Daily review for December 03, 2021
Traders are watching the U.S. Non-Farm Payrolls report. At least 550,000 new jobs are expected to be created. Portfolio allocation includes metals. Stock indexes are turning positive.
Commodities also rebound. Natural Gas is up 5.30%. Energy demand increases in Europe. WHO continues to evaluate Omicron. Laboratories test vaccines against the variant.
European stock indexes are in positive territory. The market awaits the ECB statement. Germany accelerates the vaccination campaign.
Cryptos remain sideways awaiting the expiration of USD$680 million in Ethereum options.
| GOLD +0,57% |
| Today market will start with a statement from ECB President Christine Lagarde, where she will focus on macroeconomic data from Europe. Traders are also watching European retail sales as an indicator of market demand. Later in the day, we will have the Non-Farm Payrolls, where at least 550,000 new jobs and a 4.5% unemployment rate are expected in the United States. At the moment, stock indices are turning positive. Commodities are also in green. Gold is currently up 0.57% and is trading at USD$1,770 per Troy ounce. |
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| Support 1: 1,770.45 Support 2: 1,768.90 Support 3: 1,765.85 Resistance 1: 1,775.05 Resistance 2: 1,778.10 Resistance 3: 1,779.65 Pivot Point: 1,773.50 |
| Gold is bouncing from support 1. Possible confirmation of trend change. Price is approaching the Pivot Point. Bulls are looking to regain the USD$1,800 level. The metal is still below the 200-day moving average. Pivot point at USD$1,773. RSI neutral. |
| NATURAL GAS +5.30% |
| Commodities are rebounding, with significant gains in Natural Gas. At the moment the commodity is up 5.30% and is trading at USD$4.27 per BTU. The rise in commodities could be based on market demand, mainly from Europe, and also on the WHO studies on the Omicron variant. The analysis on the variant continues, the main effort of the countries is to accelerate vaccination. Scientists are concentrating their efforts on checking whether the Moderna and Pfizer vaccines are able to protect the population against Omicron. If so, there would be no need to develop a new vaccine. |
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| Support 1: 4.204 Support 2: 4.156 Support 3: 4.131 Resistance 1: 4.277 Resistance 2: 4.302 Resistance 3: 4.350 Pivot Point: 4.229 |
| The price is below the 200-day moving average. If the Bulls continue to gain ground, the price could start looking for USD$5 per BTU again. Pivot point at USD$4.22. RSI neutral. |
| DAX 40 +0.39% |
| European stock indexes are moving upwards. Traders are focused on the ECB. A monetary policy strategy focused on Omicron is expected. The ECB may continue its strategy of supporting market recovery. Thus, tapering will be postponed for a few months. At the moment, the DAX 40 is up 0.39% and is trading at 15,317 points. In Germany, the government continues to pressure the population for vaccination. |
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| Support 1: 15,375.0 Support 2: 15,336.5 Support 3: 15,317.0 Resistance 1: 15,433.0 Resistance 2: 15,452.5 Resistance 3: 15,491.0 Pivot Point: 15,317.0 |
| The index is below the 200-day moving average. Expected trading range between 15,317 and 15,491. Pivot point for trend change at 15,317. Bulls are looking for resistance 3, in order to consolidate the index near 16,000 points. RSI neutral. |
| BITCOIN -0.47% |
| The crypto market attempted to reach new all-time highs, however, the SEC announced the need for a hearing to discuss the regulation of the market. Now, the market is sideways, waiting for options expiration. Today, USD$680 million in Ethereum options expire. On December 8, there will be a meeting of the U.S. House of Representatives, where they will review digital assets. Bitcoin is currently down 0.47% and is trading at USD$56.614. |
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| Support 1: 56,647.6 Support 2: 56,525.3 Support 3: 56,349.6 Resistance 1: 56,945.6 Resistance 2: 57,121.3 Resistance 3: 57,243.6 Pivot Point: 56,823.3 |
| Sideways movement. The price is however at the pivot point, where a change of trend could occur. Bitcoin is at the same level of the 200-day moving average. In order for the price not to fall, Bulls should hold the price above this level. Possible rebound to USD$59,000 or correction to USD$54,345, depending on the put and call options. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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