Daily Review for June 01, 2022
U.S. President Joe Biden met with Fed Chairman Jerome Powell to discuss the high level of inflation in the U.S. and other continents worldwide.
The Nasdaq 100 managed to stay in positive territory after the FED and US Government announcements. The index is currently up 0.34% and is trading at 12,680 points.
Bitcoin and Ethereum continue to recover ground. Bitcoin is currently trading at USD$31,856 and traders are targeting USD$35,000 to continue climbing towards USD$40,000.
The price of WTI continues to rise, currently up 0.42% and trading at USD$115.21 per barrel. The war in Ukraine has definitely changed the global energy market.
| GOLD +0.04% |
| U.S. President Joe Biden met with Fed Chairman Jerome Powell to discuss the high level of inflation in the U.S. and other continents worldwide. Biden made it clear that the government will remain independent of the Fed’s monetary policy decisions, which is why he stated that he will leave the way clear for the bank. For now, the Fed’s priority is to bring inflation to its target of 2% per year. Investors are starting to take buying positions in gold, silver and bonds in order to mitigate the effects of volatility in the equity markets that may occur after a free-flowing Fed. |
 |
| Support 1: 1,839.64 Support 2: 1,839.42 Support 3: 1,839.09 Resistance 1: 1,840.19 Resistance 2: 1,840.52 Resistance 3: 1,840.74 Pivot Point: 1,839.97 |
| Price is below the 200-day moving average, between resistance 1 and support 2. Pivot point for trend change at USD$1,839. RSI in oversold zone, so the buying volume may increase, after being considered an attractive buying level at USD$1,830. |
| NASDAQ 100 +0.34% |
| The index managed to stay in positive territory after the FED and US Government announcements. The Nasdaq 100 is currently up 0.34% and is trading at 12,680 points. Traders started to balance portfolios after a month of significant declines in equities in May. The best hedging instruments against inflation have traditionally been gold and silver. However, traders are holding Bitcoin and Ethereum in their portfolios. Both cryptos maintain a correlation with the Nasdaq 100 of 0.82. |
 |
| Support 1: 12,636.8 Support 2: 12,618.2 Support 3: 12,603.9 Resistance 1: 12,669.7 Resistance 2: 12,684.0 Resistance 3: 12,702.6 Pivot Point: 12,651.1 |
| The price is above the 200-day moving average, between resistance 2 and support 1. Expected trading range between 12,603 and 12,702. Pivot point for trend change at 12,651. RSI neutral, so the buying volume of the index could continue. |
| BITCOIN +0.31% |
| Bitcoin and Ethereum continue to recover ground. Bitcoin is currently trading at USD$31,856 and traders are targeting USD$35,000 to continue climbing towards USD$40,000. The main task is to move away from the minimum supports of USD$10,000 and USD$8,000. Institutions are entering the market again, so the volume of purchases could increase and maintain. |
 |
| Support 1: 31,629.0 Support 2: 31,565.0 Support 3: 31,478.0 Resistance 1: 31,780.0 Resistance 2: 31,867.0 Resistance 3: 31,931.0 Pivot Point: 31,716.0 |
| The price is above the 200-day moving average which is a positive sign for Bitcoin. Price is between resistance 2 and support 1. Pivot point for trend change at USD$31,716. RSI is neutral, which is a confirmation of the uptrend. |
| WTI +0.42% |
| The price of WTI continues to rise, currently up 0.42% and trading at USD$115.21 per barrel. The war in Ukraine has definitely changed the global energy market. The European Union has taken the decision to embargo Russian oil, so there will be a significant supply shock in the market, which could generate a rise in prices to levels of USD$120 to USD$140 per barrel. The price of natural gas continues to rise as well. |
 |
| Support 1: 114.94 Support 2: 114.74 Support 3: 114.43 Resistance 1: 115.45 Resistance 2: 115.76 Resistance 3: 115.96 Pivot Point: 115.25 |
| The price is above the 200-day moving average, between resistance 3 and support 1. Expected trading range between USD$114.43 and USD$115.96. Pivot point for trend change at USD$115.25. RSI neutral, so the volume of purchases can be maintained. |
| Sources |
| Reuters Market watch Bloomberg InvestFW Market Research |
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