Daily Review for September 15, 2021
U.S. inflation remains far from the Fed’s 2% inflation target. Possible start of tapering.
Gold price overcame the USD$1,800 resistance. Traders buy the metal to mitigate inflation.
Bitcoin continues to rise, driven by Eurex, which included Bitcoin futures trading.
Traders are keeping an eye on the DAX 40, which will start trading on September 20, 2021. In the meantime, they are evaluating France’s inflation data.
Commodities in the energy segment, continue to rise in the aftermath of Tropical Storm Nicholas. Traders begin to evaluate the OPEC+ position to replace U.S. production. Also, strategy is focused on the winter.
| GOLD -0.19% |
| Following the release of the U.S. inflation report, the price of gold reached USD$1,806 per Troy ounce. The report counted in an annual inflation rate of 5.3%, which means that the inflation target of 2% per year is still far away. As a result, traders bought the metal in anticipation of the Fed’s next tapering moves. Gold is currently down 0.19% and is trading at USD$1,803 per Troy ounce. |
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| Support 1: 1,804.15 Support 2: 1,803.45 Support 3: 1,802.85 Resistance 1: 1,805.45 Resistance 2: 1,806.05 Resistance 3: 1,806.75 Pivot Point: 1,804.75 |
| The price is at the same level of the 200-day moving average. At the moment, it is above resistance 1. Expected trading range between USD$1,802 and USD$1,806. Pivot point at USD$1,804. RSI neutral. Possible sideways trend. |
| BITCOIN +3.71% |
| Crypto market continues its upward trend, driven by the Eurex, which is part of Deutsche Boerse, whom started to offer Bitcoin futures trading. This provides strength and dynamism to the market. As for corporate movements, Visa, Fiat, Jeep and McDonalds, are teaming up to accept digital payments through cryptocurrencies. Bitcoin is currently up 3.71% and is trading at USD$46,927. |
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| Support 1: 46,773.3 Support 2: 46,675.4 Support 3: 46,500.6 Resistance 1: 47,046.0 Resistance 2: 47,220.8 Resistance 3: 47,318.7 Pivot Point: 46,948.1 |
| Bitcoin broke the sideways movement and crossed the 200-day moving average. At the moment it is above resistance 1. Expected trading range between USD$46,500 and USD$46,948. Pivot point at USD$46,948. RSI leaving the overbought zone. |
| DAX 30 +0.12% |
| As of September 20, 2021, the DAX 30 will change to the DAX 40. This is intended to provide greater dynamism and diversification in the benchmark index of the German stock exchange. Meanwhile, traders have been paying close attention to the Bundesbank’s statement and the German elections. Likewise, traders continue to evaluate EU inflation and the ECB’s inflation strategy. At the moment, the DAX 30 is up 0.12% and is trading at 15,688. Traders are keeping an eye on the French inflation data and the industrial production index in the EU. |
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| Support 1: 15,708.0 Support 2: 15,698.0 Support 3: 15,687.5 Resistance 1: 15,728.5 Resistance 2: 15,739.0 Resistance 3: 15,749.0 Pivot Point: 15,718.5 |
| The price is slightly below the 200-day moving average. Sideways zone, before trend change. Expected trading range between 15,687 and 15,749. Pivot point at 15,718. RSI neutral, so the sideways movement is confirmed. |
| CRUDE OIL +0.72% |
| As the storm Nicholas increases in the Gulf Coast, commodity prices in the energy segment continue to move higher. Crude oil is currently up 0.72% and is trading at USD$71 per barrel. Brent crude is up 0.76%, Natural Gas is up 0.19%. Traders are paying attention to the level of inventories. They are also aware of OPEC+ strategy in the face of the current weather events. Traders are evaluating positions in commodities in view of the approaching winter. |
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| Support 1: 70.85 Support 2: 70.75 Support 3: 70.66 Resistance 1: 71.04 Resistance 2: 71.13 Resistance 3: 71.23 Pivot Point: 70.94 |
| The price is holding between resistance 1 and the pivot point. It is also above the 200-day moving average. Expected trading range between USD$70.66 and USD$71.23. Pivot point for trend change at USD$70.94. RSI neutral. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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