Daily review for November 23, 2021
Traders are aware of macroeconomic data in Europe.
Germany and Austria put pressure on the population for vaccines. The number of Covid-19 infections rises.
Global stock indices are in negative territory. Inflation and the increase in coronavirus cases could affect the Christmas Rally.
The market is watching the Nasdaq 100. The index and its components have performed well during pandemic peaks.
Weather forecasts project a strong winter in the Northern Hemisphere. Natural Gas demand continues to increase. LNG exports from the United States are increasing.
| GOLD +0.05% |
| U.S. President Joe Biden retained Jerome Powell as the Fed’s Central Banker. Markets closed mixed. At the moment, stock futures are in negative territory, mainly due to the increase of coronavirus cases in Europe. Gold is up 0.05% and is trading at USD$1,809 per Troy ounce. At the time of Biden’s announcement, the price of gold fell from USD$1,849 to the actual level. Commodities are mixed, with upward movements in Natural Gas +2.90% and downward movements in WTI -1.17%. |
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| Support 1: 1,802.04 Support 2: 1,800.27 Support 3: 1,797.14 Resistance 1: 1,806.94 Resistance 2: 1,810.07 Resistance 3: 1,811.84 Pivot Point: 1,805.17 |
| Gold is below the 200-day moving average. It is currently at support 1. Expected trading range is between USD$1,797 and USD$1,811. Bulls are looking for a bounce from the current level. The Ichimoku cloud projects the metal towards USD$1,834. |
| DAX 40 -0.47% |
| The European market is in negative territory due to the fear of the population for new border closures derived from the significant increase of coronavirus cases in the continent. The DAX 40 is currently down 0.47% and is trading at 15,990. Traders are watching for government announcements and statements from ECB Vice President Luis de Guindos. If the market continues to correct by the end of the year, it could affect the Christmas rally. At the moment, investors are taking hedge positions in fixed income. |
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| Support 1: 16,040.0 Support 2: 16,029.0 Support 3: 16,020.0 Resistance 1: 16,060.0 Resistance 2: 16,069.0 Resistance 3: 16,080.0 Pivot Point: 16,049.0 |
| The index is below the 200-day moving average. The price is at support 2. The downtrend continues. Bulls have lost 16,000 points. Main fear is that the price will drop from support 3. Pivot point for trend change at 16,049. RSI in oversold zone. |
| NASDAQ 100 -0.35% |
| Covid-19 cases bounce back in Europe, and traders begin to consider strategies for possible new confinements. Investors know that the Nasdaq 100 and its constituent companies have done well during the pandemic. Traders are also keeping an eye on the behavior of household consumption, which, despite inflation, could increase during this time of year. The Nasdaq 100 is currently down 0.35% and is trading at 16,320. |
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| Support 1: 16,326.8 Support 2: 16,309.1 Support 3: 16,295.9 Resistance 1: 16,357.7 Resistance 2: 16,370.9 Resistance 3: 16,388.6 Pivot Point: 16,340.0 |
| The price is at the same level of the 200-day moving average. Significant decline has occurred from the 16,780 zone. Bulls are looking to maintain the current support levels, in order to recover points. Pivot point at 16,340. RSI in oversold zone. |
| NATURAL GAS +3.80% |
| Natural Gas is currently up 3.80% and is trading at USD$4.98 per BTU. The price rebound is due to the strong winter that could occur during December and the first months of 2022. Global producers of the commodity are at maximum production capacity. However, current supply has not been able to outstrip demand, so the price continues to rise. If the winter in the Northern Hemisphere is stronger than expected, natural gas will continue its upward trend. For the time being, LNG exports from the United States are on the rise. |
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| Support 1: 4.842 Support 2: 4.811 Support 3: 4.788 Resistance 1: 4.896 Resistance 2: 4.919 Resistance 3: 4.950 Pivot Point: 4.865 |
| The price is approaching the 200-day moving average. It is currently at resistance 1. Expected trading range between USD$4.78 and USD$4.95. Pivot point for trend change at USD$4.86. RSI neutral. Bulls are looking for USD$5.33 per BTU. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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