Daily Review for June 30, 2022
Gold prices rose to USD$1,833 per Troy ounce following comments from central bankers from the US, Europe, the UK and the General Manager of the Bank for International Settlements on monetary policy.
Investors remain concerned about the economic outlook, so the sell-off in European equities continues.
Traders are looking forward to the OPEC+ meeting, where they will be able to evaluate the strategy to continue increasing the production level on a monthly basis or if cuts are evidenced in order to seek a higher price rebound.
The crypto investment fund, Cypherpunk, sold all its Bitcoins and Ethereums. The company had 205 Ethers and 214 Bitcoins in its portfolio.
| GOLD -0.04% |
| The price of gold rose to USD$1,833 per Troy ounce following comments from central bankers from the US, Europe, the UK and the General Manager of the Bank for International Settlements on monetary policy. According to the bankers, it is possible that the strategies taken, will allow to avoid entering an economic recession. Following this comment, the price of gold fell back to USD$1,814 per Troy ounce. At the moment, the price remains above USD$1,818 per Troy ounce. |
 |
| Support 1: 1,817.35 Support 2: 1,814.70 Support 3: 1,813.15 Resistance 1: 1,821.55 Resistance 2: 1,823.10 Resistance 3: 1,825.75 Pivot Point: 1,818.90 |
| Despite the fall, the price is below the 200-day moving average, between resistance 1 and support 2. Expected trading range between USD$1,813 and USD$1,825. RSI neutral, so the price could take a sideways trend or correct above the support 2 area. |
| DAX 40 -1.85% |
| Investors remain concerned about the economic outlook, which has led to a continued sell-off in European equities. The world’s top bankers met in Portugal, where they have expressed that it is possible to reach the 2% annual inflation target. Traders are looking forward to inflation data from Spain and Germany, and on Friday to the consolidated Euro Zone data. Analysts expect 8.4% YoY. Another event of interest is the Nato meeting in Spain. Everything points to the incorporation of Finland and Sweden. |
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| Support 1: 12,978.4 Support 2: 12,958.2 Support 3: 12,939.9 Resistance 1: 13,016.9 Resistance 2: 13,035.2 Resistance 3: 13,055.4 Pivot Point: 12,996.7 |
| Price is below the 200-day moving average, between support 1 and resistance 1. Expected trading range between 12,939 and 13,055. Pivot point for trend change at 12,996. RSI near the oversold zone, level at which traders could begin to take buying positions on the index, expecting a good market response to the economic and political events in Europe. |
| WTI -0.76% |
| Traders are looking forward to the OPEC+ meeting, where they will be able to evaluate the strategy of continuing to increase the production level on a monthly basis or if cuts are evidenced in order to seek a higher price rebound. Analysts estimate that the organization will increase the production quota as of August 2022. On the other hand, the G7 is creating a strategy to establish a maximum ceiling on crude oil prices. Finally, in its report, the IAP indicated a decrease in US inventories by 3.8 million barrels. |
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| Support 1: 111.48 Support 2: 110.88 Support 3: 110.18 Resistance 1: 112.78 Resistance 2: 113.48 Resistance 3: 114.08 Pivot Point: 112.18 |
| The price is above the 200-day moving average, between resistance 1 and support 1. Expected trading range between USD$110.18 and USD$114.08. Pivot point for trend change at USD$112.18. RSI neutral, so the price may continue correcting towards the support 2 zone. |
| BITCOIN -1.27% |
| The crypto investment fund, Cypherpunk, sold all of its Bitcoins and Ethereums. The company had 205 Ethers and 214 Bitcoins in its portfolio. After the sale, the company received approximately USD$5 million. The company’s shares have fallen more than 50% this year on the Canadian stock exchange. On the other hand, Microstrategy’s CEO, Michael Saylor announced that the company bought more Bitcoin, exactly 480 Bitcoins for USD$10 million. The company has a total of 129,699 Bitcoins at an average price of USD$30,664 per Bitcoin. |
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| Support 1: 19,970.4 Support 2: 19,877.7 Support 3: 19,831.4 Resistance 1: 20,109.4 Resistance 2: 20,155.7 Resistance 3: 20,248.4 Pivot Point: 20,016.7 |
| Price is below the 200-day moving average, between resistance 1 and support 1. Expected trading range between USD$19,831 and USD$20,248. Pivot point for trend change at USD$20,016. RSI neutral, so the price could continue the slight price recovery towards the USD$21,000 zone. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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