Daily review for November 02, 2021
The Central Bank of Australia kept the interest rate stable at 0.10%.
FED meetings begin and the focus is on inflation and tapering.
Discussions on climate change continue. Energy commodities recover additional points, driven by increased demand.
Pfizer reports results. Traders are aware of the performance of the S&P500.
Metals seek to consolidate their position as the traditional safe-haven asset in the face of inflation and equity volatility.
| WTI +0.14% |
| World leaders’ summit with the focus on climate change continues. Meanwhile, the price of WTI is up 0.14% and is trading at USD$84.19 per barrel. The projections for the price of commodities in the energy segment are bullish. Bank of America projects the price of WTI at USD$120 per barrel by June 2022. In the short term, analysts project additional price increases, driven by inflation, where commodities are considered safe-haven assets, and by the increase in energy demand. |
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| Support 1: 83.89 Support 2: 83.64 Support 3: 83.50 Resistance 1: 84.28 Resistance 2: 84.42 Resistance 3: 84.67 Pivot Point: 84.03 |
| The price is above the 200-day moving average. It is currently at resistance 1, where there is a double top. If the Bulls manage to overcome this zone, the next target level could be USD$85.42. At the moment the Ichimoku cloud projects a trading range between USD$83.75 and USD$83.20. RSI neutral. |
| S&P500 -0.10% |
| Stock indexes are showing mixed movements globally. On the other hand, Wall Street indices are correcting some points, while traders continue to evaluate inflation and tapering scenarios. The FED meeting starts today. Traders are also watching Pfizer’s financial results. Investors expect EPS of 1.08 and sales of USD$22.56 billion. The company’s current market capitalization is USD$244.68 billion. The company is part of the S&P500, which is currently down 0.10% and is trading at 4,610. |
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| Support 1: 4,604.3 Support 2: 4,600.0 Support 3: 4,596.8 Resistance 1: 4,611.8 Resistance 2: 4,615.0 Resistance 3: 4,619.3 Pivot Point: 4,607.5 |
| The index continues to mark the bullish channel. The price is still above the 200-day moving average. At this moment, it is at the pivot point, where a change of trend could occur. Expected trading range between 4,596 and 4,619. Pivot point at 4,607. RSI neutral. |
| NATURAL GAS +0.35% |
| Commodity prices in the energy segment are starting to recover additional points, as discussions on climate change and inflation advance. At this moment the price of Natural Gas is rising 0.35% and is trading at USD$5.21 per BTU. Russia is seeking to consolidate its position as the main exporter of Natural Gas to Europe. Weather forecasts for the last months of the year show a La Niña phenomenon, which may generate a colder winter than expected. |
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| Support 1: 5.224 Support 2: 5.205 Support 3: 5.172 Resistance 1: 5.276 Resistance 2: 5.309 Resistance 3: 5.328 Pivot Point: 5.257 |
| Price is at the pivot point. Possible confirmation of trend change. If the Bulls gain volume, the price could climb towards the 200-day moving average at USD$5.65. Trading range between USD$5.17 and USD$5.32. Pivot point at USD$5.25. RSI neutral. |
| SILVER +0.02% |
| Today is the start of the Fed meeting, and traders are watching closely what the institution announces about Tapering. At the last central bankers’ meeting in Jackson Hole, Fed Chairman Jerome Powell announced that the Fed could begin to ease economic stimulus as early as November 2021. As the month begins, the Fed could begin to reduce fixed income purchases and inject less money into the economy. The next phase could be to raise interest rates. In the meantime, traders are holding safe-haven assets such as gold and silver in their portfolios. Silver is currently up 0.02% and is trading at USD$24.11 per Troy ounce. |
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| Support 1: 24.004 Support 2: 23.976 Support 3: 23.929 Resistance 1: 24.079 Resistance 2: 24.126 Resistance 3: 24.154 Pivot Point: 24.051 |
| The price is slightly below the 200-day moving average. It is currently at resistance 1. Expected trading range between USD$23.92 and USD$24.15. Pivot point at USD$24.05. RSI neutral. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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