Daily market recap for 26.06.2018
Crude's rally continued after a short technical break on the 25th. A test was made at 69.50 where the price failed and for me, it was just a break for the Bulls to gather more strength. Tuesday's push was a strong one, breaching 69.50 and 70 as well. For now, the price holds above that price level and it market participants will watch for a move towards 71 - 72. The catalyst for the move was the threat of Iran Oil sanctions from Washington and the massive barrel draw as API reported coming in at 9.22 mm. This is the biggest draw since September 2016.
- Crude - 9.22 mm (-3 mm exp)
- Cushing - 1.1741 mm (-1.3 mm exp)
- Gasoline + 1.152 mm
- Distillates + 1.75 mm
Today we have the EIA report coming in as well so it will be crucial to see what the numbers on their report will show and where the price will move. The movement was also accelerated with the news that the Saudis were "Trumped" to increase Oil production.
Gold continues with its selloff as it has made for the past two days new low levels and I have moved the Fibo retracements to the lower point of Tuesday's candle. The price has reached 1255 and will try to find some support there for the price to bounce up at least with a little correction again back up towards around 1270. With the movement down accelerating, for now, the next bottom we can watch for is the one at 12.12.2017 at 1236.460. Have in mind the "Death Cross".
The Euro has slipped away from its bottom at 1.15340 and for now, the price remains steady. Have in mind that we have a "Death Cross" here as well as in Gold, signaling Bear control. Truly there wasn't much for the pair. It lost 68 pips for the day from its value and it seems on the Daily charts it is forming a Bearish small wedge that we need to look out for.
And the last, but not the least in this small recap we have Bitcoin. As the price isn't picking up the second Bullish opportunity and as it moves slowly under the main resistance line, maybe it won't push up from these levels. The currency is in "Death Cross" as well, so for me, it is an ongoing Bearish market for the time being and we may see the price moving under 5500 and 5400 and lastly 5100. If you haven't got out, leave now, cover wounds, gather strength, the price will get a little bit more cheaper for people to buy again and hop in for the next eventual Bullish cycle to cover losses and to accomplish their dreams.