Daily Review for September 14, 2021
Traders are aware to US inflation data. Gold prices remain sideways, waiting for market interest to mitigate the inflationary effect.
Cryptos are looking to break the sideways tendency and bounce back. The SEC seeks to negotiate the regulatory framework with the main industry players.
In Europe, the market is watching the UK unemployment rate and Spain’s CPI. Also, the Bundesbank and ECB statements.
Tropical Storm Nicholas causes force majeure in Gulf Coast crude oil production.
Supply is decreasing and thus sets the upward price trend.
| GOLD -0.05% |
| Traders are aware on today’s U.S. inflation data. The market forecast is for a 4.3% annual rate. Depending on this data, we could see a new initiative from the FED. In Europe, we will also have inflation data from Spain and statements from the German Central Bank. At the moment, the price of gold is down 0.05% and is trading at USD$1,793 per Troy ounce. Possible buying volume at this level, to mitigate the inflationary effect on the market. |
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| Support 1: 1,792.45 Support 2: 1,790.65 Support 3: 1,789.55 Resistance 1: 1,795.35 Resistance 2: 1,796.45 Resistance 3: 1,798.25 Pivot Point: 1,793.55 |
| The price is moving sideways. It is currently between resistance 1 and the pivot point. Bulls are looking again for USD$1,800. Expected trading range between USD$1,789 and USD$1,798. Pivot point for trend change at USD$1,793. RSI neutral. |
| BITCOIN +0.99% |
| The crypto market is trying to rebound today. For its part, Bitcoin is up 0.99% and is trading at USD$45,273. The SEC proposed that cryptos be included in the anti laundering law Act, and are proposing to increase capital gains taxes. The regulatory institution is looking to sit at the table with the main crypto delegates to negotiate the regulatory framework. Mastercard and Visa continue to be interested in the use of blockchain technology, and professional traders continue to be long on cryptos. |
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| Support 1: 45,115.4 Support 2: 44,991.4 Support 3: 44,921.8 Resistance 1: 45,308.9 Resistance 2: 45,378.4 Resistance 3: 45,502.4 Pivot Point: 45,184.9 |
| Since September 7, 2021, the price has been moving sideways. At this moment it continues below the 200-day moving average. The volume of buying or selling has not been enough to set a trend. If the Bulls attack, the price could reach USD$50,161. On the contrary, if the Bears win, the price could reach USD$40,730. |
| EUROSTOXX 50 +0.11% |
| The market in Europe is mixed at the moment. Traders are watching today’s macroeconomic data on the UK unemployment rate and Spain’s CPI. They are also aware of Bundesbank President Jens Weidmann’s announcements on the German and European economy and the ECB’s statement on inflation and monetary policy. At the moment the Eurostoxx 50 is up 0.11% and is trading at 4,160. |
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| Support 1: 4,164 Support 2: 4,162 Support 3: 4,157 Resistance 1: 4,170 Resistance 2: 4,174 Resistance 3: 4,176 Pivot Point: 4,168 |
| The price is at the pivot point, where a change of trend could occur. The index is below the 200-day moving average. However, it is trying to mark an advance canal, where it could reach the 4,200 level. Pivot point is at 4,168. |
| CRUDE OIL +0.74% |
| Tropical Storm Nicholas continues to cause force majeure in crude oil production projects located in the Gulf Coast. This has resulted in lower supply in the market, which has caused the price to continue to trend higher. The OPEC report concluded that market demand could exceed pre-pandemic levels by 2022. Crude oil is currently up 0.74% and is trading at USD$70.98 per barrel. |
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| Support 1: 70.94 Support 2: 70.85 Support 3: 70.79 Resistance 1: 71.09 Resistance 2: 71.15 Resistance 3: 71.24 Pivot Point: 71.00 |
| Important rebound from USD$67.80 support. Bullish channel. The price is at resistance 1. If it manages to continue with the trend, it could reach USD$72.38. Trading range between USD$70.79 and USD$71.24. Pivot point at USD$71. RSI leaving the overbought zone. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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