Daily Review for June 07, 2022
The Reserve Bank of Australia raised interest rates again by 50 basis points to 0.85%, maintaining an aggressive monetary policy.
Ocean freight rates for tankers are on the rise. Russian oil sales on the international market continue to decline.
New York has banned the mining of Bitcoins in order to reduce the carbon footprint. Due to the above and traders’ profit taking, the price did not manage to overcome the resistance of USD$32,000 and consequently the price has dropped 5.65%.
World stock markets are in a negative trend due to the increase in interest rates by the Reserve Bank of Australia, which confirms an aggressive monetary policy by Central Banks globally.
| GOLD -0.06% |
| The Reserve Bank of Australia raised interest rates again by 50 basis points to 0.85%, maintaining an aggressive monetary policy. Traders are starting to evaluate entry points in gold and silver, anticipating a day of corrections in the stock market derived from the Bank’s decision. Gold is currently down 0.06% and is trading at USD$1,842 per Troy ounce. Silver is correcting 0.85% and is trading at USD$21.90 per Troy ounce. |
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| Support 1: 1,839.56 Support 2: 1,838.13 Support 3: 1,835.41 Resistance 1: 1,843.71 Resistance 2: 1,846.43 Resistance 3: 1,847.86 Pivot Point: 1,842.28 |
| The price is below the 200-day moving average, between resistance 1 and support 1. Expected trading range between USD$1,835 and USD$1,847. RSI neutral, so the price could drop a few more points before changing trend. The Ichimoku Cloud projects the price towards USD$1,855 per Troy ounce. |
| WTI +0.73% |
| Ocean freight rates for tankers are on the rise. Russian oil sales on the international market continue to decline. Gasoline prices continue to rise in the U.S., surpassing the USD$4.80 per gallon level. The war in Ukraine continues; Russia starts a new attack on Kiev. On the other hand, Saudi Arabia raised its oil prices again. WTI is currently up 0.73% and is trading at USD$119.31 per barrel. |
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| Support 1: 118.65 Support 2: 118.46 Support 3: 118.09 Resistance 1: 119.21 Resistance 2: 119.58 Resistance 3: 119.77 Pivot Point: 119.02 |
| The price is above the 200-day moving average, between support 1 and resistance 1. Trading range expected between USD$118.09 and USD$119.77. RSI neutral, so the price could continue to climb positions. Bulls are looking to break above USD$120 per barrel. Pivot point for trend change at USD$119.02 per barrel. |
| BITCOIN -5.65% |
| New York has banned the mining of Bitcoins in order to reduce the carbon footprint. Due to the above and the profit taking of traders, the price did not manage to overcome the resistance of USD$32,000 and consequently the price has fallen 5.65% reaching USD$29,439. On the other hand, in the USA, a bill seeks to add the Bitcoin to the traditional financial system. The bill also seeks to make the Commodities Futures Trading Commission (CFTC) the regulator of cryptos in the market. |
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| Support 1: 29,396.0 Support 2: 29,295.0 Support 3: 29,179.0 Resistance 1: 29,613.0 Resistance 2: 29,729.0 Resistance 3: 29.830,0 Pivot Point: 29,512.0 |
| Price is below the 200-day moving average, between resistance 1 and support 1. Expected trading range between USD$29,179 and USD$29,830. Pivot point for trend change at USD$29,512. RSI in oversold zone, so the price could start an attractive support level for traders to start buying. |
| NASDAQ 100 -0.66% |
| World stock markets are in a negative trend due to the Reserve Bank of Australia’s interest rate hike, which confirms an aggressive monetary policy by Central Banks globally. Interest rate hikes generate corrections in the stock markets in the short term. The Nasdaq 100 is currently down 0.66% and is trading at 12,515 points. |
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| Support 1: 12,473.5 Support 2: 12,452.0 Support 3: 12,431.2 Resistance 1: 12,515.8 Resistance 2: 12,536.6 Resistance 3: 12,558.1 Pivot Point: 12,494.3 |
| Price is at the same level of the 200-day moving average, between support 2 and resistance 1. Bears are looking for 11,840 points. Expected trading range between 12,431 and 12,558. RSI neutral, so the price could continue to correct. |
| Sources |
| Reuters Market watch Bloomberg Capitalix Market Research |
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