Daily Review for February 4, 2022
Traders are keeping an eye on the NFP. At least 150,000 new non-farm jobs are expected to be created. Investors keep metals in portfolios.
Cryptos bounce. Ethereum rises nearly 6%. Bitcoin seeks USD$60,000. Traders watch for options expiration.
WTI hit $90 a barrel. Shell seeks to increase natural gas exports to Europe. OPEC+ maintains the target of increasing 400,000 barrels per day.
The Nasdaq 100 rebounds, boosted by good results from Amazon. Interest in tech funds and cryptos increases.
| GOLD +0.27% |
| Today we will have the NFP report. It is expected that 150,000 new non-farm jobs will be created in the United States. The unemployment rate is also expected to come in at 3.9%. Optimism remains in the market, even as the economy is coming out of the December holiday season, where temporary jobs are being created. Traders are holding positions in gold, hedging portfolios from market volatility. At the moment the metal is up 0.27% and is trading at USD$1,808 per Troy ounce. |
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| Support 1: 1,806.51 Support 2: 1,805.13 Support 3: 1,803.41 Resistance 1: 1,809.61 Resistance 2: 1,811.33 Resistance 3: 1,812.71 Pivot Point: 1,808.23 |
| The price is near the 200-day moving average line. Bulls are looking to climb from this point towards resistance 3. Expected trading range between USD$1,803 and USD$1,812. Pivot point for trend change at USD$1,808. RSI neutral. Possible upward movement depending on NFP. |
| ETHEREUM +5.92% |
| Cryptos are recovering, presenting important upward movements. Ethereum is currently up 5.92% and is trading at USD$2,933. Bitcoin is up 2.19% and is trading at USD$37,916. Traders are looking ahead to the expiration of USD$730 million in Bitcoin options. Bulls are looking to reach USD$40,000. Over the last week, USD$1 billion worth of Etherem has been traded in the market. Whales and institutions have returned to the market. |
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| Support 1: 2,790.79 Support 2: 2,778.03 Support 3: 2,770.85 Resistance 1: 2,810.73 Resistance 2: 2,817.91 Resistance 3: 2,830.67 Pivot Point: 2,797.97 |
| The price is at resistance 3. The next target is USD$3,270. Expected trading range between USD$2,770 and USD$2,830. Pivot point for trend change at USD$2,797. RSI in overbought zone. |
| WTI +1.03% |
| OPEC+ maintains the objective of increasing daily production by 400,000 barrels. On the other hand, Shell has announced that it is willing to increase Natural Gas exports to Europe, considering the geopolitical tensions. At the moment, WTI has reached USD$90 per barrel. The price is up 1.03% and is trading at USD$91.25 per barrel. Brent is trading at USD$91.94 per barrel. |
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| Support 1: 90.61 Support 2: 90.44 Support 3: 90.27 Resistance 1: 90.95 Resistance 2: 91.12 Resistance 3: 91.29 Pivot Point: 90.78 |
| The price is above the 200-day moving average. The next target for the Bulls is USD$111 per barrel. Expected trading range between USD$90.27 and USD$91.29. Pivot point at USD$90.78. RSI approaching the overbought zone. |
| NASDAQ 100 +1.63% |
| The index of technology companies is up 1.63% and is trading at 14,742 points. The rebound of the index has been driven by Amazon’s results. The company greatly exceeded market expectations, reporting earnings per share of 27.75 over 3.71 expected. On the other hand, investors’ appetite for technology funds is on the rise. Cryptos are also back on the radar of major investors. |
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| Support 1: 14,714.1 Support 2: 14,677.4 Support 3: 14,615.8 Resistance 1: 14,812.4 Resistance 2: 14,874.0 Resistance 3: 14,910.7 Pivot Point: 14,775.7 |
| The price is above the 200-day moving average. It is currently between resistance 1 and the pivot point. Expected trading range between 14,615 and 14,910. Pivot point for trend change at 14,775. RSI neutral. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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