【Dow Jones】
The market believes that the CPI data expected to be released on April 12 is likely to hit an all-time high again. The US 10-year Treasury yield has moved above 2.78% which is the highest level since 2019. With inflation likely to hit new highs, more aggressive rate hikes for the Fed will emerge and some technology-type stocks have already led U.S. stocks to a wave of decline.
From the daily line of the technical line, the Alligator shows a low gold cross and creeping into a death cross while the KD has already turned into a death cross. The overall Dow Jones has been selling heavily and has been affected by the poor expectations of various data this week.
USA30-D1
Resistance point 1: 34800 / Resistance point 2: 35200/ Resistance point 3: 35800
Support point 1: 34000/ Support point 2: 33500/ Support point 3: 33000
【Bitcoin】
Block (SQ-US) and Blockstream and Tesla (TSLA-US) announced a partnership to create a 3.8-megawatt solar bitcoin mining facility. There are new mining measures, but the amount of Bitcoin will not change. If the short-term production is increased, Bitcoin is bound to have a wave of decline.
Bitcoin has recently suffered a wave of pullback, falling below the price of 40,000. The short-term decrease was about 20% to 25% and BTCUSD was facing a terrible trading spiral. With the amount of bitcoin unchanged, having a relatively cheap price for long-term holders is a good thing. The key thing to note would be that Bitcoin is still recognized and needed.
BTCUSD-D1
Resistance point 1: 40500/ Resistance point 2: 41200/ Resistance point 3: 42000
Support point 1: 38800/ Support point 2: 38000/ Support point 3: 37200
【Gold】
U.S. inflation is climbing at its fastest pace in nearly 40 years. With the Release of the March CPI set on Tuesday, followed by the Release of the Producer Price Index (PPI) on Wednesday, and then the preliminary value of the April Consumer Confidence Index on Thursday, the market is forecasting another surge in annual growth. The anti-inflation gold will receive buying support. The London market's policy of banning trading in platinum and gold from Russian smelters has also pulled up the price of the precious metals market.
In the current technical line of the gold daily, it can be seen that Alligator is in a tangle and this indicates that the gold price has been consolidated at this position for a period of time. This week's CPI data could be one of the keys for a breakthrough. If there is no breakthrough, do not enter the market. If there is a breakthrough, traders can rely on the short-term buying power.
XAUUSD-D1
Resistance point 1: 1970.00/ Resistance point 2: 1980.00/ Resistance point 3: 1990.00
Support point 1: 1940.00/ Support point 2: 1930.00/ Support point 3: 1920.00
【Crude Oil】
Baker Hughes Inc., the world's third-largest oilfield services company, reported that as of April 8, the number of oil and gas exploration wells in the United States increased by 16 to 689 from the previous week. This is a new high since March 2020.
The American Petroleum Association (API) reported that in February 2022, U.S oil demand rose 0.03% month-to-month to 21.6 million b/d, setting a new monthly high since August 2005 and a new high for the same period since 1963. At this stage, it can be seen that the export and supply of crude oil in the United States are simultaneously rising. Coupled with the slowdown in demand for crude oil due to the epidemic in China, the price of crude oil is suppressed.
From the daily technical line of crude oil, Alligator shows a death cross which indicates that the selling pressure on the short line continues. The current drop has not dropped below the previous waves low so the short line support of crude oil is still effective. The key focus would be whether the wave low will be broken by the current bear-led crude oil market.
USOIL-D1
Resistance point 1: 97.500/ Resistance point 2: 99.200/ Resistance point 3: 101.500
Support point 1: 94.800/ Support point 2: 93.500/ Support point 3: 92.200
OneProSpecial Analyst
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