Daily review for January 11, 2022
The market is attentive to central bankers. The focus is on monetary policy strategy. Goldman Sachs estimates four rate hikes this year. Metals are bullish.
Oil supply is being affected by the Libyan port closures and protests in Afghanistan.
Cryptos are trying to rebound after continued selling. Bulls are trying to regain the USD$43,000 area, in order to climb again towards USD$46,000. Hedge funds have not entered the market at the moment.
Rebound of the Nasdaq 100. The Bulls are looking for the 16,000 level. Traders are watching the monetary policy announcements.
|Traders are looking forward to statements from Fed Chairman Jerome Powell, ECB President Christine Lagarde and Bundesbank President Jens Weidmann. All will talk about monetary policy, interest rate hikes, and inflation containment strategies. At the moment the price of gold is up 0.52% and is trading at USD$1,808 per Troy ounce. Goldman Sachs estimates four interest rate hikes this year.|
|Support 1: 1,806.26|
Support 2: 1,804.98
Support 3: 1,803.51
Resistance 1: 1,809.01
Resistance 2: 1,810.48
Resistance 3: 1,811.76
Pivot Point: 1,807.73
|The price is at resistance 2. Gold is forming the bullish channel, favorably breaking the 200-day moving average line. Expected trading range between USD$1,803 and USD$1,811. Pivot point for trend change at USD$1.807. RSI in overbought zone.|
|WTI price is up 0.92% and is trading at USD$79.02 per barrel. Global supply is being affected by the weather in Libya, where four of the main ports have shut down operations. Likewise, protests in Afghanistan have disrupted the country’s oil production. Brent crude oil is up 0.75% and is trading at USD$81.49 per barrel. Traders are watching the short-term energy report from the EIA. On the demand side, energy consumption in the U.S. and Europe continues to rise.|
|Support 1: 78.68|
Support 2: 78.44
Support 3: 78.27
Resistance 1: 79.09
Resistance 2: 79.26
Resistance 3: 79.50
Pivot Point: 78.85
|The price is above the 200-day moving average. Sideways movement above resistance 1. Expected trading range between USD$78.27 and USD$79.50. Pivot point for trend change at USD$78.85 per barrel. RSI neutral, so there may be continuity of the uptrend.|
|Moving sideways, the Bulls are trying to recover some points. This time Bitcoin price is up 0.56% and trading at USD$42.298. Crypto traders are paying attention to the statements of central bankers. Rising interest rates mean an increase in the cost of money, which increases the cost of investments. For the moment, hedge funds have not entered the market. The ideal support levels are being evaluated.|
|Support 1: 42,122.0|
Support 2: 42,024.0
Support 3: 41,950.0
Resistance 1: 42,294.0
Resistance 2: 42,368.0
Resistance 3: 42,466.0
Pivot Point: 42,196.0
|The price is below the 200-day moving average. Sideways movement above the resistance zone 1. Expected trading range between USD$41,950 and USD$42,466. Pivot point at USD$42,196. RSI neutral. The Bulls are looking to regain USD$43,000 in order to climb to resistance 3.|
|NASDAQ 100 +0.03%|
|Yesterday the index closed with a slight rise of 0.05%, showing a rebound from the 15,151 zone. Traders expect a possible further rebound, depending on the statements of central bankers. At the moment the index is up 0.03% and is trading at 15,618 points. Traders are starting to increase the volume of buying on the index. New variants of the Covid 19, emerge, so traders know that the shares of technology companies have performed very well during the pandemic.|
|Support 1: 15,609.8|
Support 2: 15,570.8
Support 3: 15,549.1
Resistance 1: 15,670.5
Resistance 2: 15,692.2
Resistance 3: 15,731.2
Pivot Point: 15,631.5
|Rebound from 15,151 points. Expected trading range between 15,549 and 15,731. Pivot point at 15,631. RSI neutral. The Bulls are looking to break above the 200-day moving average line. If so, target is 16,316.|
Capitalix Market Research
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