Daily review for November 24, 2021
United States plans to release 50 million barrels of its strategic crude reserves. China, Japan, South Korea and the United Kingdom join the initiative.
Gold falls below the USD$1,800 level. Bulls look for a rebound, boosted by the Fed’s monetary policy minutes.
Bitcoin continues above USD$56,000. The price is approaching an important floor. Bulls maintain target at USD$60,000.
Stock indices remain mixed globally. Traders evaluate positions ahead of the Thanksgiving holiday.
| WTI +0.29% |
| United States is about to release 50 million barrels of crude oil reserves. China, Japan, the United Kingdom and South Korea show their support. The main objective is to reduce prices. At the moment WTI is up 0.29% and is trading at USD$78.66 per barrel. OPEC+ on the other hand wanted to keep the supply of crude oil under control, so that prices would continue to rise. The northern hemisphere winter would increase the level of demand for energy commodities. The United States seeks to balance market supply and demand. |
 |
| Support 1: 78.75 Support 2: 78.61 Support 3: 78.50 Resistance 1: 79.00 Resistance 2: 79.11 Resistance 3: 79.25 Pivot Point: 78.86 |
| The price is at resistance 1, just above the 200-day moving average. Double top formation in the current area, so the price could start to correct. Expected trading range between USD$78.61 and USD$79.25. Pivot point at USD$78.86. RSI in overbought zone. |
| GOLD +0.51% |
| After reaching support 1, gold price is trying to bounce back. The Bulls have lost the USD$1,800 area. Gold is currently up 0.51% and is trading at USD$1,792 per Troy ounce. Traders are aware of the FED minutes on the latest monetary policy meeting. Due to the continuity of Jerome Powell as Fed Chairman, the market is expecting 3 possible interest rate hikes during 2022. Silver is up 0.71% and is trading at USD$23.60 per Troy ounce. |
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| Support 1: 1,791.64 Support 2: 1,790.12 Support 3: 1,788.04 Resistance 1: 1,795.24 Resistance 2: 1,797.32 Resistance 3: 1,798.84 Pivot Point: 1,793.72 |
| The price is below the 200-day moving average. Gold has started to bounce from support 1 and is at the pivot point where it could generate a change of trend. RSI neutral, so gold could continue to rally. |
| BITCOIN +0.16% |
| The crypto market managed to bounce from new supports. Bitcoin is currently up 0.16% and is trading at USD$56,521. Crypto traders in Turkey have bought a significant volume of Bitcoin due to the fall of the Turkish Lira. According to analysts, Bitcoin and Ethereum are hedging instruments against inflation and currency appreciation. On the other hand, Bulls are looking to keep the crypto above the current level, where it is close to an important floor at USD$55,832. |
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| Support 1: 56,324.5 Support 2: 56,042.8 Support 3: 55,844.7 Resistance 1: 56,804.3 Resistance 2: 57,002.4 Resistance 3: 57,284.1 Pivot Point: 56,522.6 |
| Despite the rebound, the crypto continues below the 200-day moving average. Formation of an important floor at USD$55,832. The price is between the pivot point and support 1. In the worst-case scenario, the price could break the floor and look for USD$53,231. On the other hand, If the rebound continues, the price could look for USD$60,216. |
| DOW JONES -0.14% |
| Stock indices are mixed globally. 44% of retail traders are long in Dow Jones. Thanksgiving is on November 25, 2021, so the New York Stock Exchange will be closed. Traders continue to evaluate the allocation between metals and indices. The main fear is that the Christmas rally will be overshadowed by inflation and the Covid-19 cases. However, analysts continue to evaluate strategies. Appetite for fixed income and metals is increasing. |
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| Support 1: 35,738.7 Support 2: 35,714.6 Support 3: 35,672.3 Resistance 1: 35,805.1 Resistance 2: 35,847.4 Resistance 3: 35,871.5 Pivot Point: 35,781.0 |
| The index is close to the 200-day moving average. Expected trading range between 35,672 and 35,871. Pivot point at 35,781. RSI neutral. Possible high trading volume during the Wall Street opening due to the holiday. Neutral trend. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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