Daily Review for September 09, 2021
Today the ECB makes the decision on interest rates. The market expects no change. However, tapering in Europe is on traders’ radar.
Bitcoin and cryptos bounce and try to recover from the fall. Retailers and exchanges started buying. Institutions and funds are looking for entry.
Crude oil is looking for USD$70 per barrel, as the IEA confirms the reduction of inventories in the United States.
Gold prices could show a change in trend after four days in red.
Stock indexes are negative globally. Europe opens in negative territory awaiting the ECB.
| DAX 30 -0.51% |
| ECB makes the decision on interest rates today. Traders know that the Bank is unlikely to change them. However, at the press conference, we could see signs of tapering in the Euro Zone. At the moment the DAX 30 is down 0.51% and is trading at 15,496. The withdrawal of economic stimulus will impact equities in the short term. If the ECB decides to reduce the level of fixed income purchases, this could cause turbulence in the markets. |
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| Support 1: 15,509.0 Support 2: 15,497.0 Support 3: 15,473.5 Resistance 1: 15,544.5 Resistance 2: 15,568.0 Resistance 3: 15,580.0 Pivot Point: 15,532.5 |
| The index is at support 1, presenting an important fall. Price is below the 200-day moving average. If the selling volume continues, the price could reach 15,441. Expected trading range between 15,473 and 15,580. Pivot point at 15,532. |
| BITCOIN +2.21% |
| The Bitcoin price is trying to bounce back after the significant decline towards USD$42,979. At the moment the price is up 2.21% and is trading at USD$46,139. Exchanges started buying cryptos at the sharpest level of the fall. From there, prices started to recover. Sales were driven by Investment Funds. Exchanges and retailers started buying today. Institutions and funds could come in again, which could bounce the price back to USD$50,000. |
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| Support 1: 46,139.2 Support 2: 45,969.5 Support 3: 45,873.8 Resistance 1: 46,404.6 Resistance 2: 46,500.3 Resistance 3: 46,670.0 Pivot Point: 46,234.9 |
| Price is below the 200-day moving average. Sideways movement above the pivot point area. A change of trend could occur. Expected trading range between USD$45,873 and USD$46,670. Pivot point at USD$46,234. RSI neutral. |
| CRUDE OIL +0.16% |
| Crude oil prices are near the USD$70 level. Yesterday, a 2.8 million barrel reduction in U.S. inventories was confirmed. Today, the IEA will check the level of inventories. The market expects a total drawdown of 4.6 million barrels. If the above is confirmed, the price could overcome resistance and reach the USD$70 per barrel area. Gasoline demand continues to increase in the United States, mainly due to the climate impact. |
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| Support 1: 69.26 Support 2: 69.14 Support 3: 69.06 Resistance 1: 69.46 Resistance 2: 69.54 Resistance 3: 69.66 Pivot Point: 69.34 |
| The price is above the 200-day moving average. This is an important area, with several ceilings, so the price needs a favorable inventory data to overcome this resistance. If this is achieved, the target is USD$70.56. Pivot point at USD$69.34. RSI neutral. |
| GOLD -0.21% |
| The gold price has fallen for the fourth day in a row. It is currently down 0.21% and is trading at USD$1,787 per Troy ounce. The downward pressure has been caused by the strengthening of the USD and tapering. Today, the metal could show a change in trend, depending on the ECB announcement. Meanwhile, the equity market is in negative territory, mainly futures in Asia and Europe. A bearish opening is expected in Europe. |
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| Support 1: 1,788.29 Support 2: 1,787.27 Support 3: 1,786.29 Resistance 1: 1,790.29 Resistance 2: 1,791.27 Resistance 3: 1,792.29 Pivot Point: 1,789.27 |
| The price is between the pivot point and support 1. Due to the current market decline and the pivot point, gold could show a change of trend. If so, it could reach again the USD$1,800 zone. Trading range between USD$1,786 and USD$1,792. Pivot point at USD$1,789. RSI neutral. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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