Daily Review for March 22, 2022
Metals correct as stock markets open with bullish movements. Fixed income is also bullish, so traders are selling metals. Hedging positions are not increasing for the time being.
Traders are keeping an eye on the European Central Bank and its interest rate decision. The Fed announced a possible next rate hike of 0.50%, depending on the performance of inflation.
Ethereum maintains the bullish rally, driven by the update of its program. Expected to be launched in June 2022, traders continue buying the crypto.
WTI regains uptrend, starting to look for USD$115 per barrel again. China’s crude oil imports increase.
|The FED announced a possible interest rate hike of 0.50% if necessary due to inflationary levels. At the moment, the metals market is reacting sideways, so the price of gold is down 0.10% and is trading at USD$1,928 per Troy ounce. Stock indices are currently turning positive, with main rises in the Chinese and European markets. Fixed income is also in positive territory, so metals are starting to correct.|
|Support 1: 1,932.66|
Support 2: 1,931.03
Support 3: 1,928.91
Resistance 1: 1,936.41
Resistance 2: 1,938.53
Resistance 3: 1,940.16
Pivot Point: 1,934.78
|The price is below the 200-day moving average. The Ichimoku cloud projects sideways movement. Expected trading range between USD$1,928 and USD$1,940. Pivot point for trend change at USD$1,934. RSI neutral, so the sideways movement may continue.|
|DAX 40 +0.64%|
|European stock markets have opened higher. Stock indices are in positive territory, with main upward movements in Italy’s MIB 40 +0.93%, followed by the CAC 40 +0.75% and the Eurostoxx 50 +0.66%. At the moment the DAX 40 is up 0.64% and is trading at 14,456 points. Traders are keeping an eye on the European Central Bank and its decision on interest rates. The market’s concern is whether it will follow in the footsteps of the FED or whether it will keep rates at the current level, seeking continuity in the market’s growth.|
|Support 1: 14,332.0|
Support 2: 14,288.5
Support 3: 14,261.0
Resistance 1: 14,403.0
Resistance 2: 14,430.5
Resistance 3: 14,474.0
Pivot Point: 14,359.5
|The price is above the 200-day moving average. It is currently at an important resistance, so a correction to the next support point could be evident. Expected trading range between 14,261 and 14,474. Pivot point for trend change at 14,359. RSI approaching the overbought zone.|
|Ethereum continues to rise driven by the merger with Proof of Stake. With this, the crypto can move towards upgrade 2.0, where investors expect returns of 10% to 15%. Ethereum is currently up 4.82% and is trading at USD$3,019. The developers expect to release the update to the market in June 2022. The continuous development of the crypto, has also generated a scarcity effect of it, as its production protocol has been limited.|
|Support 1: 2,986.55|
Support 2: 2,979.26
Support 3: 2,974.64
Resistance 1: 2,998.46
Resistance 2: 3,003.08
Resistance 3: 3,010.37
Pivot Point: 2,991.17
|The price is above the 200-day moving average, which is a bullish signal for crypto. Expected trading range between USD$2,974 and USD$3,010. Pivot point for trend change at USD$2,991. RSI approaching the overbought zone.|
|Saudi Arabia continues to be the main source of China’s crude oil imports. On the other hand, Russia is trying to take away market share due to the sanctions on its traditional markets. Yesterday, WTI recovered its upward trend, rising more than 7%. Today, the price started to correct some points, dropping 0.90% at the moment and trading at USD$108.82 per barrel. The outlook for higher prices continues.|
|Support 1: 111.01|
Support 2: 110.42
Support 3: 109.48
Resistance 1: 112.54
Resistance 2: 113.48
Resistance 3: 114.07
Pivot Point: 111.95
|The price corrected from the resistance of USD$115.95. Expected trading range between USD$109.48 and USD$114.07. Pivot point for trend change at USD$111.95. RSI neutral, so the price could fall a few additional points to the main support level at USD$103.15.|
Capitalix Market Research
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