Daily Review for June 15, 2022
Traders and the market are looking forward to the FED meeting where a new interest rate hike could be presented. Analysts are looking for a possible 75 basis points hike.
The market is waiting for Christine Lagarde’s statement as President of the European Central Bank. Indications are expected on the first interest rate hike of the Bank in 2022.
Large Bitcoin holders are starting to lose money. Among them is the world’s largest Bitcoin investor, Microstrategy.
Natural gas prices closed yesterday with a 16.49% drop as a result of the fire at the Freeport plant.
| GOLD +0.44% |
| Traders and the market are looking forward to the FED meeting where a new interest rate hike could be presented. Analysts are looking for a possible 75 basis point hike, as a result of the high level of inflation in the United States. Today’s meeting could generate high volatility in the market, which is why traders have started to take hedge positions in traditional assets such as gold. The market will be paying close attention to Jerome Powell’s press conference as Fed Chairman. Gold is currently up 0.44% and is trading at USD$1,819 per Troy ounce. |
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| Support 1: 1815.40 Support 2: 1811.85 Support 3: 1809.55 Resistance 1: 1821.25 Resistance 2: 1823.55 Resistance 3: 1827.10 Pivot Point: 1817.70 |
| The price is below the 200-day moving average, between resistance 1 and support 2. Expected trading range between USD$1,809 and USD$1,827. RSI neutral, so the price could continue to rise as long as buying positions increase. Possible rise towards USD$1,880. |
| EUROSTOXX 50 +1.21% |
| The market is waiting for Christine Lagarde’s statement as President of the European Central Bank. Indications are expected on the Bank’s first interest rate hike in 2022. At the moment, the Eurostoxx 50 is up 1.21% and is trading at 3,502 points. European stock exchanges are moving upwards, mainly on the Italian Stock Exchange, which is up 2.52%. Traders are watching the Fed’s decision, which may cause high volatility in European markets. |
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| Support 1: 3464 Support 2: 3461 Support 3: 3456 Resistance 1: 3472 Resistance 2: 3477 Resistance 3: 3480 Pivot Point: 3469 |
| The price is below the 200-day moving average, between support 3 and resistance 1. Expected trading range between 3,456 and 3,480. Pivot point for trend change at 3,469. RSI neutral, so the index could rise some additional points before the FED decision, which could confirm or change the trend of the stock index. |
| BITCOIN -5.65% |
| The big holders of Bitcoin are starting to lose money. Among them is the world’s largest Bitcoin investor, Microstrategy, which is losing USD$1 billion at the current Bitcoin price. Tesla is losing USD$400 million. El Salvador is losing USD$50 million. Most crypto investment funds are losing money. Meanwhile, Galaxy Investment, Michael Novogratz’s fund, is still making a profit of USD$260 billion. The fund sees a floor at USD$20,000 before the price starts to rebound. |
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| Support 1: 21085.0 Support 2: 20813.0 Support 3: 20654.5 Resistance 1: 21515.5 Resistance 2: 21674.0 Resistance 3: 21945.9 Pivot Point: 21243.5 |
| The price is below the 200-day moving average which is a bearish signal in Bitcoin. Price is between resistance 1 and support 2. Expected trading range between USD$20,654 and USD$21,945. Pivot point for trend change at USD$21,243. Neutral RSI, so the Bitcoin could continue to fall towards the next support levels. Possible impact from the FED decision. |
| NATURAL GAS +0.22% |
| Natural gas prices closed yesterday with a 16.49% drop as a result of the fire at the Freeport plant. The correction was due to the direct impact on the industry. However, traders expect a significant rebound in the price as a result of the supply shock in the market. At the moment the price of natural gas is up 0.22% and is trading at USD$7.24 per BTU. Meanwhile, the European Union continues to import large volumes of LNG to take advantage of the drop in prices. |
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| Support 1: 7.263 Support 2: 7.234 Support 3: 7.207 Resistance 1: 7.319 Resistance 2: 7.346 Resistance 3: 7.375 Pivot Point: 7.290 |
| Price is below the 200-day moving average, between support 2 and resistance 1. Expected trading range between USD$7.20 and USD$7.37. Pivot point for trend change at USD$7.29. RSI in oversold zone, so it may present a change of trend. Bulls are looking for USD$10 per BTU again. |
| Sources |
| Reuters Market watch Bloomberg InvestFW Market Research |
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