Daily Review for July 05, 2021
Independence Day holiday in the United States.
European markets open in negative as a result of the increase in cases of the Delta variant, which has begun to force governments to analyze the possible closure of borders.
Traders are looking forward to the services PMI data in Europe. The ECB is scheduled to hold a press conference on the subject.
Gold is trying to regain the USD$1,800 level. Commodities start the week with bullish movements. Syngenta is organizing an IPO in Shanghai.
Bulls are looking for USD$80 per barrel for oil. Mixed views from OPEC+ members on whether or not to increase production.
Traders are aware of the release of 16,000 Bitcoins by the GBTC Fund. Significant trading volume is expected by mid-July 2021.
| DAX 30 -0.15% |
| As today holiday in the United States, traders will be paying close attention to macroeconomic data in Europe. Thus, we will have the services PMI for Spain, Italy, France, Germany, and consolidated Eurozone. The PMI is a thermometer of the economy and a indicator of business expectations. In the futures market, the DAX 30 is currently down 0.15% and is trading at 15,622, which could lead to a downward opening in Europe. |
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| Support 1: 15,626,0 Support 2: 15,621,0 Support 3: 15,617,0 Resistance 1: 15,635,0 Resistance 2: 15,639,0 Resistance 3: 15,644,0 Pivot Point: 15,630,0 |
| The price is moving sideways on the Ichomoku cloud. The index is looking for the price of 15,643. Trading range between 15,617 and 15,644. Pivot point at 15,630. RSI neutral. |
| GOLD +0.19% |
| Gold price starts the week climbing some positions, after the fall presented after the NFP announcement in the United States. At the moment the metal is up 0.19% and is trading at USD$1,785 per Troy ounce. The United States is showing economic recovery after the pandemic. The NFP surprised the market favorably. However, the unemployment rate did not meet expectations, thus putting economists on alert. The FED continues to evaluate the monetary policy options on the table. |
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| Support 1: 1,786.14 Support 2: 1,784.52 Support 3: 1,783.49 Resistance 1: 1,788.79 Resistance 2: 1,789.82 Resistance 3: 1,791.44 Pivot Point: 1,787.17 |
| Price is above the Ichimoku cloud, between the pivot point at 1,787 and resistance 1 at 1,788. Trading range between 1,738 and 1,791. Pivot point at 1,787. RSI neutral. |
| CRUDE OIL +0.09% |
| Crude oil price is currently up 0.09% and traders with long positions are looking for USD$80 per barrel. The price of WTI is currently trading at USD$75.19 and Brent at USD$76.25. OPEC+ continues to evaluate the market balance. Doubts are increasing, with some players seeking to increase production to take advantage of the actual price level, and others seeking to maintain production at the current level so as not to cause disruptions and even more so in a scenario of the impact of the Delta variant. |
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| Support 1: 75.11 Support 2: 74.99 Support 3: 74.93 Resistance 1: 75.29 Resistance 2: 75.35 Resistance 3: 75.47 Pivot Point: 75.17 |
| Sideways movement above resistance 1 at USD$75.31. Expected trading range between 74.93 and 75.47. Pivot point at 75.17. RSI neutral. Bulls marked 80 as target. |
| BITCOIN -1.28% |
| The cryptocurrency market opens mixed today. Traders are paying attention to the cryptocurrency unlock date of the GBTC fund which has in its portfolio 650,000 Bitcoins under management. The company is going to unlock 16,000 Bitcoins, which may create a significant volume of buying or selling in the market. The scenarios continue to be evaluated by market players. |
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| Support 1: 34,172.2 Support 2: 33,992.3 Support 3: 33,899.9 Resistance 1: 34,444.5 Resistance 2: 34,536.9 Resistance 3: 34,716.8 Pivot Point: 34,264.6 |
| Trading range between 33,899 and 34,716. Pivot point at 34,264. RSI in oversold zone. Possible bounce towards resistance 3. Bulls look to regain the 40,000 area. Bears look for 24,000. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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