Daily Review for March 15, 2022
Investors are looking ahead to the Fed meeting and the possible first interest rate hike of the year. Gold corrects; however, traders are watching for a change in trend, derived from the fall of the Chinese stock market.
Oil corrects and the market is watching the OPEC report. At the moment, global production is on the rise, with the U.S. focusing on releasing part of its strategic reserves in order to balance prices.
Bitcoin starts the day with a sideways movement. For the moment, no high trading volumes are presented. Elon Musk tweeted that he does not plan to close his position in the crypto.
In Europe, traders are paying attention to the indices. At the moment, the market is correcting due to the contagion of the Chinese stock markets. Traders are paying attention to the ECB and the ZEW investor confidence indicator.
| GOLD -1.27% |
| Traders are looking ahead to the Fed’s two-day meeting. Analysts are pointing to the first interest rate hike of the year. They are also waiting for Christine Lagarde’s statement as president of the European Central Bank. For the time being, the market is going to witness the volatility of the war in Ukraine and the interest rate hike in the US and possibly in Europe. Meanwhile, investors are taking profits in gold, which is currently correcting 1.27% and is trading at USD$1,932 per Troy ounce. |
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| Support 1: 1,928.15 Support 2: 1,925.20 Support 3: 1,920.20 Resistance 1: 1,936.10 Resistance 2: 1,941.10 Resistance 3: 1,944.05 Pivot Point: 1,933.15 |
| The price crossed the 200-day moving average line, reaching the level of support 2. Expected trading range between USD$1,920 and USD$1,944. Pivot point for trend change at USD$1,933. RSI in oversold zone. Possible bounce point, depending on the support and volatility level of equities. |
| WTI -5.73% |
| Analysts are looking forward to OPEC’s monthly report, which will include a review of the current market balance. This will evaluate the level of supply vs. demand, and based on this, the price outlook scenarios. At the moment, the market is punishing WTI, which is down 5.73% and is trading at USD$97.08 per barrel. The market outlook points to a significant increase in U.S. production, as the country replaces European energy imports from Russia. |
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| Support 1: 96.65 Support 2: 96.04 Support 3: 95.25 Resistance 1: 98.05 Resistance 2: 98.84 Resistance 3: 99.45 Pivot Point: 97.44 |
| The price is below the 200-day moving average. The commodity is currently at support 2. The price broke the USD$100 resistance and is now at the level of USD$96.86 per barrel. Expected trading range between USD$95.25 and USD$99.45. Pivot point for trend change at USD$97.44. |
| BITCOIN -1.64% |
| The European Parliament did not approve the restrictive use of Bitcoin, so the price rose to USD$39,806. After the rise, traders took profit, so the price is currently correcting 1.64% and is trading at USD$38,347. The crypto market also reacted to Elon Musk’s tweet, where the entrepreneur stated that he does not intend to sell his Bitcoin positions. |
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| Support 1: 38,180.6 Support 2: 37,901.8 Support 3: 37,591.6 Resistance 1: 38,769.6 Resistance 2: 39,079.8 Resistance 3: 39,358.6 Pivot Point: 38,490.8 |
| The price is still below the 200-day moving average, which is a bearish signal for Bitcoin. Expected trading range between USD$37,591 and USD$39,358. The price is at the pivot point at USD$38,490, which could generate a change of trend. RSI neutral. |
| EUROSTOXX 50 -2.53% |
| European stock exchanges start the day with losses caused by the contagion of the Chinese market. China’s stock market indexes show falls of 6.54% for the Hang Seng and 6.08% for the China A50. The Eurostoxx 50 is currently down 2.53% and is trading at 3,566 points. Traders are focused on the FED, the ECB, the war in Ukraine, the ZEW index of investor confidence in Germany and the Euro Zone. |
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| Support 1: 3,590 Support 2: 3,569 Support 3: 3,550 Resistance 1: 3,630 Resistance 2: 3,649 Resistance 3: 3,670 Pivot Point: 3,609 |
| The index is below the 200-day moving average, right at support 2. The Ichimoku cloud projects a trading range between 3,550 and 3,670. Pivot point at 3,609 for trend change. RSI neutral. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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