Daily Review for June 23, 2022
Fed Chairman Jerome Powell stated that the institution is committed to lowering inflation, which is why he announced that interest rates could reach as high as 3.75% this year.
Interest rate pressure also fell on Oil & Gas companies, as their investments and financing became more expensive as interest rates rose.
The Fed directly impacted the cryptocurrency market as well. Bitcoin attempted to gain upside momentum reaching USD$22,000 on Sunday. However, the panic continues after the interest rate hike.
Wall Street was hit by Jerome Powell’s statement on monetary policy. Investment banks and hedge funds on Wall Street are analyzing scenarios of high-interest rates and an impending U.S. economic recession.
| GOLD +0.07% |
| Fed Chairman Jerome Powell stated that the institution is committed to lowering inflation, which is why he announced that interest rates could reach as high as 3.75% this year. Inflation is still far from the 2% annual target. He stated that the bank’s main interest is in fighting high inflation, even if it means creating an economic recession. Neo-liberals criticize this because, according to them, market forces of supply and demand balance assets, but not the state intervention. At the moment gold as a traditional hedging instrument is up 0.07% and is trading at USD$1,839 per Troy ounce. |
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| Support 1: 1839.20 Support 2: 1838.55 Support 3: 1837.80 Resistance 1: 1840.60 Resistance 2: 1841.35 Resistance 3: 1842.00 Pivot Point: 1839.95 |
| The price is above the 200-day moving average, between support 1 and resistance 1. Expected trading range between USD$1,837 and USD$1,842. Pivot point for trend change at USD$1,839. RSI neutral, so the price could continue the sideways trend, before continuing the uptrend due to the market volatility that can be generated after the FED’s vision. |
| WTI -0.06% |
| Interest rate pressure also fell on Oil & Gas companies, as investments and financing for them become more expensive as rates rise. U.S. domestic gasoline prices have reached USD$5 per gallon. On the other hand, weekly crude oil inventories increased significantly in the US, rising by 5 million barrels compared to the 1 million barrel reduction expected by analysts. At the moment, the price of WTI is dropping 0.06% due to the increase in supply and is trading at USD$104 per barrel. |
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| Support 1: 104.10 Support 2: 103.80 Support 3: 103.49 Resistance 1: 104.71 Resistance 2: 105.02 Resistance 3: 105.32 Pivot Point: 104.41 |
| The price is below the 200-day moving average, between support 2 and resistance 1. Expected trading range between USD$103.49 and USD$105.32. Pivot point for trend change at USD$104.41. RSI neutral, so prices may fall to support 2 before testing buyers’ interest. Corrections could occur in the short term, due to the interest of the G7 to put a ceiling on the price of crude oil. |
| BITCOIN -2.52% |
| The Fed directly impacted the cryptocurrency market as well. Bitcoin tried to gain upward momentum reaching USD$22,000 on Sunday. However, the panic continues after the interest rate hike, and as a result, investors continue to sell. At the current level of USD$20,102, most institutional investors are losing money. Analysts know that if a large investor sells and liquidates his position, the price would fall to levels near USD$10,000. Bitcoin is at December 2020 levels. |
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| Support 1: 19,882.5 Support 2: 19,822.0 Support 3: 19,713.1 Resistance 1: 20,052.0 Resistance 2: 20,161.0 Resistance 3: 20,221.5 Pivot Point: 19,991.5 |
| The price is near the 200-day moving average, between support 1 and resistance 1. Expected trading range between USD$19,713 and USD$20,221. Pivot point for trend change at USD$19,991. RSI neutral, so traders will evaluate a possible rebound from support 1. However, traders expect a fall towards USD $ 18,000 before restarting purchases. |
| NASDAQ 100 -0.16% |
| Wall Street was hit by Jerome Powell’s statement on monetary policy. Investment banks and hedge funds on Wall Street are analyzing scenarios of high interest rates and an imminent U.S. economic recession. Citibank, for its part, sees a 50% probability of the US entering a recession. Investors’ portfolios are concentrated in gold, bonds and currencies. Although traders are evaluating discount instruments to take advantage of falling prices. The Nasdaq 100 is currently down 0.16% and is trading at 11,581 points. |
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| Support 1: 11,418.4 Support 2: 11,386.8 Support 3: 11,348.2 Resistance 1: 11,488.6 Resistance 2: 11,527.2 Resistance 3: 11,558.8 Pivot Point: 11,457.0 |
| Price is below the 200-day moving average, between resistance 1 and support 3. Expected trading range between 11,348 and 11,558. Pivot point for trend change at 11,457. RSI neutral, so the price could remain sideways before the market trend is set. |
| Sources |
| Reuters Market watch Bloomberg InvestFW Market Research |
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