Daily Review for March 30, 2022
Stock markets are mixed globally, with major corrections in the European market and rises in Russia’s RTS.
Bitcoin maintains the bullish outlook generated by the increase in its use for corporate transactions. Ethereum also maintains the bullish outlook.
Spain’s inflation stood at 9.8% y/y. Germany’s monthly CPI is expected at 1.6%. Traders buy gold due to high inflation.
Crude oil reserves in the United States decreased by 3 million barrels. Analysts expect a decrease in inventories by 1 million barrels.
| EUROSTOXX 50 -0.86% |
| Traders are looking forward to the statements of Christine Lagarde as President of the European Central Bank, where she could indicate her position on the interest rate hike. European stock markets are currently in negative territory. The Eurostoxx 50 is down 0.86% and is trading at 3,892 points. The ECB must decide whether to maintain an expansive monetary policy with interest rates close to 0% or to begin to turn its strategy towards restrictive, seeking to reduce the inflationary level, as is the case with the FED. Spain’s CPI stood at 9.8% YoY. |
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| Support 1: 3,898 Support 2: 3,889 Support 3: 3,880 Resistance 1: 3,916 Resistance 2: 3,925 Resistance 3: 3,934 Pivot Point: 3,907 |
| The price is above the 200-day moving average. The index reached the resistance at 3,928 before correcting. Expected trading range between 3,880 and 3,934. Pivot point for trend change at 3,907. RSI neutral so the selling volume of the index could continue. |
| BITCOIN +0.30% |
| Analysts maintain the short-term projection at USD$50,000. The most optimistic ones project the price at USD$100,000. The projection is based on the increase of institutions using Bitcoin as a digital currency, and Ethereum as a platform to perform financial transactions at a lower cost. Bitcoin is currently up 0.30% and is trading at USD$47,357. Due to its scarcity effect based on its protocol, Bitcoin price could rebound due to the production limit it maintains. |
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| Support 1: 47,309.2 Support 2: 47,220.4 Support 3: 47,092.0 Resistance 1: 47,526.4 Resistance 2: 47,654.8 Resistance 3: 47,743.7 Pivot Point: 47,437.6 |
| The price is above the 200-day moving average. Sideways movement above USD$47,360. Expected trading range is between USD$47,092 and USD$47,743. Pivot point for trend change at USD$47,437. If the Bulls continue to gain ground, the next short-term target is USD$51,479. |
| GOLD +0.44% |
| Traders are watching the CPI data in Spain and Germany. Also the US quarterly GDP, which is expected at +7.1% for Q4 2021. At the moment, stock indices are showing mixed movements globally. Russia’s RTS is up 16.43% driven by the ongoing negotiations in Turkey. Traders are starting to increase their exposure to gold due to possible scenarios in Ukraine that could impact the stock markets. |
 |
| Support 1: 1,921.35 Support 2: 1,919.10 Support 3: 1,916.00 Resistance 1: 1,926.70 Resistance 2: 1,929.80 Resistance 3: 1,932.05 Pivot Point: 1,924.45 |
| The price is below the 200-day moving average. Expected trading range between USD$1,916 and USD$1,932. Pivot point for trend change at USD$1,924. RSI neutral, so the price rally could continue. If volatility increases in equities, gold could reach USD$1,947 or USD$1,964. |
| WTI +1.96% |
| Traders are watching the U.S. crude oil inventories report, which is expected to decrease by 1 million barrels. Yesterday’s crude oil reserves report showed a 3-million-barrel drawdown, which helped the price to rebound after the significant price correction. WTI is currently up 1.96% and is trading at USD$106.03 per barrel. |
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| Support 1: 105.96 Support 2: 105.60 Support 3: 104.98 Resistance 1: 106.94 Resistance 2: 107.56 Resistance 3: 107.92 Pivot Point: 106.58 |
| The price is below the 200-day moving average. Important rebound from USD$98.50 support. Possible sideways movement above USD$106.10. Expected trading range between USD$104.98 and USD$107.92. Pivot point at USD$106.58. RSI neutral. |
| Sources |
| Reuters Market watch Bloomberg InvestFW Market Research |
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