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Frances November trade balance will be released in ten minutes.1. WTI crude oil futures trading volume was 1,291,685 lots, an increase of 411,839 lots from the previous trading day. Open interest was 1,989,475 lots, an increase of 20,596 lots from the previous trading day. 2. Brent crude oil futures trading volume was 257,487 lots, an increase of 93,909 lots from the previous trading day. Open interest was 222,066 lots, an increase of 5,874 lots from the previous trading day. 3. Natural gas futures trading volume was 485,707 lots, a decrease of 13,402 lots from the previous trading day. Open interest was 1,605,927 lots, an increase of 9,758 lots from the previous trading day.US President Trump: I have started making money for the US by acquiring sanctioned oil.US President Trump: We will use oil, and we will take oil.BCOM Index Rebalancing Overview: 1. Adjustment Dates: January 9th to January 15th, 2026. 2. Definition: The Bloomberg Commodity Index (BCOM) is adjusted annually in January, primarily involving weight rebalancing and contract rollover. 3. Purpose: To ensure the index consistently, fairly, and effectively reflects the true investment opportunities in the global commodity market and to maintain diversified asset allocation. 4. Impact: After this adjustment, golds target weighting in the index will decrease from 20.4% to 14.9%, meaning approximately 2.4 million ounces (about 6,800 tons) of gold will be sold off within five trading days; silvers weighting will decrease from 9.6% to 3.94%. Market Commentary: 1. Saxo Bank: Index rebalancing highlights the risk of short-term volatility in precious metals during the rebalancing period; any potential weakness could be a buying opportunity. 2. Huatai Securities: During the index rebalancing period, passive selling pressure on silver may be stronger than on gold; however, passive selling does not constitute a reversal signal of the medium- to long-term allocation logic for gold and silver. 3. TD Securities: Expects 13% of total open interest in the Comex silver market to be sold within the next two weeks, leading to a significant drop in repricing. 4. MUFG: Gold prices may face pressure from commodity index rebalancing in the short term, potentially prompting passive funds to reduce positions following last years record rally. 5. Citigroup: Gold futures contracts will see a $6.8 billion outflow due to weighting adjustments in two major commodity indices, with silver futures also experiencing a roughly similar outflow. 6. JPMorgan Chase: The annual rebalancing of the Bloomberg Commodity Index could disrupt the recent strong performance of precious metals, potentially leading to a passive sell-off of approximately $3.8 billion in silver and $4.7 billion in gold positions. 7. Societe Generale: The annual index rebalancing poses a significant risk to silver and gold prices, as they are the two best-performing assets in 2025, and silvers strong rally at the end of last year has placed it at the forefront of anticipated net selling. 8. Deutsche Bank: This index rebalancing may mean that about 2.4 million ounces (about 6,800 tons) of gold will be sold off within five trading days, while cocoa, crude oil, natural gas and diesel are expected to be positively affected.

ETH and BTC Price Movement Determined by US Statistics and the NASDAQ

Daniel Rogers

Nov 04, 2022 17:36

截屏2022-11-04 上午11.21.34.png 

 

On Thursday, Bitcoin (BTC) and Ethereum (ETH) joined the larger market in the green. Despite Fed Chair Powell's hawkish speech on Wednesday, US economic indicators fell short of forecasts, alleviating Fed concern. The technical indications continue to be optimistic, indicating rising price movements. The price of Ethereum (ETH) increased by 0.86 percent on Thursday. ETH finished the day at $1,531, partially correcting a 3.80% drop from Wednesday.

 

Due to a rocky start to the day, ETH fell to a low of $1,515 early on. Avoiding the First Major Support Level (S1) at $1,475, ETH climbed to a morning high of $1,559. However, after falling short of the First Major Resistance Level (R1) at $1,593, ETH plummeted further below $1,530 before US economic indicators provided support.

 

You should only trade with capital that you can afford to lose while trading derivatives. The trading of derivatives may not be suitable for all investors; thus, you should ensure that you fully comprehend the risks involved and, if necessary, seek independent counsel. Before entering into a transaction with us, a Product Disclosure Statement (PDS) can be received through this website or upon request from our offices and should be reviewed. Raw Spread accounts offer spreads beginning at 0 pips and commissions of $3.50 every 100k traded. Spreads on standard accounts begin at 1 pip with no additional commission fees. CFD index spreads begin at 0.4 points. This information is not intended for inhabitants of any country or jurisdiction where distribution or use would violate local law or regulation.

 

Bitcoin (BTC) climbed by 0.29% on Thursday. BTC concluded the day at $20,223, partially reversing a loss of 1.63% from Wednesday. Notably, BTC broke a four-day losing trend by avoiding sub-$20,000 territory for the ninth consecutive day.

 

BTC reached a mid-morning high of $20,404 after a strong start to the day. BTC plummeted to a midday low of $20,052 after failing to surpass the First Major Resistance Level (R1) at $20,629 during the trading session. Despite avoiding the First Major Support Level (S1) at $19,900, BTC retested $20,356 before retreating.

 

US economic figures supported cryptocurrency prices, with the crucial ISM Non-Manufacturing PMI below expectations.

 

The ISM Non-Manufacturing PMI decreased from 56.7 to 54.4 in October. Economists anticipate a drop to 55.5.

 

The subcomponents of the Index were diverse. ISM's Non-Manufacturing Employment Index decreased from 53.0 to 49.1. The Prices Index increased from 68.7 to 70.7. The unit labor costs increased by 3.5% in Q3 compared to 8.9% in Q2.

 

While the statistics were favorable for cryptocurrencies, Fed Chair Powell's recent comments weighed on the NASDAQ Composite Index. The NASDAQ Composite Index declined by 1.73 percent on Thursday.

 

The US jobs report will have a significant impact on the NASDAQ Composite Index and the cryptocurrency market today. Due to the sensitivity of BTC and ETH to US economic statistics and the FED, the correlation with the NASDAQ Composite Index remains intact. The NASDAQ 100 Mini gained 17.75 points this morning.


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