Daily Review for April 01, 2022
Traders are watching the Non-Farm Payrolls, where at least 490,000 new jobs are expected to be created. Gold is correcting for the moment.
They are also watching the Euro Zone inflation data. It is expected to come in at 6.6% YoY. The inflation target is 2%. The European Central Bank is expected to raise interest rates soon.
Bitcoin corrects due to profit taking by traders. Analysts assess a possible rebound due to the increased use of Bitcoin in global financial transactions.
Joe Biden announced the largest release of strategic crude oil reserves in the history of the United States. The plan is to release 1 million barrels per day, with the aim of balancing market prices.
| GOLD -0.92% |
| Today’s U.S. Non-Farm Payrolls report is expected to show at least 490,000 new jobs. The unemployment rate is also expected to be 3.7%. In the previous month, 678,000 non-farm jobs were created. If the NFP exceeds market expectations, a rally in equities could occur. If, on the other hand, it does not exceed expectations, there could be a correction in the stock market indexes and a rally in metals, mainly gold. The metal is currently down 0.92% and is trading at USD$1,931 per Troy ounce. |
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| Support 1: 1,934.14 Support 2: 1,933.27 Support 3: 1,931.74 Resistance 1: 1,936.54 Resistance 2: 1,938.07 Resistance 3: 1,938.94 Pivot Point: 1,935.67 |
| The price managed to fall to support 2, where it bounced and managed to climb to resistance 1. At the moment it is at the same level of the 200-day moving average. Expected trading range between USD$1,931 and USD$1,938. Pivot point at USD$1,935. RSI neutral, so traders are waiting for the NFP before taking positions in the metal. |
| EUROSTOXX 50 +0.16% |
| Traders are awaiting the Euro Zone inflation data. Analysts expect 6.6% y/y versus 5.9% in the previous report. France reported monthly inflation of 1.4%. Italy 1.2%. Germany 2.5%. The European Union’s inflation target is 2% per year, so we are still far from the target. Therefore, the European Central Bank could announce an interest rate hike at any time. At the moment, the Eurostoxx 50 is up 0.16% and is trading at 3,834 points. |
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| Support 1: 3,822 Support 2: 3,809 Support 3: 3,802 Resistance 1: 3,842 Resistance 2: 3,849 Resistance 3: 3,862 Pivot Point: 3,829 |
| Price is between support 1 and resistance 2. Also just above the 200-day moving average. Expected trading range between 3,802 and 3,862. Pivot point for trend change at 3,829. Neutral RSI coming out of the oversold zone, which could lead to a rebound in the price. |
| BITCOIN -4.35% |
| After the sideways movement above USD$48,000, traders started to take profit and Bitcoin has dropped to support level 1. From there, a slight buying movement is taking place. Bitcoin is currently down 4.35% and is trading at USD$45,076. If the crypto becomes a global reserve asset, the price could stage a major rally. Likewise, Bitcoin could gain a leading role due to its increased use after the war in Ukraine and after the high levels of inflation presented globally. |
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| Support 1: 44,863.2 Support 2: 44,680.3 Support 3: 44,551.6 Resistance 1: 45,174.7 Resistance 2: 45,303.5 Resistance 3: 45,486.3 Pivot Point: 44,991.9 |
| The price is below the 200-day moving average, which is a bearish signal for Bitcoin. The price is trying to bounce from support 1 where it has an important floor. Expected trading range between USD$44,551 and USD$45,486. Pivot point at USD$44,991. RSI neutral. Traders are waiting for the NFP. |
| WTI -0.95% |
| Joe Biden announced the largest release of strategic crude oil reserves in the market. The US will start releasing 1 million barrels per day in order to balance market prices. Following the announcement, the WTI price corrected to support 2 at USD$99.15 per barrel. The price is currently down 0.95%. Russia is negotiating to increase the volume of crude oil exports to India. |
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| Support 1: 98.06 Support 2: 97.27 Support 3: 96.73 Resistance 1: 99.39 Resistance 2: 99.93 Resistance 3: 100.72 Pivot Point: 98.60 |
| The price is below the 200-day moving average. The price is at support 2, where it could either break it and reach support 3 at USD$81.80, or bounce towards resistance 1 at USD$109.10. Pivot point for trend change at USD$98.60. RSI near the oversold zone. |
| Sources |
| Reuters Market watch Bloomberg InvestFW Market Research |
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