Daily Review for March 4, 2022
Due to the decrease in exports from Russia and Ukraine in the international market Wheat and corn prices continue to rise.
Traders continue to buy gold. Today they are watching the U.S. nonfarm payrolls, where at least 400,000 new jobs are expected to be created.
Cryptos correct due to U.S. sanctions on Russia. Bitcoin trades at USD$41,615.
Energy commodities continue to rise. WTI is up 1.18%. Brent is up 0.86%. Natural Gas futures trade at USD$4.19 per BTU.
| WHEAT +6.61% |
| Wheat price continues to increase. It is currently up 6.61% and is trading at USD$1,209 per bushel. Exports from Ukraine and Russia have been impacted by the war. As a result, natural markets such as Egypt are experiencing significant supply cuts. As for corn, the price is also showing a significant rebound, rising 1.47% at this moment and trading at USD$758.38 per bushel. The price of wheat is at the highest level in the last 14 years. |
 |
| Support 1: 1,198.34 Support 2: 1,107.67 Support 3: 1,096.34 Resistance 1: 1,300.34 Resistance 2: 1,311.67 Resistance 3: 1,402.34 Pivot Point: 1,209.67 |
| The price is above resistance 1. The next Bulls target is USD$1,402.34. Expected trading range between USD$1,096 and USD$1,402. Pivot point for trend change at USD$1,209.67. Possible profit taking by traders. In the physical market, the pressure on exports continues, as current producers will try to replace the production of Russia and Ukraine. |
| GOLD +0.33% |
| As volatility in the market increases, the price of gold begins to show upward movement. It is currently up 0.33% and is trading at USD$1,942 per Troy ounce. Traders are paying attention to the US Non-Farm Payrolls (NFP), where at least 400,000 new jobs are expected to be created. Analysts are also expecting a U.S. unemployment rate of 3.9%. If the data is favorable, the stock market indexes could rebound. Otherwise, the correction could continue. |
 |
| Support 1: 1,937.09 Support 2: 1,935.47 Support 3: 1,933.14 Resistance 1: 1,941.04 Resistance 2: 1,943.37 Resistance 3: 1,944.99 Pivot Point: 1,939.42 |
| The price remains above the 200-day moving average and is trying to generate the bullish channel towards USD$1,962. If the buying volume continues, the price could reach USD$1,975 per Troy ounce. Expected trading range between USD$1,933 and USD$1,944. Pivot point at USD$1,939. RSI neutral. |
| BITCOIN -4.02% |
| After the sanctions imposed on Russia by the USA on the use of Cryptos, the price of Bitcoin, Ethereum and major cryptocurrencies began to correct. At the moment the Bitcoin is falling 4.02% and is trading at USD$41,760. Meanwhile, analysts evaluate the performance of cryptos in times of war. For the time being, the city of Lugano will accept Bitcoin as legal currency. In terms of trading volume, Bitcoin continues to be a digital collateral in times of wartime and monetary policy uncertainty. |
 |
| Support 1: 41,047.6 Support 2: 40,506.3 Support 3: 40,132.6 Resistance 1: 41,962.6 Resistance 2: 42,336.3 Resistance 3: 42,877.6 Pivot Point: 41,421.3 |
| The price remains above the 200-day moving average. It is currently at support 1. Expected trading range between USD$40,132 and USD$42,877. Pivot point for trend change at USD$41,877. RSI in oversold zone. Possible rebound towards the pivot point. |
| WTI +1.31% |
| Russia’s oil and oil derivatives exports are coming under pressure as global refineries do not want to do business with the country. Russia normally exports 4.7 million barrels of crude oil and 2.8 million barrels of derivatives per day. However, according to market data, 1.5 million barrels of crude oil and 1 million barrels of derivatives per day have not been sold on the international market. At the moment, the price of energy commodities continues to rise. WTI is currently up 1.31% and is trading at USD$108.97 per barrel. |
 |
| Support 1: 107.30 Support 2: 106.50 Support 3: 105.72 Resistance 1: 108.88 Resistance 2: 109.66 Resistance 3: 110.46 Pivot Point: 108.08 |
| The price is still above the 200-day moving average. It is currently between the pivot point and support 1. Expected trading range between USD$105.72 and USD$110.46. Pivot point at USD$108.08. RSI neutral. Possible profit taking before returning to the level above USD$110 per barrel. |
| 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.