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Daily review for January 05, 2022

Traders are aware of the minutes of the FOMC meeting. Data on interest rate hike are expected. Metals remain in the investor’s portfolio allocation.

Cryptos trade mixed. Bitcoin continues to trade at USD$46,000. Goldman Sachs projects it at USD$100,000 as long as the investors’ appetite for all its asset’s instruments continues.

Selling on Nasdaq 100 stocks continues. However, traders are watching for new variants of Covid 19 to emerge.

The price of Natural Gas continues to rise, driven by demand in Europe due to the energy crisis.

GOLD +0.08%
Traders are aware of the minutes of the FOMC meeting, where the analysis and prospective rate hike dates could be presented. The market expects at least two rate hikes in 2022. The Fed’s main interest is to maintain inflation close to 2% per annum. Meanwhile, traders continue to hold long positions in metals. At the moment the price of gold is up 0.08% and is trading at USD$1,816 per Troy ounce.
Support 1: 1,812.30
Support 2: 1,810.90
Support 3: 1,809.05
Resistance 1: 1,815.55
Resistance 2: 1,817.40
Resistance 3: 1,818.80
Pivot Point: 1,814.15
The price is at resistance 1 and above the 200-day moving average. Expected trading range between USD$1,809 and USD$1,818. Pivot point for trend change at USD$1,814. RSI neutral. If the momentum continues, the price could reach USD$1,833.

BITCOIN -0.46%
Investment bank Goldman Sachs projects Bitcoin at USD$100,000 in the scenario where it is considered as a safe haven asset substitute for gold. In other words, investor appetite for Bitcoin is on the rise globally. Similarly, there is interest in its different investment alternatives, including the spot market, futures, options and ETFs on Bitcoins. The price is currently down 0.46% and is trading at USD$46,278.
Support 1: 46,348.6
Support 2: 46,278.3
Support 3: 46,211.6
Resistance 1: 46,485.6
Resistance 2: 46,552.3
Resistance 3: 46,622.6
Pivot Point: 46,415.3
The price is below the 200-day moving average. Expected trading range between USD$46,211 and USD$46,622. Pivot point for trend change at USD$46,415. RSI neutral. Possible trend change or sideways above USD$47,000.

NASDAQ 100 -0.31%
Selling on the stocks that make up the Nasdaq 100 continues. Yesterday, the index closed with a drop of 1.33%. At the moment, it continues to fall 0.31% and is trading at 16,230 points. New variants on Covid 19 continue to appear in the market. Omicron continues to expand; in France scientists have discovered the Ihu variant. Traders have taken profits after Tesla’s rally. The stock fell 4.18%.
Support 1: 16,206.0
Support 2: 16,186.3
Support 3: 16,169.7
Resistance 1: 16,242.3
Resistance 2: 16,258.9
Resistance 3: 16,278.6
Pivot Point: 16,222.6
The index is below the 200-day moving average. It is currently moving sideways above support 1. Expected trading range between 16,169 and 16,278. Pivot point at 16,222. RSI neutral, moving out of the oversold zone.

The price of natural gas is currently up 1.56% and is trading at USD$3.77 per BTU. The volatility of the commodity is increasing due to the speculation of Russia’s invasion in Ukraine. Another factor driving the price upwards is the demand in Europe due to the energy crisis and the continent’s dependence on Russian exports. For the time being, traders maintain bullish positions, anticipating a rebound towards USD$4 per BTU.
Support 1: 3.746
Support 2: 3.730
Support 3: 3.716
Resistance 1: 3.776
Resistance 2: 3.790
Resistance 3: 3.806
Pivot Point: 3.760
Expected trading range between USD$3.71 and USD$3.80. Pivot point for trend change at USD$3.76. RSI neutral. The price is slightly below the 200-day moving average. Possible rebound towards USD$4.07 per BTU.

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