Daily Review for May 24, 2022
Stock market volatility increases as the market awaits the statements of world leaders in Davos.
Traders have taken profits in the area of USD$30,549. On the other hand, banks in Japan will offer Bitcoin custody service.
Global stock markets started the day in negative territory. In Asia, markets failed to keep up with Wall Street’s uptrend.
Gasoline prices continue to rise in the US. Italian energy company Eni started offshore drilling in Cyprus.
| GOLD +0.43% |
| Stock market volatility is increasing as the market awaits statements from world leaders in Davos. Today, traders are looking forward to the announcements of Jerome Powell as Fed Chairman and Christine Lagarde as ECB President. From the Fed, an additional 50 basis points hike is expected soon. Meanwhile, from the ECB, the first hike is expected at the July 2022 meeting. Therefore, investors are increasing their positions in gold and silver, as traditional safe-haven assets against market volatility. |
 |
| Support 1: 1,847.95 Support 2: 1,845.74 Support 3: 1,842.63 Resistance 1: 1,853.27 Resistance 2: 1,856.38 Resistance 3: 1,858.59 Pivot Point: 1,851.06 |
| The price is above the 200-day moving average, between resistance 1 and support 1. Expected trading range between USD$1,842 and USD$1,858. Pivot point for trend change at USD$1,851. RSI neutral, so the price could continue to climb positions, looking for USD$1,865 as first target. |
| BITCOIN -3.59% |
| Traders have taken profits in the area of USD$30,549. On the other hand, Japanese banks will offer Bitcoin custody services. Microstrategy, on the other hand, maintains its positions in Bitcoin and according to its CFO the company does not plan to sell them. The luxury watch company Tag Hauer will now accept Bitcoin payments. As for buying interest, traders are keeping an eye on the USD$27,000 support before they start buying again. Bears are looking for USD$10,000 or USD$8,000 in case the price breaks the current level. |
 |
| Support 1: 29,249.0 Support 2: 29,165.0 Support 3: 29,094.0 Resistance 1: 29,404.0 Resistance 2: 29,475.0 Resistance 3: 29.559,0 Pivot Point: 29,320.0 |
| The price is below the 200-day moving average, between resistance 1 and support 1. Pivot point for trend change at USD$29,320. RSI neutral, with which the price could continue correcting towards the support of USD$28,786. If it overcomes this, the next support is at USD$28,538. |
| NASDAQ 100 -2.28% |
| World stock markets started the day in negative territory. In Asia, markets failed to keep up with Wall Street’s uptrend. At the moment, the Nasdaq 100 is correcting 2.28%. Traders are watching for announcements from the FED and the ECB. Cryptos are correcting, so the companies that make up the Nasdaq 100 are also correcting due to their exposure to this market. Likewise, markets continue to monitor developments in the war in Ukraine. |
 |
| Support 1: 11,746.2 Support 2: 11,712.9 Support 3: 11,673.5 Resistance 1: 11,818.9 Resistance 2: 11,858.3 Resistance 3: 11,891.6 Pivot Point: 11,785.6 |
| The price is below the 200-day moving average, between support 2 and resistance 1. Pivot point for trend change at 11,785. RSI near the oversold zone, so there could be buying interest at the current level. The Ichimoku cloud projects the index towards 11,936 points. |
| WTI -1.02% |
| Gasoline prices continue to rise in the US. Italian energy company Eni began offshore drilling in Cyprus. Germany continues to pressure other European Union members to implement an embargo on Russian energy commodities. WTI is currently correcting 1.02% and is trading at USD$109.34 per barrel. China remains interested in increasing purchases of Russian oil. |
 |
| Support 1: 108.64 Support 2: 108.38 Support 3: 108.15 Resistance 1: 108.87 Resistance 2: 109.36 Resistance 3: 109.62 Pivot Point: 108.87 |
| The price is above the 200-day moving average, between resistance 1 and support 1. Expected trading range between USD$108.15 and USD$109.62. Pivot point for trend change at USD$108.87. Neutral RSI, so the price may drop some additional points, testing the support at USD$108.38. |
| Sources |
| Reuters Market watch Bloomberg InvestFW Market Research |
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