Daily Review for May 25, 2022
Traders are looking forward to the minutes of the Fed meeting, where the bank’s short-term targets and the intention of the next interest rate hikes may be reviewed.
Bitcoin manages to rebound after yesterday’s fall. The price remains near the USD$30,000 level.
Traders are watching the IEA crude oil inventories report, where a 700,000 barrels reduction is expected.
The FED minutes could set the new trend for global stock markets. Equity markets are highly correlated with each other.
| GOLD -0.42% |
| Traders are looking forward to the minutes of the Fed meeting, where the bank’s short-term targets and the intention of the next interest rate hikes may be reviewed. On the other hand, the Central Bank of New Zealand raised interest rates to 2% from 1.50%. The market is also looking forward to the statements of the President of the European Central Bank, Christine Lagarde, in which she will present the financial stability report. Gold is currently correcting 0.42% and is trading at USD$1,856 per Troy ounce. |
 |
| Support 1: 1,854.32 Support 2: 1,852.21 Support 3: 1,849.92 Resistance 1: 1,858.72 Resistance 2: 1,861.01 Resistance 3: 1,863.12 Pivot Point: 1,856.61 |
| The price is above the 200-day moving average, between resistance 1 and support 1. Expected trading range between USD$1,849 and USD$1,863. Pivot point for trend change at USD$1,856. RSI neutral, so the metal could continue to correct some points. |
| BITCOIN +1.54% |
| Bitcoin manages to bounce back after the fall witnessed yesterday. The price remains near USD$30,000. Traders are divided in their opinions. Bulls are looking for the end of May and an increase in buying volume to drive the price to record highs. On the other hand, the Bears are looking for a fall towards USD$8,000. At the moment, Bitcoin maintains a high correlation with Wall Street, mainly with the Nasdaq 100. |
 |
| Support 1: 29,660.4 Support 2: 29,542.0 Support 3: 29,417.9 Resistance 1: 29,902.8 Resistance 2: 30,026.8 Resistance 3: 30,145.2 Pivot Point: 29,784.4 |
| The price is slightly above the 200-day moving average, which is key for Bitcoin to maintain the uptrend. Expected trading range between USD$29,417 and USD$30,145. Pivot point for trend change at USD$29,784. RSI neutral, so the price could try to stay above USD$30,000. |
| WTI +1.16% |
| Traders are watching the IEA crude oil inventories report, which is expected to show a drawdown of 700,000 barrels. In the API weekly crude oil stocks report, crude oil inventories increased by 500,000 barrels, driven by increased domestic and international demand. On the other hand, US domestic production could be affected in the coming weeks due to the hurricane season. This could cause prices to rebound due to the importance of US supply to the international market. |
 |
| Support 1: 110.40 Support 2: 109.97 Support 3: 109.67 Resistance 1: 111.13 Resistance 2: 111.43 Resistance 3: 111.86 Pivot Point: 110.70 |
| The price is above the 200-day moving average, between support 1 and resistance 1. Expected trading range between USD$109.67 and USD$111.86. Pivot point for trend change at USD$110.70. RSI neutral, so the price could continue climbing towards USD$113.09 per barrel. |
| NASDAQ 100 +0.40% |
| The FED minutes could generate the new trend in global stock markets. Equity markets maintain a high correlation between them, so a more aggressive FED with plans to continue raising interest rates could cause a new wave of massive sales. At the moment, the index is trying to recover points from the correction evidenced in recent days. At the moment the Nasdaq 100 is up 0.40% and is trading at 11,823 points. |
 |
| Support 1: 11,832.8 Support 2: 11,798.7 Support 3: 11,777.3 Resistance 1: 11,888.3 Resistance 2: 11,909.7 Resistance 3: 11,943.8 Pivot Point: 11,854.2 |
| The price is below the 200-day moving average, between support 1 and resistance 1. Expected trading range between 11,777 and 11,943. Pivot point for trend change at 11,854. RSI neutral, so the index could continue to rise until the trend is confirmed or changed. |
| Sources |
| Reuters Market watch Bloomberg InvestFW Market Research |
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