Daily Review for June 10, 2022
Traders are watching the U.S. inflation report, which is expected to be 8.3% YoY.
Traders are once again watching the statements of Chirstine Lagarde as President of the European Central Bank. Yesterday, Lagarde stated that the bank is ready to initiate a more aggressive monetary policy agenda.
Investors are watching for the release of the Ethereum 2.0 update to the market. At the moment traders continue to increase their volume of purchases in the crypto, expecting a good result in the price after the upgrade.
Crude oil prices started to decline after reaching USD$123 per barrel. Putin announced that Russia will not decrease the operation of its oil wells.
| GOLD -0.28% |
| Traders are watching the U.S. inflation report, which is expected to come in at 8.3% y/y. This would confirm that the 2% y/y inflation target remains a long way off. This would confirm that the 2% annual inflation target is still far away. Hedge funds say that the FED has lost control over inflation. There could be an increase in the volume of purchases in gold, as it is considered the traditional safe haven asset against inflation. Gold is currently down 0.28% and is trading at USD$1,847 per Troy ounce. |
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| Support 1: 1,845.64 Support 2: 1,844.27 Support 3: 1,843.34 Resistance 1: 1,847.94 Resistance 2: 1,848.87 Resistance 3: 1,850.24 Pivot Point: 1,843.34 |
| The price is below the 200-day moving average, between support 1 and resistance 1. Expected trading range between USD$1,843 and USD$1,850. Pivot point for trend change at USD$1,843. RSI neutral, so the price could drop some additional points, before investors start buying. |
| EUROSTOXX 50 -0.05% |
| Traders are once again paying close attention to statements from Chirstine Lagarde as President of the European Central Bank. Yesterday, Lagarde stated that the bank is ready to initiate a more aggressive monetary policy agenda with the main objective of reducing inflation levels in the European Union. Further details on the strategy, and confirmation of the first rate hike for the July 2022 meeting, could be delivered today. The Eurostoxx 50 is currently down 0.05% and is trading at 3,678 points. |
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| Support 1: 3,670 Support 2: 3,667 Support 3: 3,663 Resistance 1: 3,677 Resistance 2: 3,681 Resistance 3: 3,684 Pivot Point: 3,674 |
| The price is below the 200-day moving average, below support 1. The expected trading range is between 3,663 and 3,684. Pivot point for trend change at 3,674. RSI in the oversold zone, so there could be a rebound and trend change in the price. |
| ETHEREUM -0.56% |
| Investors are watching for the release of the Ethereum 2.0 update to the market. At the moment traders continue to increase their volume of purchases in the crypto, expecting a good result in the price after the upgrade. For the moment the crypto industry has remained sideways, mainly Bitcoin. Analysts assess a possible rebound of the industry, as the financial world continues to transition to digital trading. Ethereum is currently down 0.56% and is trading at USD$1,790. |
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| Support 1: 1,786.65 Support 2: 1,783.98 Support 3: 1,778.85 Resistance 1: 1,794.45 Resistance 2: 1,799.58 Resistance 3: 1,802.25 Pivot Point: 1,791.78 |
| Price is below the 200-day moving average, between resistance 1 and support 1. Expected trading range between USD$1,778 and USD$1,802. Pivot point for trend change at USD$1,791. RSI neutral, so the price could go down towards support 1 before changing trend. |
| WTI -0.63% |
| Crude oil prices started to decline after reaching USD$123 per barrel. Putin announced that Russia will not reduce the operation of its oil wells. On the other hand, the OECD announced that the European Union’s energy sanctions against Russia are causing negative economic effects. Finally, oil exports from Venezuela are starting to increase. At this moment the WTI is up 0.63% and is trading at USD$120.81 per barrel. |
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| Support 1: 120.98 Support 2: 120.87 Support 3: 120.67 Resistance 1: 121.29 Resistance 2: 121.49 Resistance 3: 121.60 Pivot Point: 121.18 |
| The price is above the 200-day moving average, between support 1 and resistance 2. Expected trading range between USD$120.67 and USD$121.60. Pivot point for trend change at USD$121.18. RSI neutral, so the price could correct towards support 1, before holding that level or looking for a rebound. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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