06/23 Market report

【Dow Jones】

Fed Chairman Powell expressed his determination to curb inflation at the first Congressional hearing in the first half of the year and also reassured that the U.S. economy could afford to raise interest rates. His speech was relatively milder than the market expected and there was a light rain in the U.S. stock market on the eve of a stormy Wednesday morning. The Dow Jones Industrial Index tumbled about 364 points or 1.2 percent, but only fell about 47 points or 0.2 percent at the end.

The Dow Jones Index oscillated up and down at the bottom to form a small area of consolidation. KD is now at a golden cross, while the long-term Alligator shows a death cross. The entire market is still suppressed at the bottom and the bears still have an advantage.

USA30-D1

Resistance point 1: 30800 / Resistance point 2: 31200 / Resistance point 3: 31800

Support point 1: 30200 / support point 2: 29500 / support point 3: 29000

【Gold】

Marketwatch reported that Powell noted on Wednesday that under a policy of aggressive interest rate hikes, recessions are not inevitable, but the likelihood of a recession at this stage is not particularly high. He believes that sustained rate hikes are appropriate, depending on the changing data and economic outlook.

Chintan Karnani, head of research at Insignia Consultants, pointed out that gold traders and investors continue to pay attention to inflation and energy prices. The prospect of a recession in the second half of the year may give a pause in interest rates hikes which will support gold prices.

XAUUSD-D1

Resistance point 1: 1850.00 / Resistance point 2: 1880.00 / Resistance point 3: 1900.00

Support point 1: 1820.00 / support point 2: 1800.00 / support point 3: 1780.00

【Crude Oil】

Data releases shows that as of June 17, U.S. crude inventories increased by 5.6 million barrels, gasoline inventories increased by 1.2 million barrels, and distilled oil inventories decreased by 1.7 million barrels from the previous week. Analysts estimate on average that U.S. crude inventories will fall by 3.7 million barrels last week, gasoline inventories by 500,000 barrels and distilled oil inventories by 600,000 barrels. Weekly inventory data from the U.S. Department of Energy will be released on Thursday.

In the daily technical indicator of crude oil, Alligator is showing an entanglement. Although crude oil has been pulled back recently, KD has begun to shift from a low-end figure to a golden cross uptrend. This indicates that the probability of sellers resting is high and crude oil may start to oscillate around this price.

USOIL-D1

Resistance point 1: 107.800 / Resistance point 2: 109.500 / Resistance point 3: 111.200

Support point 1: 105.500 / support point 2: 103.200 / support point 3: 101.800

【Bitcoin】

As Bitcoin is caught in a $20,000 defensive war, North America's premier Bitcoin Exchange-Traded Fund (ETF) saw a record $500 million single-day outflow last week and became the heart of the cryptocurrency market puzzle.

Foreign electricity quoted compiled data and analyst analysis shows that the size of the money flowing out of the Purer Bitcoin ETF (code BTCC) is equivalent to about 24,510 bitcoins, about 51% of the size of its assets under management on 17 June.

Bitcoin has also recently begun to consolidate at the bottom. The long-term Alligator shows a death cross, while the the short-term KD shows a golden cross. The two contradict each other as the market is waiting for a clear signal to make a break through.

BTCUSD-D1

Resistance point 1: 21000 / Resistance point 2: 21500 / Resistance point 3: 22200

Support point 1: 20000 / support point 2: 19500 / support point 3: 18800

OnePro Special Analyst

Buy or sell or copy trade crypto CFDs at www.oneproglobal.com

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