Daily review for November 25, 2021
South Korea Central Bank raised interest rates from 0.75% to 1%.
Traders are focused on the European market today. Wall Street is closed due to the Thanksgiving holiday.
DAX 40 rises on the back of German GDP results. The market is attentive to the political transition.
Bitcoin bounces and approaches the 200-day moving average line. Bulls continue to look to regain the USD$60,000 area. SEC to discuss the crypto market on December 2.
WTI drops a few points. The US will auction 32 million barrels for delivery between December and April 2022.
Due to the holiday on Wall Street traders included gold and other metals in the portfolios.
| DAX 40 +0.21% |
| Today the minutes of the ECB’s latest monetary policy meeting will be presented. Traders are watching the performance of the European market as Wall Street is closed due to the Thanksgiving holiday. Traders are also keeping an eye on the government transition in Germany. In terms of macroeconomic data, Germany’s annual GDP came in at 2.5%, meeting market expectations. For Q3 2021, GDP came in at 1.7% versus 1.8% expected. Christine Lagarde, as President of the ECB, will present the monetary policy strategy. At the moment the DAX 40 is up 0.21% and is trading at 15,932. |
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| Support 1: 15,948.1 Support 2: 15,938.8 Support 3: 15,931.1 Resistance 1: 15,965.1 Resistance 2: 15,972.8 Resistance 3: 15,982.1 Pivot Point: 15,955.8 |
| The index rebounded from support 1, and is currently at resistance 1. The Bulls are looking to regain 16,000 points. The price is below the 200-day moving average. Pivot point at 15,955. RSI neutral. Possible trend reversal. |
| BITCOIN +1.78% |
| Traders are waiting for more trading volume in the crypto market. On December 2, 2021, the SEC will hold one of the most important meetings of the year, where the crypto debate will be held. On the other hand, the investment bank Morgan Stanley, increased its exposure to Bitcoin, by acquiring USD$300 million in Grayscale shares. Bitcoin is currently up 1.78% and is trading at USD$57,628. |
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| Support 1: 57,133.9 Support 2: 57,004.5 Support 3: 56,898.2 Resistance 1: 57,369.6 Resistance 2: 57,475.9 Resistance 3: 57,605.2 Pivot Point: 57,240.2 |
| The price is approaching the 200-day moving average line. If it manages to overcome it, the trend would be positive for the crypto. Expected trading range between USD$56,898 and USD$57,605. Pivot point for trend change at USD$57,240. Neutral RSI. |
| WTI -0.20% |
| OPEC+ announced that it will not increase production levels in December. In the United States, according to the IEA, crude oil inventories increased by 1 million barrels. The US strategy continues to focus on building more supply to stabilize prices. For this reason, for example, the government launched an auction for 32 million barrels, for delivery between December and April 2022. On the other hand, the United Arab Emirates announced investments for USD$6 billion for Oil & Gas expansion projects. At this moment, the price of WTI corrected 0.20% and is trading at USD$78.17 per barrel. |
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| Support 1: 77.98 Support 2: 77.83 Support 3: 77.57 Resistance 1: 78.39 Resistance 2: 78.65 Resistance 3: 78.80 Pivot Point: 78.24 |
| The price is showing a sideway movement above USD$78.15 per barrel. At the current point a double top is forming, which requires a significant volume of buying to overcome it. Trading range between USD$77.57 and USD$78.80. RSI neutral. |
| GOLD +0.52% |
| Stock index futures on Wall Street and in Europe are in positive territory. In Asia, the market corrects due to the interest rate hike in South Korea. Commodities are mixed. Upward movements in industrial and energy commodities and correction in agricultural commodities. As Wall Street will be closed today, traders have opted to buy metals. Gold is currently up 0.52% and is trading at USD$1,795 per Troy ounce. |
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| Support 1: 1,792.71 Support 2: 1,791.83 Support 3: 1,790.96 Resistance 1: 1,794.46 Resistance 2: 1,795.33 Resistance 3: 1,796.21 Pivot Point: 1,793.58 |
| The metal is below the 200-day moving average. At the moment, the price is at resistance 1. Expected trading range between USD$1,790 and USD$1,796. Pivot point for trend change at USD$1,793. RSI neutral. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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