SUMMARY

  • Non-agricultural private employment in the United States ADP generated 140,000 new jobs, compared to the 149,000 expected by the market. However, the previous month’s report was 111,000, indicating a labor market.
  • U.S. crude oil inventories increased by 1.3 million barrels, according to the EIA. At Cushing, inventories rose to 701,000 barrels.
  • Wall Street stock indexes were ranked after Powell’s statements.

GOLD

Specifications

  • Leverage: 50
  • Units: 100
  • Margin requirement: USD$4161
  • Example: movement of USD$10 = $1,000 potential PL.
  • Support 1: 2146,96
  • Support 2: 2143,13
  • Resistance 1: 2153,39
  • Resistance 2: 2155,99

Fundamental Analysis

  • Non-agricultural private jobs in the United States ADP generated 140,000 new jobs, compared to the 149,000 expected by the market. However, the previous month’s report was 111,000, indicating an improvement in the labor market.
  • The Bank of Canada has decided to keep interest rates stable at 5%.
  • The JOLT survey of job openings in the United States reports 8.8 million.
  • Today the European Central Bank is expected to keep interest rates at 4.50%.
  • In the United States, 217,000 applications for unemployment benefits are expected.
  • Traders pay attention to Christine Lagarde’s statements. Also those of Jerome Powell as president of the FED.
  • Gold continues to rise. Yesterday it closed with an increase of +0.98%. Currently, it is up +0.10% and is trading at $2,150 per troy ounce.

WTI

Specifications

  • Leverage: 50
  • Units: 1.000
  • Margin requirement: USD$1,519
  • Example: USD$1 change in WTI price = USD1000 potential PL.
  • Support 1: 79,04
  • Support 2: 78,91
  • Resistance 1: 79,24
  • Resistance 2: 79,31

Fundamental Analysis

  • U.S. crude oil inventories increased by 1.3 million barrels, according to the EIA. At Cushing, stocks increased by 701,000 barrels. Yesterday, WTI closed up +1.25%. Currently, it is sideways above the $79.07 per barrel area.
  • The Total company, in a joint venture with Qatar, develops oil and gas exploration in South Africa.
  • OPEC+ said that as an organization it was confident in its ability to gain market share in India.
  • In statements by Powell, as president of the FED, he said that he saw no risk of the United States entering an economic recession, which generated optimism in the market, mainly in variable income assets such as oil.
  • According to Powell, the reduction in interest rates could begin at the end of 2024, although he communicated that everything depends on reaching the 2% inflation target.
  • WTI is trading above the 40-day moving average and looking to overcome the resistance of $79.93 per barrel.

S&P500

Specifications

  • Leverage: 50
  • Units: 1
  • Margin requirement: USD$102
  • Example: movement of 100 points = $1,000 potential PL.
  • Support 1: 5091,30
  • Support 2: 5087,10
  • Resistance 1: 5098
  • Resistance 2: 5100,5

Fundamental Analysis

  • The Wall Street stock indices closed higher yesterday, after the statements of Powell, who summarized by saying that he sees a low risk of the United States entering into recession, which is why they are seeking to begin reducing the interest rate, as long as inflation falls to the 2% target.
  • The S&P500 closed yesterday with a rebound of +0.46%. Currently, the index corrects -0.22% and is trading at 5,093 points.
  • Investors remain confident in the market, so the volume of long positions is increasing.
  • The financial results of the companies were very good, even exceeding market expectations.
  • The S&P500 is below the 40-day moving average and approaching the lower Bollinger band, which could lead to a price rebound.

SOURCES

  • Thomson Reuters
  • Market watch
  • Bloomberg
  • Tradingview

 

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