Daily Review for June 23, 2021
Jerome Powell managed to calm the market. According to his words, inflation in the US is transitory. The FED does not expect to raise interest rates in the short term.
Traders are aware of the PMI data in Europe. At the moment, the indices are bullish. If the data surprises, we could see the confirmation of the uptrend.
Commodities are marking a bullish day. However, the big market players, such as Glencore, are not seeing a commodity super cycle at the moment.
Gold continues to float near the $1,800 resistance. In order to break above this resistance, the metal is dependent on the performance of bond yields, inflation, interest rates and the USD.
Bulls manage to defend the Bitcoin price. They managed to bounce it from USD$28,000 to USD$34,000. If the floor is marked, possible rise of the crypto market.
| DAX 30 +0.19% |
| Global stock markets are starting off in positive territory, mainly due to the Fed’s statements on inflation. The central bank stated that the current inflationary level is transitory, thus calming the market. In Europe, traders are aware of the PMI data in France, Germany and the consolidated figure in the Euro Zone. At the moment, the DAX 30 is up 0.19% and is trading at 15,640. The market is also awaiting a statement from ECB President Christine Lagarde. |
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| Support 1: 15,626.1 Support 2: 15,614.8 Support 3: 15,609.1 Resistance 1: 15,643.1 Resistance 2: 15,648.8 Resistance 3: 15,660.1 Pivot Point: 15,631.8 |
| The DAX 30 price rebounded from the 15,251 area and is currently above resistance 1 at 15,639. The index has crossed the Ichimoku cloud. Expected trading range between 15,609 and 15,660. Pivot point at 15,631. RSI neutral. |
| CRUDE OIL +0.66% |
| Crude oil and commodities in general are showing an upward trend, as a consequence of the increase in physical market demand. As vaccines are progressing and the economy is opening up, industry has begun to demand agricultural, industrial and energy commodities in greater volumes. For example, in Europe, the volume of natural gas consumption is increasing and is expected to continue to increase with the onset of summer. Crude oil is currently up 0.66% and is trading at USD$73.31 per barrel; Brent at USD$75.39 per barrel. |
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| Support 1: 73,19 Support 2: 73,08 Support 3: 73,02 Resistance 1: 73,36 Resistance 2: 73,42 Resistance 3: 73,53 Pivot Point: 73,25 |
| The price is above resistance 1 at USD$73.31, just overhead the Ichimoku cloud. If the Bulls manage to overcome this level, the next target is USD$74.27. Trading range between 73.02 and 73.53. Pivot point at 73.25. RSI neutral, near the overbought zone. |
| GOLD +0.24% |
| Gold price remains at the level of USD$1,780 per Troy ounce. The price could break the USD$1,800 resistance depending on the PMI data in Europe. Meanwhile, the market is aware of the increase of cases of the Delta variant in Asia, as the contagions have always started first in the Asian continent and then spread globally. On the other hand, the most important variables for gold at the moment are interest rates, inflation, bond yields and the performance of the USD. |
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| Support 1: 1,780.35 Support 2: 1,778.15 Support 3: 1,776.85 Resistance 1: 1,783.85 Resistance 2: 1,785.15 Resistance 3: 1,787.35 Pivot Point: 1,781.65 |
| Sideways movement towards the 1,780 area. Low trading volume at the moment. Expected range between 1,776 and 1,787. Pivot point at 1,781. RSI neutral. |
| BITCOIN +3.57% |
| Bulls have managed to defend the Bitcoin price from yesterday’s massive sell-off in the wake of China’s restrictions on cryptocurrency mining. At the moment Bitcoin price is up 3.57% and is trading at USD$33,892. Yesterday the price dropped as low as USD$28,000, wiping out the gains of all 2021. However, on this floor, the Bulls managed to gain momentum, and raised the price to USD$34,000. |
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| Support 1: 33,719.6 Support 2: 33,541.0 Support 3: 33,234.3 Resistance 1: 34,204.9 Resistance 2: 34,511.6 Resistance 3: 34,690.3 Pivot Point: 34,026.3 |
| Price is above the Ichimoku cloud, which is a bullish sign. Expected trading range between 33,234 and 34,690. Pivot point at 34,026. RSI neutral. The Bulls are trying to take the price above the 200-day moving average at USD$36,132. To do so, they would have to advance first above resistance 2 at USD$35,328. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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