20210130

Bitcoin Reclaims Key Level After Friday’s Price Action

The last few days has seen some price action for the king cryptocurrency. A quick “pump and dump” rally occurred yesterday pushing the price per coin to around $38,000 before quickly plummeting to $32,000.

This revealed that there are many bears looking to fade BTC’s price action. Although, the coin has recovered and not showing signs of falling further, the price action has remained. As Bitcoin show heavy market action, alternative coins are also struggling to gain massive momentum as bears continue to sell.

The direction of the pioneer cryptocurrency in the next few weeks is dependent on if bulls can hold off the bears sell off which resulted in the Bitcoin recent fall. At 17:52 GMT on Saturday, Bitcoin was trading at $34,262, losing 2.13% in the last 24 hours.

This is a huge dip succeeding the nearly $39,000 set at the peak of the Elon Musk candle, a moment following his endorsement of Bitcoin of his Twitter bio. Calling the bio change “inevitable” in a tweet.

A “line in the sand”

A trader on twitter explained that $34,000 is the key level to watch in the short-term. A daily close above or below this level could determine the near-term fate of the pioneer cryptocurrency.

BTC update: After a volatile day yesterday, it makes sense to revisit the BTC chart. Technically speaking, we’re trading back above resistance. BTC is chopping but that’s honestly the best thing it can do after a run like this. $34k is again the line in the sand & has to hold.

The coming days will show whether or not the market will reverse the pump and dump. It is important that Bitcoin reclaims this level and establishes its support. Any firm break below this short-term key level may put the cryptocurrency in a precarious position.

If you have any questions and comments on Bitcoin today, use the form below to reply.


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source https://www.earnforex.com/commodities/bitcoin-reclaims-key-level-after-fridays-price-action/

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Bitcoin May Emulate GameStop

The recent success of GameStop at the stock market may soon be replicated by Bitcoin. A recent tweet from Documenting Bitcoin on Twitter revealed that the top cryptocurrency is heavily shorted by hedge funds just like GME. Fred Capital, a hedge fund and investment company has $7 trillion in short positions against Bitcoin.

After a redditor found that Melvin Group Hedge Fund had bought billions in short positions against the gaming chain, he created a group asking fellow redditors to short squeeze the stocks by buying as much as everyone can. Following this crowd buying, GME stocks skyrocketed above $450 liquidating billions in Short position.

Noticing this success, the crypto community joined in this crusade against the rich and bankers on Wall Street. Bitcoin itself has been functioning as a financial revolution against the wealthy established and flawed financial Institutions and infrastructure.

The sentiment continues

As a bunch of redditors and the retail market have rocked the entire Wall Street, the sentiment against the big guns could help create a bull run for the cryptocurrency.

Elon Musk, the world richest man, whose tweet helped propel the GME stocks to gain nearly $4 billion in market cap also went for the necks of hedge funds and investors who claimed the GME price gain was market manipulation and betting.

The next day, on Friday, Musk changed his Twitter bio to Bitcoin showing support for the pioneer cryptocurrency. Many have claimed that this signified the entry of Tesla into the Bitcoin market. However, what’s most interesting is that BTC trading briefly jumped almost 20% to $38,200 in just an hour after the bio change. An over $6,000 surge.

At 15:15 GMT on Saturday, the price of a Bitcoin was trading at $34,089, losing 10% in the last 24 hours.

Elon Musk’s interest in BTC is widely known. He has also confirmed owning Bitcoin.

With all these, what is clear is that there is a surge in positive sentiment toward cryptocurrency, especially Bitcoin. With Musk in the market, tweeting to his over 44 million followers, there’s more to unfold. Bitcoin may continue to enjoy this surge in the coming weeks if the “short the bankers” sentiment continues all over the market.

If you have any questions and comments on Bitcoin today, use the form below to reply.


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source https://www.earnforex.com/commodities/bitcoin-may-emulate-gamestop/

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United States Imports of Automobiles & Parts (bci 616)

Imports of Automobiles & Parts (bci 616) in the United States decreased to 31939 USD Million in November from 34046 USD Million in October of 2020. Imports of Automobiles & Parts (bci 616) in the United States averaged 14591.77 USD Million from 1978 until 2020, reaching an all time high of 34537 USD Million in October of 2018 and a record low of 1755 USD Million in August of 1978. This page includes a chart with historical data for the United States Imports of Of Automobiles & Parts (bci 616).

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/imports-of-automobiles-parts-bci-616

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United States Imports of Consumption of Alloy Steel Products

Imports of Alloy Steel Products in the United States increased to 313237 USD THO in December from 226356 USD THO in November of 2020. Imports of Alloy Steel Products in the United States averaged 417927.22 USD THO from 2000 until 2020, reaching an all time high of 840889 USD THO in May of 2012 and a record low of 143296 USD THO in May of 2002. This page includes a chart with historical data for the United States Imports of For Consumption of Alloy Steel Products.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/imports-of-consumption-of-alloy-steel-products

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United States Imports of Consumption of Carbon Steel Produc

Imports of Carbon Steel Produc in the United States increased to 793375 USD THO in December from 718107 USD THO in November of 2020. Imports of Carbon Steel Produc in the United States averaged 1336549.40 USD THO from 2000 until 2020, reaching an all time high of 2864757 USD THO in October of 2008 and a record low of 502731 USD THO in May of 2002. This page includes a chart with historical data for the United States Imports of For Consumption of Carbon Steel Produc.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/imports-of-consumption-of-carbon-steel-produc

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United States Imports For Consumption Of Stainless Steel Products

Imports For Consumption Of Stainless Steel Products in the United States decreased to 179610 USD THO in December from 187032 USD THO in November of 2020. Imports For Consumption Of Stainless Steel Product in the United States averaged 273332.76 USD THO from 2000 until 2020, reaching an all time high of 617797 USD THO in June of 2007 and a record low of 101624 USD THO in September of 2001. This page includes a chart with historical data for the United States Imports of For Consumption of Stainless Steel Pro.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/imports-of-consumption-of-stainless-steel-pro

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United States Imports of Consumption of Steel Products

Imports of Steel Products in the United States increased to 1286222 USD THO in December from 1131494 USD THO in November of 2020. Imports of Steel Products in the United States averaged 1956899.31 USD THO from 1997 until 2020, reaching an all time high of 4054735 USD THO in October of 2008 and a record low of 778677 USD THO in May of 2002. This page includes a chart with historical data for the United States Imports of For Consumption of Steel Products.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/imports-of-consumption-of-steel-products

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United States Overnight Repo Rate

The United States Overnight Repo Rate increased to 0.10 on Friday January 29 from 0.09 in the previous day. Repo Rate in the United States averaged 2.30 from 1995 until 2021, reaching an all time high of 6.94 in September of 2019 and a record low of -0.01 in December of 2009. Overnight repo rate is the interest rate at which different market participants swap treasuries for cash to cover short-term cash needs. The repo rate is helping to ensure banks have the liquidity to meet their daily operational needs and maintain sufficient reserves. The repo rate usually trades in line with the Federal Reserve’s target interest rate. This page provides - United States Repo Rate- actual values, historical data, forecast, chart, statistics, economic calendar and news.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/repo-rate

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United States Steel Production

Steel Production in the United States increased to 6434 Thousand Tonnes in December from 6120 Thousand Tonnes in November of 2020. Steel Production in the United States averaged 7859.39 Thousand Tonnes from 1969 until 2020, reaching an all time high of 11951 Thousand Tonnes in May of 1973 and a record low of 3799 Thousand Tonnes in April of 2009. This page has Steel Production values for United States.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/steel-production

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United States - Credit Rating

Fitch Ratings changed on Friday 31 July 2020 the United States’ sovereign rating outlook to negative from stable and affirmed the debt grade at AAA, citing as main trigger behind the revision the ongoing deterioration in the U.S. public finances and the absence of a credible fiscal consolidation plan, issues that were highlighted in the agency's last rating review on March 26, 2020. Standard & Poor's credit rating for the United States stands at AA+ with stable outlook. Moody's credit rating for the United States was last set at Aaa with stable outlook. DBRS's credit rating for the United States is AAA with stable outlook. In general, a credit rating is used by sovereign wealth funds, pension funds and other investors to gauge the credit worthiness of the United States thus having a big impact on the country's borrowing costs. This page includes the government debt credit rating for the United States as reported by major credit rating agencies.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/rating

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United States Coincident Index

Leading Economic Index in the United States increased to 123.37 points in August from 122.77 points in July of 2020. Leading Economic Index in the United States averaged 82.99 points from 1979 until 2020, reaching an all time high of 130.19 points in February of 2020 and a record low of 45.50 points in January of 1979. The coincident index for U.S. is a composite of coincident indexes for each of the 50 states. The coincident indexes combine several indicators to summarize current economic conditions in a single statistic: nonfarm payroll employment, average hours worked in manufacturing, the unemployment rate, and wage and salary disbursements deflated by the consumer price index (U.S. city average). The trend for each state’s index is set to the trend of its GDP. . This page provides the latest reported value for - United States Coincident Index - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/leading-economic-index

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United States Foreign Exchange Reserves

Foreign Exchange Reserves in the United States increased to 144890 USD Million in December from 141191 USD Million in November of 2020. Foreign Exchange Reserves in the United States averaged 58903.43 USD Million from 1957 until 2020, reaching an all time high of 153075 USD Million in September of 2012 and a record low of 12128 USD Million in August of 1971. In the United States, Foreign Exchange Reserves are the foreign assets held or controlled by the country central bank. The reserves are made of gold or a specific currency. They can also be special drawing rights and marketable securities denominated in foreign currencies like treasury bills, government bonds, corporate bonds and equities and foreign currency loans. This page provides - United States Foreign Exchange Reserves - actual values, historical data, forecast, chart, statistics, economic calendar and news.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/foreign-exchange-reserves

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United States Terms of Trade

Terms of Trade in the United States increased to 105.06 points in the fourth quarter of 2020 from 103.85 points in the third quarter of 2020. Terms of Trade in the United States averaged 115.18 points from 1967 until 2020, reaching an all time high of 172.45 points in the second quarter of 1968 and a record low of 94.05 points in the third quarter of 2008. In the United States, Terms of Trade (ToT) correspond to the ratio of Price of exportable goods to the Price of importable goods. This page provides - United States Terms of Trade - actual values, historical data, forecast, chart, statistics, economic calendar and news.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/terms-of-trade

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United States Personal Savings Rate

Household Saving Rate in the United States increased to 13.70 percent in December from 12.90 percent in November of 2020. Personal Savings in the United States averaged 8.94 percent from 1959 until 2020, reaching an all time high of 33.70 percent in April of 2020 and a record low of 2.20 percent in July of 2005. In the United States, Personal Saving Rate correspond to the ratio of personal income saved to personal net disposable income during a certain period of time. This page provides - United States Personal Savings Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/personal-savings

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20210129

Commodities Week in Review: January 25 to January 29

Commodities Week in Review: January 25 to January 29

Agriculture 

It might have been a slow week for the agriculture sector, but it was a roaring start for most major agricultural commodities. Despite a strengthening US dollar, crops enjoyed the first month of the calendar year in the green. Aside from the greenback, it came down to fundamentals, with weather conditions, demand, inventories, and output driving these commodities. But can these crops extend the momentum into February?

Cocoa 

  • Friday Settlement: -$9.00, or 0.36%, to $2,522 per metric ton
  • Weekly Performance: +0.04%
  • January Performance: -2.89%

Coffee 

  • Friday Settlement: -$0.006, or 0.49%, to $1.2235 per pound
  • Weekly Performance: -0.69%
  • January Performance: -3.89%

Corn

  • Friday Settlement: +$0.1275, or 2.39%, to $5.4725 per pound
  • Weekly Performance: +9.40%
  • January Performance: +12.66%

Cotton 

  • Friday Settlement: +0.74 cents, or 0.93%, to 80.67 cents per pound
  • Weekly Performance: -1.09%
  • January Performance: +3.15%

Orange Juice 

  • Friday Settlement: -$0.0015, or 0.14%, to $1.1045 per pound
  • Weekly Performance: -5.68%
  • January Performance: -12.24%

Rice 

  • Friday Settlement: +$0.02, or 0.16%, to $12.85 per pound
  • Weekly Performance: +1.98%
  • January Performance: +7.89%

Soybeans 

  • Friday Settlement: +$0.145, or 1.07%, to $13.6775 per bushel
  • Weekly Performance: +4.43%
  • January Performance: +4.39%

Sugar 

  • Friday Settlement: +0.26 cents, or 1.67%, to 15.85 cents per pound
  • Weekly Performance: 0%
  • January Performance: +2.26%

Wheat 

  • Friday Settlement: +$0.1575, or 2.43%, to $6.6275 per bushel
  • Weekly Performance: +4.37%
  • January Performance: +3.27%

Bitcoin 

The peer-to-peer decentralized cryptocurrency bitcoin showed some hints that its meteoric ascent would be cooling off. However, a few impressive sessions, including the final trading session of January, allowed bitcoin prices to maintain their stellar performance. Who knew that Elon Musk adding bitcoin to his Twitter profile would carry such weight for any financial market?

  • Friday Settlement: +$4,685.00, or 14.35%, to $37,335.00 per coin
  • Weekly Performance: +12.15%
  • January Performance: +27.77%

Energy 

It might not have captured the same attention or excitement as the GameStop and Reddit saga. But energy commodities quietly put together a decent week, with natural gas prices leading with the way as cool temperatures lifted the so-called bridge fuel. But the coronavirus pandemic continues to weigh on crude prices, triggering demand concerns among investors. Still, the energy sector enjoyed a huge start to 2021.

West Texas Intermediate (WTI) Crude Oil 

  • Friday Settlement: -$0.20, or 0.38%, to $52.14 per barrel
  • Weekly Performance: +0.31%
  • January Performance: +7.68%

Brent Crude Oil 

  • Friday Settlement: +$0.06, or 0.11%, to $55.10 per barrel
  • Weekly Performance: -0.2%
  • January Performance: +6.54%

Natural Gas 

  • Friday Settlement: -$0.107, or 4.02%, to $2.557 per million British thermal units (btu)
  • Weekly Performance: +3.99%
  • January Performance: +0.83%

Gasoline 

  • Friday Settlement: -$0.0226, or 1.43%, to $1.5528 per gallon
  • Weekly Performance: +1.06%
  • January Performance: +10.04%

Heating Oil 

  • Friday Settlement: -$0.0055, or 0.34%, to $1.5955 per gallon
  • Weekly Performance: +1.64%
  • January Performance: +7.46%

Metals 

Is the bullish run in precious metals over? Despite the Wall Street consensus that gold and silver still have plenty of room for growth due to inflation fears and economic uncertainty, prices have not emitted that same confidence. But silver could be poised for a breakout after a Reddit forum revealed it is attempting to perform a “short squeeze” in the white metal. Meanwhile, the industrial metals were mixed, mainly because of sluggishness in the broader global economic recovery.

Gold 

  • Friday Settlement: +$11.90, or 0.65%, to $1,849.80 per ounce
  • Weekly Performance: -0.31%
  • January Performance: -2.72%

Silver 

  • Friday Settlement: +$1.123, or 4.33%, to $27.045 per ounce
  • Weekly Performance: +5.79%
  • January Performance: +1.96%

Copper 

  • Friday Settlement: -$0.0375, or 1.05%, to $3.5405 per pound
  • Weekly Performance: -2.18%
  • January Performance: +0.58%

Palladium 

  • Friday Settlement: -$93.80, or 4.04%, to $2,228.50 per ounce
  • Weekly Performance: -5.87%
  • January Performance: -9.24%

Platinum 

  • Friday Settlement: +$7.50, or 0.7%, to $1,079.90 per ounce
  • Weekly Performance: -2.63%
  • January Performance: +0.04%

Steel 

  • Friday Settlement: +$29.00, or 2.75%, to $1,084.00 per ton
  • Weekly Performance: +1.78%
  • January Performance: +12.56%

If you have any questions and comments on commodities today, use the form below to reply.


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source https://www.earnforex.com/commodities/commodities-week-in-review-january-25-to-january-29/

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Gold, Silver Surge As Reddit’s WSB Forum Plans New ‘Short Squeeze’

Gold futures surged to end the trading week, putting forth a tepid weekly gain. But the yellow metal will finish the month in the red following a stronger US dollar, stimulus uncertainty, and greater confidence in the broader financial markets. Silver joined the metals rally, too, thanks to a Reddit forum’s push into the white metal. Can the precious metals extend the momentum into February?

April gold futures advanced $21.40, or 1.16%, to $1,859.30 per ounce at 15:48 GMT on Friday on the COMEX division of the New York Mercantile Exchange. Gold will post a weekly boost of 0.2%, and a January slide of about 2.2%.

Silver, the sister commodity to gold, is soaring for the second straight session. March silver futures climbed $1.163, or 4.49%, to $27.085 an ounce. The white metal will enjoy a 6% weekly spike, as well as a 2% monthly gain.

Following the meteoric ascent with GameStop, AMC, BlackBerry, and several other stocks, it looks like Reddit’s Wall Street Bets will be targeting silver prices over the next couple of weeks. According to the popular post on the forum-turned-decentralized hedge fund:

Any short squeeze in silver paper shorts would be EPIC. Why not squeeze $SLV to real physical price.

The post resulted in a massive rally and dramatic increase in trading volumes for the white metal, a commodity that has calmed down in recent weeks after last year’s exponential push. But will Reddit memers be successful, or are the shorts already covering their positions?

For now, gold prices are benefiting from the volatility and speculative trading efforts. Investors have been displeased by what has transpired, evident in the broader stock market. At the same time, the greenback is also rising parallel to the metals.

The US Dollar Index, which measures the buck against a basket of currencies, edged up 0.03% to 90.48, from an opening of 90.46. A stronger dollar is bad for commodities priced in dollars because it makes it more expensive for foreign investors to purchase. The DXY will record a weekly gain of 0.24% and a January increase of 0.6%.

Gold took a hit on the delay in US fiscal stimulus plans. Despite President Joe Biden unveiling his $1.9 trillion proposal earlier this month, Senate Majority Leader Chuck Schumer (D-NY) suggested it could take up to six weeks for the COVID-19 package to pass. On the other hand, gold ticked up on the Federal Reserve promising to employ more mechanisms to support the economic recovery as the pandemic continues to hammer the economy.

In other metal markets, March copper futures slipped $0.0065, or 0.18%, to $3.5715 per pound. March platinum futures tacked on $14.50, or 1.35%, to $1,086.90 per ounce. March palladium futures declined $107.30, or 4.62%, to $2,215.00 an ounce.

If you have any questions and comments on commodities today, use the form below to reply.


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source https://www.earnforex.com/commodities/gold-silver-surge-as-reddits-wsb-forum-plans-new-short-squeeze/

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United States Pending Home Sales

Pending Home Sales in the United States increased 21.40 percent in December of 2020 over the same month in the previous year. Pending Home Sales in the United States averaged 1.16 percent from 2002 until 2020, reaching an all time high of 30.90 percent in October of 2009 and a record low of -33.80 percent in April of 2020. Pending Home Sales Index is based on sales of existing homes where the contract has been signed but the transaction has not been closed. The index is based on a large national sample, typically representing about 20 percent of transactions for existing-home sales. An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined. This page provides the latest reported value for - United States Pending Home Sales - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/pending-home-sales

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Elon Musk Sends Bitcoin Soaring Above $38,000

On Friday, January 29, Bitcoin (BTC) trading pair briefly jumped almost 20% to $38,200 in just an hour. At the time of writing, however, the price of Bitcoin was trading $38,106 on Bitstamp.

Notably, this abnormal jump in Bitcoin price has already led to the elimination of $838 million in shorts on a daily basis.

Source: bybt.com

Most of the shorts were liquidated on Binance ($335 million), Huobi ($159 million), and OKEx ($21 million).

Elon Musk behind Bitcoin massive rally

Many in the cryptocurrency community agree that Elon Musk, the founder of Tesla and SpaceX is indirectly behind the pump. After the richest man in the world updated his Twitter bio on January 29 — by simply adding the hashtag “#bitcoin” — the premier cryptocurrency surged 13%.

Source: twitter.com

Anthony Trenchev, the co-founder of the Nexo cryptocurrency loan service, shares the same opinion. In an interview with Bloomberg, Trenchev stated that Musk’s support creates “a safe haven for small companies and possibly all S&P 500 participants to invest in Bitcoin.” He added:

Obviously, this huge leap is associated with Ilon’s tweet.

The capitalization of Bitcoin against the background of the rally jumped from $599 billion to $696 billion. However, the head of Tesla and SpaceX himself is not far from the cryptocurrency market. In May 2020, Musk admitted that he owns 0.25 BTC.

If you have any questions and comments on Bitcoin today, use the form below to reply.


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source https://www.earnforex.com/commodities/elon-musk-sends-bitcoin-soaring-above-38000/

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EIA estimates that global petroleum liquids consumption dropped 9% in 2020

Responses to the coronavirus disease (COVID-19) caused global demand for petroleum products to fall significantly in 2020. The U.S. Energy Information Administration (EIA) estimates that the world consumed 92.2 million barrels per day (b/d) of petroleum and other liquid fuels in 2020, a 9% decline from the previous year and the largest decline in EIA's series that dates back to 1980. A supplement to EIA's Short-Term Energy Outlook (STEO) describes developments in global oil consumption during 2020, methods for estimating and forecasting global oil consumption, and expectations for oil consumption in 2021 and 2022.

source https://www.eia.gov/todayinenergy/detail.php?id=46596

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United States Personal Spending

Personal Spending in the United States decreased 0.20 percent in December of 2020 over the previous month. Personal Spending in the United States averaged 0.53 percent from 1959 until 2020, reaching an all time high of 8.70 percent in May of 2020 and a record low of -12.70 percent in April of 2020. Personal consumption expenditures (PCE) is the primary measure of consumer spending on goods and services in the U.S. economy. 1 It accounts for about two-thirds of domestic final spending, and thus it is the primary engine that drives future economic growth. PCE shows how much of the income earned by households is being spent on current consumption as opposed to how much is being saved for future consumption. PCE also provides a comprehensive measure of types of goods and services that are purchased by households. Thus, for example, it shows the portion of spending that is accounted for by discretionary items, such as motor vehicles, or the adjustments that consumers make to changes in prices, such as a sharp run-up in gasoline prices. This page provides the latest reported value for - United States Personal Spending - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/personal-spending

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United States Personal Consumption Expenditure Price Index

Pce Price Index in the United States increased to 112.17 points in December from 111.69 points in November of 2020. Pce Price Index in the United States averaged 59.61 points from 1959 until 2020, reaching an all time high of 112.17 points in December of 2020 and a record low of 16.07 points in January of 1959. In the United States, the Personal Consumption Expenditure Price Index provides a measure of the prices paid for domestic purchases of goods and services. While the Consumer Price Index assumes a fixed basket of goods and uses expenditure weights that do not change over time for several years, the Personal Consumption Expenditure Price Index uses a chain index and resorts on expenditure data from the current period and the preceding period (known as Fisher Price Index). This page provides the latest reported value for - United States Personal Consumption Expenditure Price Index - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/pce-price-index

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United States Personal Income

Personal Income in the United States increased 0.60 percent in December of 2020 over the previous month. Personal Income in the United States averaged 0.53 percent from 1959 until 2020, reaching an all time high of 12.40 percent in April of 2020 and a record low of -4.70 percent in January of 2013. Personal Income refers to the income that persons receive in return for their provision of labor, land, and capital used in current production, plus current transfer receipts less contributions for government social insurance. This page provides the latest reported value for - United States Personal Income - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/personal-income

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US Dollar LIBOR Three Month Rate

US Dollar LIBOR Three Month Rate was at 0.21 percent on Friday January 29. Interbank Rate in the United States averaged 3.63 percent from 1986 until 2021, reaching an all time high of 10.63 percent in March of 1989 and a record low of 0.20 percent in November of 2020. The three month US Dollar LIBOR interest rate is the average interest rate at which a LIBOR contributor bank can obtain unsecured funding in the London interbank market for a three month period in US dollars. This page provides - United States Interbank Rate- actual values, historical data, forecast, chart, statistics, economic calendar and news.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/interbank-rate

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20210128

GameStop Conundrum - Know what led to the SURGE in this stock

Until Thursday, it appeared retail traders had the upper hand. Coordinating on forums such as Reddit’s Wallstreetbets, the small investors forced hedge funds to unwind short positions that had bet on the decline of shares in companies such as GameStop and American Airlines. That activity resulted in a short squeeze that sent the shares soaring

SOURCE: NASDAQ
https://www.zeebiz.com/world/news-gamestop-conundrum-know-what-led-to-the-surge-in-this-stock-147320
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Natural Gas Slumps on Smaller-Than-Expected Supply Drawdown

Natural gas futures are sliding toward the end of the trading week after the US government reported a slightly smaller-than-expected decline in domestic inventories. The latest movement in natural gas prices has stumped market analysts who have anticipated a downward trend for the energy commodity since Old Man Winter has mostly bypassed some of the biggest natural gas consumers this season.

March natural gas futures fell $0.07, or 2.59%, to $2.632 per million British thermal units (btu) at 16:30 GMT on Thursday on the New York Mercantile Exchange. Despite the drop on Thursday, natural gas prices are poised for a more than 5% gain on the week, as well as a 4% rally in January.

According to the US Energy Information Administration (EIA), domestic inventories of natural gas fell by 128 billion cubic feet for the week ending January 22. The market had forecast a decline of 136 billion cubic feet. In total, US supplies stand at 2.881 trillion cubic feet, up 78 billion cubic feet from the same time a year ago. They are also 244 billion cubic feet above the five-year average.

Natural gas prices have rebounded in recent sessions after sliding about 8% last week. The energy commodity has been impacted mostly by warmer weather trends in the US, affecting demand levels for this time of the year. But with more than a month of winter left, the temperatures are beginning to come down.

Arctic temperatures, thanks to the polar vortex, are slamming the US, Canada, and Europe, threatening a deep freeze and subzero wind chills in many parts of North America and Europe.

Is it a case of too little too late for the natural gas markets? Prices are challenging the 50-day exponential moving average as the fundamentals start to improve for the energy commodity. President Joe Biden has installed a moratorium on new drilling on federal lands, Chinese demand is projected to surge, and the weekly inventory drawdown continues to be in the range of market forecasts.

But output might still be a problem for natural gas prices. Although US producers have reduced production levels by a modest amount, they could be offset by Russia gradually raising output.

Overall, natural gas is a long-term bullish prospect because it is critical to global renewable energy initiatives.

In other energy commodities, March West Texas Intermediate (WTI) crude oil futures tumbled $0.32, or 0.61%, to $52.53 per barrel. March Brent crude futures shed $0.21, or 0.38%, to $55.32 a barrel. March gasoline futures picked up $0.0064, or 0.41%, to $1.578 a gallon. March heating oil futures slumped $0.0037, or 0.23%, to $1.6039 per gallon.

If you have any questions and comments on commodities today, use the form below to reply.


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source https://www.earnforex.com/commodities/natural-gas-slumps-on-smaller-than-expected-supply-drawdown/

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Silver Price Outlook: XAG/USD Breaks Out, Can Bulls Drive Rally?

Silver price put in a strong breakout this morning, even as Gold prices remain somewhat subdued. Are Silver markets nearing a more significant breakout?

source https://www.dailyfx.com/forex/fundamental/daily_briefing/session_briefing/daily_fundamentals/2021/01/28/Silver-Price-Outlook-XAGUSD-XAG-USD-SLV-Silver-Breaks-Out-can-Bulls-Continue-to-Drive.html

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United States Kansas Fed Manufacturing Index

Kansas Fed Manufacturing Index in the United States increased to 22 points in January from 12 points in December of 2020. Kansas Fed Manufacturing Index in the United States averaged 7.66 points from 2001 until 2021, reaching an all time high of 35 points in March of 2005 and a record low of -62 points in April of 2020. The Kansas City Fed's monthly Survey of Tenth District Manufacturers provides information on current manufacturing activity in the Tenth Federal Reserve District, encompassing the western third of Missouri; all of Kansas, Colorado, Nebraska, Oklahoma and Wyoming; and the northern half of New Mexico. The survey monitors about 300 manufacturing plants selected according to geographic distribution, industry mix, and size. Survey results reveal changes in several indicators of manufacturing activity, including production and shipments, and identify changes in prices of raw materials and finished products. This page provides - United States Kansas Fed Manufacturing Index- actual values, historical data, forecast, chart, statistics, economic calendar and news.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/kansas-fed-manufacturing-index

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United States GDP Deflator

GDP Deflator in the United States increased to 114.37 points in the fourth quarter of 2020 from 113.84 points in the third quarter of 2020. GDP Deflator in the United States averaged 54.58 points from 1950 until 2020, reaching an all time high of 114.37 points in the fourth quarter of 2020 and a record low of 12.85 points in the first quarter of 1950. The GDP Deflator measures the change in prices of final goods and services and it is considered as a key indicator for inflationary pressures, that provides insight into the future direction of monetary policy. This page provides the latest reported value for - United States GDP Deflator - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/gdp-deflator

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Bitcoin Is Short-Term Bearish, Trader Says

As Bitcoin continues to test the $30,000 support area, a trader popularly known as the “Byzantine General” has said that Bitcoin is short-term bearish as the options market hints at consolidation.

The trader noted that the price action of Bitcoin is not bullish despite the price of BTC staying above a key support level.

In the midst of all this chaos, here’s a bitcoin chart. Not much to do. It’s bearish no matter how you look at it. But we’re sitting on support, so no swing short opportunity either… It’s just waiting now. > YO needs to hold.

The option market is short-term bearish

It doesn’t seem like only the trader is of this opinion. Analysts have noticed a similar trend from the options market and the previous fractals of Bitcoin. A candle chart that reveals the patterns that analysts use to compare current and previous cycles of an asset price are known as fractals.

traded instruments in the last 24 hours

According to Laevitas, a data analytics company, the options market exhibited a short-term bearish outlook. The analysts said:

As Bitcoin consolidation continues, put/call ratio on @DeribitExchange is at 2 today. In last 24h, seeing decent buy volume on 26MAR 9000p, 13000p and 14000p. Options market is signaling a short-term bearish view.

https://twitter.com/laevitas1/status/1354696076339634182? s=20

The options market has a strong hold on the BTC market now than before. There is no ignoring the open interest which is hovering above $3 billion. There are also more active options contracts and options traders in the market. It would be detrimental to the price of Bitcoin if those selling are coming from the options market.

Miners position index

It is possible that one of the reasons why the price of BTC has continued to range and stagnate is the high selling pressure coming from miners.

cryproquant position index chart

According to data from CryptoQuant, the Miner’s Position Index is high, showing that miners are selling or depositing their bitcoins to exchanges. With miners playing a key role in the selling pressure of Bitcoin, a high Miner’s Position Index usually leads to a sell-off.

On Jan. 26, CryptoQuant CEO Ki Young Ju said:

BTC Miners’ Position Index hit the 8-year high. They’ve been moving an unusual amount of Bitcoins lately. It seems they’re continuously realizing profits since 42k. This is one of the reasons why I keep my bearish bias.

For now, a $34,000 resistance level is the key area for the foreseeable future. If the options market continues to lean toward the bearish short-term trend and the miners continue to sell, Bitcoin is unlikely to break new highs in the near future.

If you have any questions and comments on Bitcoin today, use the form below to reply


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source https://www.earnforex.com/commodities/bitcoin-is-short-term-bearish-trader-says/

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Video: Natural Gas Price Analysis for February 2021 – Bulls Back in Control?

In the present video, David Jones from Capital.com provides his forecast for natural gas in February 2021, assessing both bullish and bearish arguments for the commodity. He starts with fundamental analysis, discussing the volatile price moves in the previous year, explaining what factors were driving them, and talking about fundamentals that will be affecting the commodity in the future. Next, David lists the major support and resistance levels. He then turns to technical analysis, showing charts and technical indicators. In the end, David decides that natural gas has quit the downtrend and it is time to buy the commodity.

If you found this video useful and want to see more videos like this one or if you want to see a commodity trading video on some other topic, please leave your response using the form below.


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source https://www.earnforex.com/commodities/video-natural-gas-price-analysis-for-february-2021-bulls-back-in-control/

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United States New Home Sales

New Home Sales in the United States increased to 842 Thousand units in December from 829 Thousand units in November of 2020. New Home Sales in the United States averaged 653.55 Thousand units from 1963 until 2020, reaching an all time high of 1389 Thousand units in July of 2005 and a record low of 270 Thousand units in February of 2011. A sale of the new house occurs with the signing of a sales contract or the acceptance of a deposit. The house can be in any stage of construction: not yet started, under construction, or already completed. New home sales account for about 10 percent of the US housing market. New single-family home sales are extremely volatile month-to-month and preliminary figures are subject to large revisions because they are mostly drawn from building permits data. This page provides the latest reported value for - United States New Home Sales - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/new-home-sales

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Institutional Demand Can’t Keep Bitcoin Above $30,000 – Minerd

Scott Minerd, investment director at Guggenheim Partners, believes that institutions cannot keep Bitcoin (BTC) price above $30,000. He expressed this opinion in a recent interview with Bloomberg.

According to Minerd, the market lacks the necessary institutional demand to allow Bitcoin to return to $35,000. He said:

I don’t think there are enough investors now to support that price.

Read also: Bitcoin Price Won’t Exceed $40,000, JPMorgan Says

Bitcoin can grow to $400,000 in the long term

It is noteworthy that in December last year, Minerd announced Bitcoin fundamental indicators, hinting at the growth of the cryptocurrency to $400,000. The study of Guggenheim Partners was then based on the shortage of cryptocurrency and the value of other assets like gold. Minerd previously argued:

… Bitcoin actually has many attributes of gold and at the same time unusual value in terms of transactions.

Guggenheim Partners has been closely monitoring the cryptocurrency market since November last year. Earlier in an interview with CNBDC, Minerd suggested that Bitcoin has already peaked in 2021. Nonetheless, cryptocurrency remains a viable asset in the long term, he added.

Guggenheim Partners manages more than $200 billion in assets, and invests in different asset classes on behalf of companies, pension funds, and sovereign wealth funds, said it could “indirectly raise Bitcoin investments” through the Grayscale Bitcoin Trust (GBTC) product through its Macro Opportunity Fund.

Meanwhile, Bitcoin price is experiencing a two-week decline. On Wednesday, January 27, the BTC/USD pair formed a double bottom and bounced off the support of $29,000. However, at the time of this writing, the price of one bitcoin is trading at $31,906. The average daily trading volume has exceeded $76 million.

If you have any questions and comments on Bitcoin today, use the form below to reply.


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source https://www.earnforex.com/commodities/institutional-demand-cant-keep-bitcoin-above-30000-minerd/

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United States GDP Annual Growth Rate

The Gross Domestic Product (GDP) in the United States contracted 2.50 percent in the fourth quarter of 2020 over the same quarter of the previous year. GDP Annual Growth Rate in the United States averaged 3.10 percent from 1948 until 2020, reaching an all time high of 13.40 percent in the fourth quarter of 1950 and a record low of -9 percent in the second quarter of 2020. The United States is the world’s largest economy. Yet, in the last two decades, like in the case of many other developed nations, its growth rates have been decreasing. If in the 50’s and 60’s the average growth rate was above 4 percent, in the 70’s and 80’s dropped to around 3 percent. In the last ten years, the average rate has been below 2 percent and since the second quarter of 2000 has never reached the 5 percent level. This page provides the latest reported value for - United States GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/gdp-growth-annual

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United States Government Spending

Government Spending in the United States decreased to 3327.20 USD Billion in the third quarter of 2020 from 3368.73 USD Billion in the second quarter of 2020. Government Spending in the United States averaged 2086.58 USD Billion from 1950 until 2020, reaching an all time high of 3368.73 USD Billion in the second quarter of 2020 and a record low of 599.63 USD Billion in the first quarter of 1950. Government Spending refers to public expenditure on goods and services and is a major component of the GDP. Government spending policies like setting up budget targets, adjusting taxation, increasing public expenditure and public works are very effective tools in influencing economic growth. This page provides the latest reported value for - United States Government Spending - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/government-spending

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United States Gross Fixed Capital Formation

Gross Fixed Capital Formation in the United States increased to 3314.73 USD Billion in the third quarter of 2020 from 3096.33 USD Billion in the second quarter of 2020. Gross Fixed Capital Formation in the United States averaged 2447.01 USD Billion from 1995 until 2020, reaching an all time high of 3387.18 USD Billion in the fourth quarter of 2019 and a record low of 1215.60 USD Billion in the second quarter of 1995. This page provides the latest reported value for - United States Gross Fixed Capital Formation - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/gross-fixed-capital-formation

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United States GDP Constant Prices

GDP Constant Prices in the United States increased to 18780.30 USD Billion in the fourth quarter of 2020 from 18596.50 USD Billion in the third quarter of 2020. GDP Constant Prices in the United States averaged 9102.21 USD Billion from 1950 until 2020, reaching an all time high of 19253.96 USD Billion in the fourth quarter of 2019 and a record low of 2184.87 USD Billion in the first quarter of 1950. This page provides - United States GDP Constant Prices - actual values, historical data, forecast, chart, statistics, economic calendar and news.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/gdp-constant-prices

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U.S. wind energy production tax credit extended through 2021

The timing and magnitude of wind turbine installations in the United States are often driven by tax incentives. The U.S. production tax credit (PTC), a per-kilowatthour (kWh) credit for electricity generated by eligible renewable sources, was first enacted in 1992 and has been extended and modified in the years since. At the end of December 2020, Congress extended the PTC at 60% of the full credit amount, or $0.018 per kWh ($18 per megawatthour), for another year through December 31, 2021. In 2020, the credit was 60% of the full credit amount. Under the new PTC legislation, qualifying wind projects must begin construction by December 31, 2021.

source https://www.eia.gov/todayinenergy/detail.php?id=46576

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United States Goods Trade Balance

Goods Trade Balance in the United States increased to -82466 USD Million in December from -85486 USD Million in November of 2020. Goods Trade Balance in the United States averaged -21672.56 USD Million from 1955 until 2020, reaching an all time high of 1492.20 USD Million in June of 1975 and a record low of -85486 USD Million in November of 2020. In the US, goods trade balance is equal to goods exports less goods imports. This page provides - United States Goods Trade Balance- actual values, historical data, forecast, chart, statistics, economic calendar and news.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/goods-trade-balance

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United States Jobless Claims 4-week Average

Jobless Claims 4-week Average in the United States increased to 868 Thousand in January 23 from 851.75 Thousand in the previous week. Jobless Claims 4-week Average in the United States averaged 371.68 Thousand from 1967 until 2021, reaching an all time high of 5790.25 Thousand in April of 2020 and a record low of 179 Thousand in May of 1969. This page provides - United States Jobless Claims 4-week Average- actual values, historical data, forecast, chart, statistics, economic calendar and news.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/jobless-claims-4-week-average

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United States Wholesale Inventories

Wholesale Inventories in the United States increased 0.10 percent in December of 2020 over the previous month. Wholesale Inventories in the United States averaged 0.36 percent from 1992 until 2020, reaching an all time high of 2.10 percent in May of 2011 and a record low of -2 percent in March of 2009. The Wholesale Inventories are the stock of unsold goods held by wholesalers. Inventories are a key component of gross domestic product changes. A high inventory points to economic slowdown in the US, while a low reading points to a stronger growth. This page provides - United States Wholesale Inventories - actual values, historical data, forecast, chart, statistics, economic calendar and news.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/wholesale-inventories

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United States ADP Employment Change

Private businesses in the United States fired -123 thousand workers in December of 2020 compared to 307 thousand in November of 2020. ADP Employment Change in the United States averaged 33.14 Thousand from 2001 until 2020, reaching an all time high of 4485 Thousand in June of 2020 and a record low of -19409 Thousand in April of 2020. The ADP National Employment Report measures levels of non-farm private employment. The Report is based on the actual payroll data from about 24 million employees processed by the Automatic Data Processing, Inc. This page provides the latest reported value for - United States ADP Employment Change - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

SOURCE: 🇺🇸 United States
https://tradingeconomics.com/united-states/adp-employment-change

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As Wall Street Panics, Bitcoin Attempts Strong Recovery

Despite Wall Street closing in red after yesterday’s trading session, Bitcoin has recovered some of its losses. Currently putting the flagship cryptocurrency on a launchpad to $40,000.

After losing key support levels at $31,000, the bearish leg explored levels slightly under the $30,000. However, buyers were keen on ensuring a limit on the downward momentum. Most alternative coins also enjoyed a bounce off the lows as ETH hit $1,300 while UNI jumped to an all-time high.

Earlier this week, the flagship cryptocurrency attempted to overcome $35,000 in an unsuccessful bullish run. From them on, the coin gradually decreased in value. This drop led to an adverse decrease below the psychological level of $30,000.

After the dip, bulls quickly gripped the market and pushed the price to reclaim $30,000. At 10:11 AM GMT on Tuesday, the coin was trading at $31,455, a 0.48% gain over the last 24 hours. The 50-day Simple Moving Average protected the immediate downside.

Bitcoin‘s decline yesterday coincided with substantial losses on Wall Street. Dow Jones, Nasdaq, S&P 500, the three most prominent US stock indexes experienced a 2% drop in a day. As GameStop shares surged in short squeeze, Nasdaq futures contracts added 1%, while Dow Jones and S&P 500 have remained in indecisive movements.

Bitcoin is facing a critical resistance

However, Bitcoin is facing a critical resistance. This is brought by the ascending parallel channel’s middle boundary. The price action above this zone is likely to add credibility to the bullish outlook.

At the same time, it appears that the gap made by the 50-day Simple Moving Average above the 100 and 200 SMAs suggests that buyers have the upper hand. Key levels must come down for the king cryptocurrency to jump-start the rally to $40,000.

jan 28 chart on trading view

When BTC breaks above $32,000, there is a likelihood that more investors will be interested in the market. More will be willing to consolidate their positions by increasing their holdings. If this happens, a strong tailwind behind Bitcoin pushing it strong enough to break the $36,000 hurdle will be created.

The Moving Average Convergence Divergence or MACD still reinforces a downtrend. Generally, the MACD shows the direction of an asset’s trend and its momentum. It appears that, for now, the MACD line is below the signal line. This means that a proper recovery may take awhile to come into fruition.

If you have any questions and comments on Bitcoin today, use the form below to reply.


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source https://www.earnforex.com/commodities/as-wall-street-panics-bitcoin-attempts-strong-recovery/

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