Daily Review for November 02, 2021

The Central Bank of Australia kept the interest rate stable at 0.10%.

FED meetings begin and the focus is on inflation and tapering.

Discussions on climate change continue. Energy commodities recover additional points, driven by increased demand.

Pfizer reports results. Traders are aware of the performance of the S&P500.

Metals seek to consolidate their position as the traditional safe-haven asset in the face of inflation and equity volatility.

WTI +0.14%
World leaders’ summit with the focus on climate change continues. Meanwhile, the price of WTI is up 0.14% and is trading at USD$84.19 per barrel. The projections for the price of commodities in the energy segment are bullish. Bank of America projects the price of WTI at USD$120 per barrel by June 2022. In the short term, analysts project additional price increases, driven by inflation, where commodities are considered safe-haven assets, and by the increase in energy demand.
Support 1: 83.89
Support 2: 83.64
Support 3: 83.50
Resistance 1: 84.28
Resistance 2: 84.42
Resistance 3: 84.67
Pivot Point: 84.03
The price is above the 200-day moving average. It is currently at resistance 1, where there is a double top. If the Bulls manage to overcome this zone, the next target level could be USD$85.42. At the moment the Ichimoku cloud projects a trading range between USD$83.75 and USD$83.20. RSI neutral.

S&P500 -0.10%
Stock indexes are showing mixed movements globally. On the other hand, Wall Street indices are correcting some points, while traders continue to evaluate inflation and tapering scenarios. The FED meeting starts today. Traders are also watching Pfizer’s financial results. Investors expect EPS of 1.08 and sales of USD$22.56 billion. The company’s current market capitalization is USD$244.68 billion. The company is part of the S&P500, which is currently down 0.10% and is trading at 4,610.
Support 1: 4,604.3
Support 2: 4,600.0
Support 3: 4,596.8
Resistance 1: 4,611.8
Resistance 2: 4,615.0
Resistance 3: 4,619.3
Pivot Point: 4,607.5
The index continues to mark the bullish channel. The price is still above the 200-day moving average. At this moment, it is at the pivot point, where a change of trend could occur. Expected trading range between 4,596 and 4,619. Pivot point at 4,607. RSI neutral.

Commodity prices in the energy segment are starting to recover additional points, as discussions on climate change and inflation advance. At this moment the price of Natural Gas is rising 0.35% and is trading at USD$5.21 per BTU. Russia is seeking to consolidate its position as the main exporter of Natural Gas to Europe. Weather forecasts for the last months of the year show a La Niña phenomenon, which may generate a colder winter than expected.
Support 1: 5.224
Support 2: 5.205
Support 3: 5.172
Resistance 1: 5.276
Resistance 2: 5.309
Resistance 3: 5.328
Pivot Point: 5.257
Price is at the pivot point. Possible confirmation of trend change. If the Bulls gain volume, the price could climb towards the 200-day moving average at USD$5.65. Trading range between USD$5.17 and USD$5.32. Pivot point at USD$5.25. RSI neutral.

SILVER +0.02%
Today is the start of the Fed meeting, and traders are watching closely what the institution announces about Tapering. At the last central bankers’ meeting in Jackson Hole, Fed Chairman Jerome Powell announced that the Fed could begin to ease economic stimulus as early as November 2021. As the month begins, the Fed could begin to reduce fixed income purchases and inject less money into the economy. The next phase could be to raise interest rates. In the meantime, traders are holding safe-haven assets such as gold and silver in their portfolios. Silver is currently up 0.02% and is trading at USD$24.11 per Troy ounce.
Support 1: 24.004
Support 2: 23.976
Support 3: 23.929
Resistance 1: 24.079
Resistance 2: 24.126
Resistance 3: 24.154
Pivot Point: 24.051
The price is slightly below the 200-day moving average. It is currently at resistance 1. Expected trading range between USD$23.92 and USD$24.15. Pivot point at USD$24.05. RSI neutral.

Market watch
InvestFW Market Research

Risk Disclaimer

Any information/articles/materials/content provided by InvestFW or displayed on its website is intended to be used solely for educational purposes only and does not constitute investment advice or a consultation on how the client should trade.

Although InvestFW has taken care to ensure that the content of such information is accurate, - it cannot be held responsible for any omission/error/miscalculation and cannot guarantee the accuracy of any material or any information contained herein.

Therefore, any reliance you place on such material is strictly at your own risk. Please note that the responsibility for using or relying on such material rests with the client and InvestFW accepts no liability for any loss or damage, including without limitation, any loss of profit which may arise directly or indirectly from the use of or reliance on such information.

Risk Warning: FX/CFDs are complex instruments and carry a high risk of losing money quickly due to leverage. 81% of retail investor accounts lose money when trading FX/CFDs with this provider. You should consider whether you understand how FX/CFDs work and whether you can afford to take the high risk of losing your money.

You should make sure that, depending on your country of residence, you are allowed to trade with InvestFW products. Please ensure that you are familiar with the company’s risk disclosure.

Want to read more?
Login and enjoy all Daily Analysis articles

We would love to hear from you!

We’re here and ready to provide expert support.

Contact Us