Pivot Point: 44,980.2 |
| The price is trading between the 25- and 50-day moving average. Expected trading range between USD$44,873 and USD$45,089, corresponding to the 50-day moving average. If there is a significant buying volume, the price could reach USD$48,000 and then USD$50,000. Main support at USD$42,000. |
| GOLD +0.47% |
| Gold is currently trading at USD$1,758 per Troy ounce, up 0.47% from yesterday. Traders are alert to possible tapering announcements from the Fed. Therefore, they have not taken decisive positions in gold for the time being. They continue to assess the state of the economy in Europe, Asia and the United States. In Europe, the opening of borders during the summer continues, so consumption is on the rise. However, the tailing off of the Delta variant could become evident in September. In Asia, the Delta resurgence is being witnessed in China, so the pressure on commodities is increasing, which could lead to price declines. In the US, inflation was better than expected, which is good for equities in the short term. Everything is now focused on interest rates. |
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| Support 1: 1,755.85 Support 2: 1,754.65 Support 3: 1,753.50 Resistance 1: 1,758.20 Resistance 2: 1,759.35 Resistance 3: 1,760.55 Pivot Point: 1,757.00 |
| The price continues to move sideways above USD$1,757. Expected trading range between USD$1,753 and USD$1,760. Pivot point for trend change at USD$1,757. RSI in overbought zone. Possible correction. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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