Daily Review for February 11, 2021
European markets open higher ahead of ECB Vice President De Guindos’ presentation. The market is aware of the winter economic results. DAX and EUR ready to trend
US CPI slightly changed, which caused gold to continue in a period of consolidation while it takes trend
In the US, the market is awaiting for the jobless claims data
Ethereum seeks USD$2,000 through the buying momentum of institutional investors
Crude oil fails to reach USD$60 due to possible disagreement between some OPEC+ members
| GOLD +0.02% |
| The metal is in a period of consolidation and under pressure from Bitcoin. It is currently trading at USD$1,842. Yesterday’s CPI data in the US was 0.3% month-over-month. Therefore, gold purchases as a hedge for inflation wasnt neccesary for investors. On the other hand, gold traders are watching the execution of the US economic stimulus package, which favors gold due to the devaluation of the USD. However, the most crucial fact is the interest of investors and companies in Bitcoin, which is becoming a gold substitute. |
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| Support 1: 1,832.67 Support 2: 1,822.73 Support 3: 1,811.31 Resistance 1: 1,854.03 Resistance 2: 1,865.45 Resistance 3: 1,875.39 Pivot Point: 1,832.67 |
| Price has remained above the 1,832 support and below the 1,855 resistance. Price is starting to form a shoulder head shoulder pattern. Bears target remains in 1,800. Bulls are struggling to stay at 1,850. |
| DAX 30 +0.11% |
| DAX 30 traders have mixed strategies. While some try to push the index above 14,000 points, others try to keep it below. One of the possible reasons for the index’s fall is the weakening of the Euro in recent weeks. Another factor that hit the DAX was the extension of the lockdown in Germany. Today we will have the winter economic forecasts from the European Union. |
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| Support 1: 13,925.9 Support 2: 13,909.7 Support 3: 13,899.4 Resistance 1: 13,952.4 Resistance 2: 13,962.7 Resistance 3: 13,978.9 Pivot Point: 13,936.2 |
| Expected trading range between 13,899 and 13,978. Pivot point at 13,936. Price is below the Ichomoku cloud, which indicates that the price could rise to the 13,971 level. If the Euro Zone economic outlook is positive, we could see a price rally. |
| ETHEREUM -3.78% |
| Ethereum price against the USD is currently dropping 3.78% and is trading at 1,731. Ethereum, as well as other cryptocurrencies, is gaining interest from institutional investors, who have started to buy the cryptocurrency to reduce their exposure to Bitcoin. Similarly, the Decentralized Finance (DeFi) industry is gaining popularity. Another interesting news is that the CME has launched Ethereum futures. |
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| Support 1: 1,657.4 Support 2: 1,589.47 Support 3: 1,430.65 Resistance 1: 1,816.22 Resistance 2: 1,907.11 Resistance 3: 2,065.93 Pivot Point: 1,748.29 |
| Price is forming an ascending triangle. The price is above the 25 and 15-day moving averages. MACD continues to rise. Bulls target is 2,000. Pivot point at 1,748. |
| CRUDE OIL -0.65% |
| Yesterday’s EIA report showed a reduction in US crude oil inventories by 6.6 million barrels. The price reacted to the supply decrease, but not strongly enough to make it reach USD$60 per barrel. It is currently trading at USD$58.27 and is down 0.65% from yesterday’s close. It seems that the loss of momentum is that some OPEC+ members want to start producing more in order to obtain higher profits from the current price level. |
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| Support 1: 57.95 Support 2: 57.58 Support 3: 56.78 Resistance 1: 58.75 Resistance 2: 59.18 Resistance 3: 59.97 Pivot Point: 58.38 |
| Expected trading range between 56.78 and 59.97 with pivot point for change in trend at 58.38. The price is entering into the Ichimoku cloud at 58.15. Bulls maintain target at 60. Bears start to see correction towards 57.15. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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