DAILY MARKET REPORT - Tuesday, Feb 09, 2021

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“I think bitcoin is really on the verge of getting broad acceptance by sort of the conventional finance people.” Tesla CEO, Elon Musk.

Bitcoin (BTC) jumped more than 20% in last 24 hours and hits a new record high above $47600 on Tuesday after the Electric car maker Tesla revealed that it has purchased $1.5 billion worth of the cryptocurrency and would soon accept it as a form of payment for cars. At the time writing, BTC trades around $47300 and the next important level to watch $50000.

"We expect to begin accepting bitcoin as a form of payment for our products in the near future, subject to applicable laws and initially on a limited basis, which we may or may not liquidate upon receipt," Tesla said.

In January, the Bitcoin closed slightly lower following the bearish comments from the European Central Bank President Christine Lagarde and US Treasury Secretary Janet Yellen.

EQUITIES

Wall Street ended record high on Monday on hopes that US lawmakers will pass a $1.9 trillion COVID-19 relief aid this month

On the earnings front, Twitter (NYSE: TWTR), Cisco (NASDAQ: CSCO), and Lyft (NASDAQ: LYFT) is scheduled to report results after the market close.

OIL

Crude oil price trading steady and surge to the fresh session high during the Asian session on optimism over fuel demand recovery.

CURRENCIES

In the currency market, the US dollar retreated from the previous week highs while the British pound Hits 33-month High.

GOLD

The gold price up for the third consecutive day lifted by the weaker dollar. Overall, the momentum remains bullish throughout the European session.

Economic Outlook

On the data front, Germany’s trade surplus widened from €16.0bn to €16.1bn in December. While exports gained 0.1% on the month, slower than the 2.3% increase in November.

Coronavirus update:

Worldwide, the number of COVID-19 cases reported is more than 106.3 million and more than 2.3 million have died. The United States has confirmed over 27 million cases and has had more than 463,000 deaths from COVID-19, the highest totals in the world.

Technical Outlook

EUR/USD:
The currency pair trading steady above 1.2060. During the European session, the pair reached a fresh session high of 1.2100.

eurusd


The important levels to watch for today: Support- 1.2070 and 1.2040 Resistance- 1.2100 and 1.2130.

GOLD: The yellow metal trading above $1845 area during the European session, if the bullish momentum continues the next upside levels to watch the $1850 and $1856 zone. On the flip side, the immediate support at $1832/30.

gold neww


The important levels to watch for today: Support- 1830 and 1816 Resistance- 1845 and 1850.

Quote of the day: If you can’t control your emotions, you can’t control your money.

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