Daily Review for July 07, 2021
Index futures start to turn positive, principally in the European market.
Gold price approaches the USD$1,800 per Troy ounce mark. Volatility increases in the market as a result of the ISM manufacturing report in the U.S. that did not exceed expectations.
ECB to present EU economic outlook. Possible start of Tapering measures. The FED will also release today its view on inflation, tapering and economic projections.
Technology stocks continue to be under the radar of investors, who see the Delta variant as a sign of further tightening and lockdowns.
Crude oil is looking to regain upward momentum after the market punished the lack of cohesion among OPEC+ members.
| GOLD +0.21% |
| Traders are trying to consolidate the gold price above the USD$1,800 mark. ISM manufacturing data missed market expectations. The result was 60.1 below the expected 63.5. Investors are waiting for today’s FOMC minutes to review the economic outlook and tapering. Meanwhile, buying volume in the metal continues. Wall Street and European stock markets closed yesterday in negative territory. |
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| Support 1: 1,796.35 Support 2: 1,794.80 Support 3: 1,792.10 Resistance 1: 1,800.60 Resistance 2: 1,803.30 Resistance 3: 1,804.85 Pivot Point: 1,799.05 |
| Gold is at the Pivot Point at 1,799.05 so a possible trend reversal is expected. If the Bulls manage to consolidate the zone, the price could climb towards USD$1,814.50. Trading range between 1,792 and 1,804. RSI neutral. |
| DAX 30 +0.01% |
| At yesterday’s close, the DAX 30 posted a loss of 0.96%, closing with a market price of 15,511 points. In general, almost all stock markets closed in negative territory, except for the technology stocks. The increase in the Delta variant cases and the lower-than-expected ISM data in the United States generated a wave of sales. Today, the market could rebound as long as the FED manages to calm the Bears. The ECB will present its economic outlook for the EU. |
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| Support 1: 15,485.0 Support 2: 15,476.0 Support 3: 15,462.0 Resistance 1: 15,508.0 Resistance 2: 15,522.0 Resistance 3: 15,531.0 Pivot Point: 15,499.0 |
| Price is between support 1 at 15,485 and the pivot point at 15,499. Expected trading range between 15,462 and 15,531. Neutral RSI coming out of the oversold zone. Investors’ fear is that the index will break out of the trading range, mainly below the most immediate support. |
| NASDAQ 100 +0.05% |
| The Nasdaq 100 index continues to move higher and is approaching the 14,800 zone. At the moment it is up 0.05% and is trading at 14,782. Traders continue to hold positions in the index, mainly due to possible lockdowns that may arise, which favors technology companies. Meanwhile, the crypto market continues to consolidate. Bitcoin is looking to break the 35,000 point level. |
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| Support 1: 14,784.25 Support 2: 14,780.25 Support 3: 14,776.25 Resistance 1: 14,792.25 Resistance 2: 14,796.25 Resistance 3: 14,800.25 Pivot Point: 14,788.25 |
| Price is above resistance 1 at 14,776.25. Expected trading range between 14,776 and 14,800. RSI in overbought zone. Pivot point for change in trend at 14,788. If the upward movement continues, price could break above the 14,800 mark and head towards 15,000. |
| CRUDE OIL +0.45% |
| Yesterday, traders punished the price of crude oil as a result of the delay in the presentation of the OPEC+ strategic plan. The price of crude oil had reached the USD$76 mark, before starting the decline towards the current level at USD$73.75 per barrel. Despite this, analysts maintain the forecast of USD$80 per barrel, driven by increased demand for natural gas, gasoline and oil derivatives during the summer. |
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| Support 1: 73.45 Support 2: 73.29 Support 3: 73.19 Resistance 1: 73.71 Resistance 2: 73.81 Resistance 3: 73.97 Pivot Point: 73.55 |
| The price fell to the support 1 at 73.45. At this point, the price marked a double bottom, and then bounced slightly above the current level. Trading range between 73.19 and 73.97. Pivot point at 73.55. RSI neutral, leaving the oversold zone. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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