Daily review for November 08, 2021
As the week begins, traders continue to take buying positions in metals. Fed Chairman Jerome Powell will speak today about tapering and the economic outlook.
Global supply chain issues generate upward momentum in commodity prices. European energy prices continue to rise. Bulls start to look for a WTI target at USD$85 per barrel.
Crypto market continues the rally, driven by Bitcoin and Ethereum’s quest for record highs.
Elon Musk speculates on selling 10% of Tesla shares. At the moment the Nasdaq 100 reacts negatively as does Tesla stock.
| GOLD +0.11% |
| Bullish positions in the metal continues to increase as the market assimilates tapering. At the moment, the price of gold is up 0.11% and is trading at USD$1,819 per Troy ounce. Non-farm payrolls surprised the market, coming in at 531,000 vs. 450,000 expected. The U.S. unemployment rate also came in better than expected at 4.6% vs. 4.7%. Today, traders are looking forward to Jerome Powell’s statement as Fed Chairman. Its expected to deliver more details on tapering, and on the economic outlook. |
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| Support 1: 1,821.00 Support 2: 1,819.30 Support 3: 1,818.45 Resistance 1: 1,823.55 Resistance 2: 1,824.40 Resistance 3: 1,826.10 Pivot Point: 1,821.85 |
| Price is slightly above resistance 1. Good rally from the USD$1,762 support. Bulls are looking to consolidate the current zone. Next target is at USD$1,833. Pivot point at USD$1,821. RSI in overbought zone. |
| WTI +1.24% |
| WTI begins to look for the USD$83.45 zone, as the demand for commodities in the energy segment continues to increase. WTI is currently up 1.24% and is trading at USD$82.24 per barrel. Several factors are driving the upward momentum. One of them is the problems with the global supply chain; another is the increase in energy prices in Europe; the confirmation of the La Niña phenomenon for the end of the year; and the increase in international flights, due to the opening of air borders. |
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| Support 1: 79.47 Support 2: 78.63 Support 3: 77.22 Resistance 1: 82.30 Resistance 2: 83.45 Resistance 3: 85.13 Pivot Point: 80.62 |
| The Bulls are looking to overcome to resistance 2, in order to push the price towards resistance 3. If the above is met, the market could try to discount or consolidate the USD$85 per barrel area. Expected trading range between USD$77.22 and USD$85.13. Pivot point at USD$80.62. RSI approaching overbought zone. |
| BITCOIN +6.71% |
| Bitcoin price continues the rally, this time with a 6.71% rise. The crypto is currently trading at USD$65,989. Bulls are looking for the next target at USD$70,000. On the other hand, Elon Musk, has generated interest from his followers, by asking them, whether or not he should sell 10% of Tesla shares. This has generated a wave of opinions on the company’s stock trend. In the meantime, crytos continue to trend upwards. |
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| Support 1: 65,190.7 Support 2: 64,899.4 Support 3: 64,691.2 Resistance 1: 65,690.1 Resistance 2: 65,898.4 Resistance 3: 66,189.6 Pivot Point: 65,398.9 |
| The price is above resistance 3. The next target is at USD$66.800. If the Bulls manage to reach this zone, the next level would be an all-time high. Expected trading range between USD$64,691 and USD$66,189. Pivot point at USD$65,398. RSI in overbought zone. |
| NASDAQ 100 -0.35% |
| Traders are starting to react to Elon Musk’s comments about selling 10% of Tesla shares. At the moment, the Nasdaq 100 is down 0.35% and is trading at 16,302 points. In the pre market, Tesla shares are down 0.44% and are trading at USD$1,216. Globally, index futures are mixed at the moment, with major declines in Asia, the United States and Europe. |
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| Support 1: 16,289.2 Support 2: 16,277.0 Support 3: 16,259.9 Resistance 1: 16,318.5 Resistance 2: 16,335.6 Resistance 3: 16,347.8 Pivot Point: 16,306.3 |
| The index continues above the 200-day moving average. It is currently between support 1 and the pivot point. Expected trading range between 16,259 and 16,347. Pivot point for trend change at 16,306. RSI neutral. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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