Daily Review for June 11, 2021
G7 leaders discuss crucial issues, including the post-pandemic economic recovery.
Global market is mixed. In Europe, the Eurostoxx 50 is trying to change the trend and is looking for a bullish path.
Inflation data in the US exceeded market expectations. Equities, mainly on Wall Street, showed bullish movements.
EURUSD in an uptrend. The ECB presses Deutsche Bank to choose a new president of the company.
Gold with upward momentum. Investors begin to hedge against inflation and thus start buying the metal.
| EUROSTOXX 50 +0.07% |
| G7 leaders meet in the United Kingdom, in order to discuss on major global issues. Including the covid-19 pandemic and economic recovery. Meanwhile, the Eurostoxx 50 is up 0.07% and is trading at 4,083. The analysts’ perspective is that the meeting will produce clear points for the recovery of the industry and the markets. This could lead to favorable movements in equities. |
 |
| Support 1: 4,104 Support 2: 4,102 Support 3: 4,101 Resistance 1: 4,107 Resistance 2: 4,108 Resistance 3: 4,110 Pivot Point: 4,105 |
| The price is above the Ichimoku cloud. It is between resistance 1 and the pivot point. RSI neutral. Trading range between 4,101 and 4,110. Pivot point at 4,105. |
| S&P500 -0.01% |
| Yesterday, the US inflation data was presented. In the year-over-year reading, the country showed a figure of 3.8%. The monthly CPI for May 2021 came in at 0.6%. Wall Street indices closed in positive territory, showing that inflation has a positive short-term impact on the markets. The Fed is looking to reach the inflation target of 2% per year. The S&P500 is currently down 0.01% and is trading at 4,237. |
 |
| Support 1: 4,240.04 Support 2: 4,239.20 Support 3: 4,238.78 Resistance 1: 4,241.30 Resistance 2: 4,241.72 Resistance 3: 4,242.56 Pivot Point: 4,240.46 |
| The price reached resistance 1 at 4,237 and returned to the current level of 4,228. Currently the price is between the pivot point and resistance 1. Trading range between 4,238 and 4,242. Pivot point at 4,240. RSI neutral. |
| EURUSD +0.12% |
| The currency is in positive territory and remains in the consolidation period. The ECB comments were favorable for the currency. It is currently up 0.12% and is trading at 1.2184. On the other hand, the ECB is putting pressure on Deutsche Bank to find a successor to current president Paul Achleitner, who is retiring from the bank in the coming months. |
 |
| Support 1: 1.2186 Support 2: 1.2182 Support 3: 1.2179 Resistance 1: 1.2193 Resistance 2: 1.2196 Resistance 3: 1.2200 Pivot Point: 1.2189 |
| The currency maintains the uptrend and is heading towards resistance 2. If the Bulls manage to maintain the trend, the currency could reach 1.2211. Pivot point at 1.2189. Trading range between 1.2179 and 1.2200. RSI neutral. |
| GOLD +0.46% |
| Gold price rebounded from the USD$1,878 area to the actual level of USD$1,901.06 per Troy ounce. Upward movement has been generated by the inflation data in the USA. Investors are buying gold to hedge against inflation. For this reason, we could see bullish movements in the metal during today’s trading session, even reaching USD$1,930 per Troy ounce. |
 |
| Support 1: 1,901.36 Support 2: 1,899.03 Support 3: 1,897.21 Resistance 1: 1,905.51 Resistance 2: 1,907.33 Resistance 3: 1,909.66 Pivot Point: 1,903.18 |
| Price crossed resistance 1 and is on its way to 1,908. Expected trading range between 1,897 and 1,909. Pivot point at 1,903. RSI in overbought zone. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
Risk Disclaimer
Any information/articles/materials/content provided by Capitalix or displayed on its website is intended to be used for educational purposes only and does not constitute investment advice or a consultation on how the client should trade.
Although Capitalix has ensured that the content of such information is accurate, it is not responsible for any omission/error/miscalculation and cannot guarantee the accuracy of any material or any information contained herein.
Therefore, any reliance you place on such material is strictly at your own risk. Please note that the responsibility for using or relying on such material rests with the client and Capitalix accepts no liability for any loss or damage, including without limitation, any loss of profit which may arise directly or indirectly from the use of or reliance on such information.
Risk Warning: Forex/CFDs trading involves significant risk to your invested capital. Please read and make sure that you fully understand our Risk Disclosure Policy.
You should ensure that, depending on your country of residence, you are allowed to trade Capitalix.com products. Please ensure that you are familiar with the company’s risk disclosure.