Daily Review for November 11, 2021
Commodities maintain the bullish outlook. Natural Gas starts to rise 2.09%. Metals continue to rise as investors remain concerned about inflation.
WTI corrected due to the increase in US inventories. However, it remains above USD$81 per barrel.
European markets are mixed. Analysts are evaluating the performance of the UK economy. They are also keeping an eye on the ECB and its analysis of EU inflation.
Traders are buying cryptos to mitigate the effect of inflation on portfolios. Investors are aware of Whales profit taking. Cryptos remain in the area of all-time highs.
| SILVER +0.80% |
| Momentum in metals and silver continues in the market. The U.S. inflation data surprised the market. The CPI stood at 0.6% on a monthly basis, and at 4.6% on an annual basis. The inflation target for developed countries is 2% per year. Traders continue to buy big volumes in metals. Yesterday, silver rallied 4%. At the moment, the price continues to rise 0.80% and is trading at USD$24.96 per Troy ounce. |
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| Support 1: 24.938 Support 2: 24.902 Support 3: 24.871 Resistance 1: 25.005 Resistance 2: 25.036 Resistance 3: 25.072 Pivot Point: 24.969 |
| Price is still above the 200-day moving average. At the moment it is above resistance 1. Possible attack to the point of USD$25.16. If the Bulls manage to overcome this zone, the next target is USD$26. Expected trading range between USD$24.87 and USD$25.07. Pivot point at 24.96. RSI neutral. |
| WTI +0.27% |
| Traders are focus on OPEC’s monthly report, mainly on the analysis of the current balance of supply and demand, and the demand outlook for the end of the year. In the IEA report, crude oil inventories increased by 1 million barrels in the United States. The market was expecting 2 million barrels. Likewise, the increase in supply pushed the price down, reaching the level of support 1. At the moment, the price is up 0.27% and is trading at USD$81.49 per barrel. |
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| Support 1: 81.19 Support 2: 81.05 Support 3: 80.85 Resistance 1: 81.53 Resistance 2: 81.73 Resistance 3: 81.87 Pivot Point: 81.39 |
| The price crossed the 200-day moving average line. WTI is moving sideways above support 1. Expected trading range between USD$80.85 and USD$81.87. Pivot point for trend change at USD$81.29. RSI neutral. |
| DAX 40 +0.22% |
| European markets are mixed at the moment. Traders are evaluating today’s macroeconomic data on the UK economy. The country’s monthly GDP came in at 0.6%. The annual GDP is at 6.6%. Now, the market is watching the ECB statements on economic forecasts on inflation and on the performance of the economy for the last months of the year. DAX 40 is currently up 0.22% and is trading at 16,053 points. |
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| Support 1: 16,021.6 Support 2: 16,009.8 Support 3: 16,002.1 Resistance 1: 16,041.1 Resistance 2: 16,048.8 Resistance 3: 16,060.6 Pivot Point: 16,029.3 |
| DAX 40 is trending sideways above the 16,046 area. Bulls are trying to consolidate that area, however, buying volume from that level is not increasing. Expected trading range between 16,002 and 16,060. Pivot point at 16,029. RSI neutral. |
| BITCOIN -1.84% |
| BITCOIN -1.84%Investors have identified cryptos as a safe haven asset against inflation. Like metals, cryptos have started to play an important role in investors’ portfolios. With the U.S. inflation data exceeding market expectations, cryptos presented significant buying volume. Bitcoin is currently correcting 1.84% and is trading at USD$65,077. Ethreum is down 0.51% and is trading at USD$4,694. |
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| Support 1: 64,563.3 Support 2: 64,315.7 Support 3: 64,114.5 Resistance 1: 65,012.0 Resistance 2: 65,213.1 Resistance 3: 65,460.7 Pivot Point: 64,764.4 |
| The price is close to the 200-day moving average. If it manages to stay above the line, the uptrend could continue, otherwise, it could correct additional points, towards the zone of support 1 or 2. Pivot point for trend change at USD$62,764. RSI neutral. |
| Sources |
| Reuters Market watch Bloomberg InvestFW Market Research |
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