Gold Regains $1,800 On Inflation Fears. What’s Next? Gold has spent the year consolidating. But, curiously enough for market participants, all this time, inflation has been on the rise in the advanced economies all this time. Most recently, inflation reached levels not seen in decades, running hot in the United States and Europe, two regions where central banks have a hard time generating inflation according to their price stability mandate. But despite the ongoing rise in the prices of goods and services, gold, a traditional hedge against inflation, is powerless. Just the opposite, one may say: it has traded with a bearish tone all year. However, it found important support in the $1,680 area where buyers stepped in. Last month, gold gained +1.5%, but still ended October down by a little over -6%. Gold equities rallied last month, up by more than +7%, and yet, for the year, they are down close to -12%. One explanation for gold-related equities and gold’s poor performance is the US dollar index. By the end of October, the dollar index was up by +4.65% on the year, putting pressure on the price of gold. This is another oddity because the dollar gained while inflation rose, and typically things work the other way around. What will the rest of the trading year bring for gold? Technical Picture Remains Bullish From a technical analysis perspective, the price of gold remains bullish. Two pivotal areas should be mentioned here. On the one hand, in 2021, the price found strong support at the $1,680 level and has since bounced three times from. On the other hand, the $1,960 is a pivotal area on any move higher. While in between, the price of gold continues to consolidate. However, judging by the triangular consolidation that just ended, the recent move higher above the upper edge of the triangle indicates more strength ahead. On a daily close above $1,850, traders will push for another run to $1,900. One thing is clear. If inflation does not cool down in the months ahead, gold will have a hard time remaining at the current level. As such, traders should focus on the bigger picture and adjust their positions accordingly. FXOpen Blog
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BTCUSD and XRPUSD Technical Analysis – 09th NOV, 2021 BTCUSD: Bullish Ascending Channel Above $65,000 Bitcoin is moving in a strong bullish ascending channel above the $65,000 handle, and the continuous demand is pushing the prices of BTCUSD higher today in the European trading session. Bitcoin has already crossed its previous all-time high of $67,700 and is now trading above it. This bitcoin rally is a result of continuous buying pressure and demand for BTC ETFs. The current trend is expected to continue with the immediate targets of $70,000 this week. We have seen a moving averages crossover for the 5 hourly MA signifying that in the short-term, a downward correction in the levels of bitcoin is expected. StochRSI is indicating OVERBOUGHT levels signifying that the markets can enter into a consolidation or price recovery phase at any time. Those who are looking to buy at current market levels will have to wait for the downward correction of prices to get an attractive entry for long-term holdings. Bitcoin is now moving above its both 100 hourly simple and exponential moving averages. Medium to long term outlook remains bullish for BTCUSD with targets of $70,000 before the end of this month. Bitcoin is slowly consolidating its gains without any significant drop in its levels today. Average true range indicates less market volatility Williams percent range is indicating an OVERBOUGHT level The price is now trading just below its pivot level of $67,989 All the moving averages are giving a STRONG BUY signal at the current market level of $67,860 Bitcoin Rally Towards $70,000 Confirmed BTCUSD has already crossed its major resistance level of $64,129 and continues to trade above the important psychological support level of $65,000. The price of BTCUSD is now facing its Fibonacci resistance level of $67,844 and Camarilla resistance level of $67,914, after which the path towards $70,000 will get cleared. In the last 24hrs, BTCUSD has gone UP by +3.36% with the price change of +2215$ and has a 24hr trading volume of USD 40.583 billion. Bitcoin Touches Record Highs on Inflation Fears Since last week, Bitcoin has witnessed heavy inflow of cash investments with a total value of $95 million USD on US inflation fears. Leading investment firm JPMorgan has already revised its upwards projection for the BTC stating that bitcoin is going to cross $146,000 in the year 2022, and hit the level of $73,000 before the end of 2021. Next week, bitcoin is also expected to roll out its biggest software update known as Taproot, which will enable increased transaction efficiency and privacy for its users. Since last week, this news has led to an increase in the total market capitalization of bitcoin by $120 billion USD. The Week Ahead If the price of bitcoin continues to hold above the $65,000 handle, we can witness another rally in the markets next week which will eventually push the prices of BTCUSD towards $70,000. A short-term correction is also expected, pushing the BTCUSD down below the $65,000 mark and also giving more opportunities to fresh buyers in the market. Since the dips in bitcoin remain well supported, there is no possibility of a trend reversal, and the uptrend is expected to continue in the next week. This week, BTCUSD is expected to cross the $68,000 line and aim for upsides of $69,000 to $69,500 the next week. Both the medium term and long term outlooks remain positive, and next week, we could witness BTC printing at above the $68,000 mark. Technical Indicators: Relative strength index (14-day): at 70.04 indicating a BUY Rate of price change: at 2.835 indicating a BUY Moving averages convergence divergence (12,26): at 990.80 indicating a BUY Ultimate oscillator: at 66.44 indicating a BUY Read Full on FXOpen Company Blog...
EUR/USD and EUR/JPY: Euro Could Extend Losses EUR/USD is struggling to recover above the 1.1600 resistance. EUR/JPY is diving, and it could extend losses below the 130.50 support. Important Takeaways for EUR/USD and EUR/JPY The Euro started a recovery wave above the 1.1550 and 1.1560 levels. There is a key contracting triangle forming with support near 1.1580 on the hourly chart. EUR/JPY is declining and is trading below the 131.20 level. There is a key bearish trend line forming with resistance near 131.00 on the hourly chart. EUR/USD Technical Analysis The Euro started another decline after it struggled to clear the 1.1620 resistance against the US Dollar. The EUR/USD pair broke the 1.1550 support zone to move into a bearish zone. The pair even traded below the 1.1520 support and settled below the 50 hourly simple moving average. A low was formed near 1.1513 on FXOpen and the pair is now correcting losses. There was a break above the 1.1550 and 1.1560 resistance levels. EUR/USD Hourly Chart The pair even spiked above 1.1600 and the 50 hourly simple moving average. However, it is facing hurdles near the 1.1620 level. The pair is now correcting lower and trading near the 23.6% Fib retracement level of the upward move from the 1.1513 swing low to 1.1607 high. On the downside, the 1.1580 level is a major support. There is also a key contracting triangle forming with support near 1.1580 on the hourly chart. Any more losses might lead EUR/USD towards the 1.1525 support zone in the near term. The next major support sits near the 1.1500 level. On the upside, the first major resistance is near the 1.1600 level. The main resistance is near the 1.1620 level. A clear break above the 1.1620 resistance could push EUR/USD towards 1.1665. Read Full on FXOpen Company Blog...
ETHUSD and LTCUSD Technical Analysis – 11th NOV, 2021 ETHUSD: Evening Star Pattern Above $4,500 We observed Ethereum moving in a bearish channel after it touched an all-time high of $4,865, continuing with a sharp drop in profit-taking seen across all the major cryptocurrency exchanges. The price dynamics of Ethereum has shown an Evening Star pattern above the $4,500 handle, signifying a potential reversal of the bearish trend and the continuation of the medium to long-term bullish trend. ETHUSD touched an intraday high of $4,847 in yesterday’s US trading session, after which the price saw a downward correction of more than 7%, dropping to an intraday low of $4,471. A consolidation wave towards the level of $4,600 followed next. ETH is now trading above its classic support level of $4,647 and Fibonacci support level of $4,675. In today’s US trading sessions, it is forming a bearish trend reversal pattern and is about to enter the bullish channel once again. The bearish correction occurred due to profit taking seen at higher levels, but the dips remain well supported. The price of Ethereum continues to trade above the $4,600 handle in the European trading session. All the major technical indicators are giving a STRONG BUY signal. ETH is now trading just above its 200 hourly simple and exponential moving averages. Ethereum trend reversal pattern is seen above the level of $4,500 Mid-term range appears to be bullish for ETHUSD Average true range indicates less market volatility Relative strength index is NEUTRAL Ether Bearish Trend Reversal Above $4,500 Confirmed ETHUSD has been surging in a steep trend line since 20th Jul, 2021 when it was ranging at the level of $1,700, yielding its long-term investors profits on a continuous basis. The uptrend rally is not yet over, and we are still awaiting for Ether to cross the $5,000 handle, after which more upsides will be seen towards the $5,200 to $5,500 range in the coming months. At present, the price of Ethereum is in a aub-consolidation phase, forming a bearish trend reversal pattern since yesterday. The relative strength index is at 45, indicating a NEUTRAL market; we could see a range bound movement in the prices of ETHUSD in the US trading session today. ETH has lost 0.22% with a price change of -$10.33 in the past 24hrs, and has a trading volume of 23.638 billion USD. The Week Ahead We have seen a moving averages crossover in the 5-hour range, which signifies a short-term potential trend reversal. ETHUSD will need to remain above the $4,700 handle for the bullish trend confirmation, and this week, we are looking for levels of $4,800 to $4,950. StochRSI is OVERBOUGHT which indicates that the prices are going to REVERSE very soon. The current levels are very attractive for entering into the markets with the target of $5,000. The price of ETHUSD has already broken its pivot level of $4,674 and Fibonacci resistance level of $4,700. We should see the prices of ETHUSD touching an all-time high again next week, printing at above the $5,000 handle. Technical Indicators: Stoch (9,6): at 74.34 indicating a BUY Average directional change (14-day): at 21.96 indicating a BUY Ultimate oscillator: at 68.83 indicating a BUY Commodity channel index (14-day): at 60.54 indicating BUY Read Full on FXOpen Company Blog...
Gold Price Gains Momentum While Crude Oil Price Faces Hurdle Gold price is trading in a positive zone above the $1,825 support. Crude oil price is facing hurdles near $82.20 and $83.00. Important Takeaways for Gold and Oil Gold price started a decent increase above the $1,820 resistance against the US Dollar. There is a key bullish trend line forming with support near $1,842 on the hourly chart of gold. Crude oil price is struggling to gain pace for a move above the $82.20 level. There was a break below a major bullish trend line with support near $81.65 on the hourly chart of XTI/USD. Gold Price Technical Analysis Gold price started a fresh increase above the $1,800 pivot level against the US Dollar. The price gained pace and it was able to settle above the $1,820 resistance zone. The price even settled above the $1,820 level and the 50 hourly simple moving average. Finally, there was a break above the $1,850 level. A high was formed near $1,867 on FXOpen and the price corrected lower. There was a break below the $1,860 level and the $1,855 support. Gold Price Hourly Chart The price even traded below the 50% Fib retracement level of the upward move from the $1,822 swing low to $1,867 high. However, the bulls remained active near $1,842. The price is also stable above the 61.8% Fib retracement level of the upward move from the $1,822 swing low to $1,867 high. Besides, there is a key bullish trend line forming with support near $1,842 on the hourly chart of gold. The price is back above the $1,855 level and the 50 hourly simple moving average. An immediate resistance on the upside is near the $1,862 level. The main resistance is near the $1,870 level. A close above the $1,870 level could open the doors for a steady increase towards $1,885. The next major resistance sits near the $1,900 level. On the downside, an initial support is near the $1,855 level. The first major support is near the $1,850 level. A downside break below the $1,850 support zone may possibly spark a steady decline. In the stated case, the price could test the $1,820 support. Read Full on FXOpen Company Blog...
EURO AT MULTI-MONTH LOW This Tuesday morning, the euro futures on the CME are trading below the psychological level of 1.14. Compared with the May 25 high of 1.227, the drop has already amounted to more than 7%. The last time the euro traded below 1.14 was in July 2020. One of the drivers that pushed the euro below the 1.14 level was European Central Bank President Christine Lagarde’s Monday comments. She positioned that inflation would remain high in the Eurozone for longer than previously expected. “Despite the current inflation surge, the outlook for inflation over the medium term remains subdued,” she said. But it is too early to raise the interest rate. Given the time lag characteristic of monetary policy implementation, tightening measures would do more harm than good, Lagarde added. This means that the euro emission policy will continue, so the EURUSD rate has reasonably decreased, but from a technical point of view, we can expect a rebound. The 1.14 mark served as a strong resistance (1) in stormy March 2020. In June, this level proved its significance once again (2), but was broken through upwards against growing volumes (3) in July 2020. Now we may see 1.14 acting as support and being effective at least to some degree, which, however, may prove to be sufficient for speculation on the short-term horizon. FXOpen Telegram Channel
SATOSHI NAKAMOTO'S IDENTITY COULD BE REVEALED IN COURT The identity of bitcoin creator Satoshi Nakamoto, who had appeared exclusively online before vanishing in 2011, remains a mystery. The glory of the creator of the world’s principal cryptocurrency and alleged holder of 1.1 million bitcoins haunts many a crypto enthusiast. Various versions suggest that the bitcoin creator hiding under the pseudonym is Dorian Nakamoto, Nick Szabo, or Hal Finney, but these theories have not been confirmed. Today, the person in the media spotlight is Craig Wright, a programmer who, for several years now, has been claiming he is the notorious Satoshi Nakamoto. While the general public considers the evidence he’s presented to be inconclusive, his story has taken an unexpected turn. The family of Dave Kleiman, a programmer who contributed to bitcoin’s creation but died in 2013, sued Wright in Florida, demanding that he share the 1.1 million bitcoins. The family's lawyer claims to possess evidence that Kleiman had mined the coins that are stored in Satoshi's wallet. It is up to the court to rule out whether Wright is who he claims to be and whether he should share his stash of bitcoin. One important thing is that if Satoshi's identity is confirmed, Wright will become the most authoritative personality in the crypto world, dramatically affecting the BTCUSD rate. So far, bitcoin has been weakening, which we talked about in our earlier publications. November 10 (1) saw high sales volumes. They held back the upside attempt on November 14-15 (2) and jeopardized the trendline (3), which has now been broken. Note that the November 15 high (2) is 50% of the AB decline, while the November 14 bullish candlestick has low volume (5), implying weak demand. All of this paints a bearish picture. We expect an attempt to test the breakdown of line (3). FXOpen Telegram Channel
Rivian Doubles in Price In Less Than One Week Since Its IPO Rivian (NASDAQ:RIVN) is an electric vehicle startup backed by Jeff Bezos, the CEO of Amazon. It listed its shares last week on NASDAQ at an IPO (initial public offering) price of $78. To the surprise of many market participants, the stock price has doubled in just one week since then, trading close to $170/share, resulting in a market capitalization larger than that of some well-established companies such as Volkswagen. Investors still bet big on renewable energy solutions, as many governments in the developed world plan to phase out the combustion engine in the next decade or so. As such, electric vehicle companies have surged on the world's stock exchanges, even though they are not manufacturing that many vehicles. Take Rivian — founded in 2009, it currently employs about 6,000 people. In the first trading week, the stock market performance propelled the company above Ford's market capitalization, despite Ford employing 178,000 people and delivering far more cars. Other Electric Vehicle Makers Have Seen Stock Price Surge in 2021 Rivian's performance in the first trading week since it became a publicly listed company should not come as a surprise. While impressive, its stock price performance follows closely in the footsteps of other similar companies that have outperformed the market in 2021. Lucid Group (NASDAQ:LCID) is one of them. It develops electric vehicle technologies such as full cars as well as battery systems. The stock price has gone up over +340% this year alone. Tesla is another such company, only this time, it needs no introduction. Tesla is one of the world's biggest brands, and its charismatic CEO, Elon Musk, is constantly in the papers. Most recently, Musk held a Twitter poll asking if he should sell 10% of Tesla shares. Millions of voters urged him to do so — so he did. Yet, despite the massive selling, Tesla shares have rallied over +145% in the last twelve months, and more than +2,600% in the last five years. TSLA currently trades above $1,000 a share, as buyers emerged on every dip. All in all, the electric vehicle industry is popular among investors as governments fight to tackle climate change. Sky-high valuations seem to not matter for retail investors who want to get exposure to the industry and are willing to pay multiple times their current earnings. FXOpen Blog
ETHUSD and LTCUSD Technical Analysis – 18th NOV, 2021 ETHUSD: Descending Triangle Pattern Below $4,300 Ethereum failed to continue its bullish momentum this week and after touching an intraday high of $4,765 on 16th Nov, started a steep decline towards the $4,300 handle. We can see a descending triangle pattern below $4,300 which signifies that the downtrend is expected to continue as more and more traders are entering short positions in Ethereum in hopes of making profit from a falling market. ETHUSD touched an intraday low of $4,118 in the European trading session today, after which the prices stabilized and continue to trade above the $4,200 level. StochRSI is indicating OVERSOLD level, which means that the market is in a position to enter into a consolidation phase, and the prices will continue to move in a narrow range between $4,200 and $4,400. ETH is now trading below its pivot level of $4,243 and moving in continuation of a bearish trend. The price of ETHUSD is now testing its classic support level of $4,197 and its Fibonacci support level of $4,213. After this, the path towards $4,000 will get cleared. ETHUSD is facing heavy downwards pressure and has already broken its key support level of $4,240 today. All the major technical indicators are giving a STRONG SELL signal. ETH is now trading below both the 100 hourly and 200 hourly simple moving averages. Ethereum is in continuation of a bearish channel Short-term range appears to be bearish for ETHUSD All the moving averages are giving a STRONG SELL signal Williams percent range is indicating OVERSOLD markets Ether Bearish Trend Continuation Below $4,300 ETHUSD has been moving in a steep downturn since yesterday, and this is a short-term bearish reversal of the market. The medium to long-term outlook for ETH remains bullish. The present market condition offers short-term traders to enter into SELL positions, with the immediate targets of $4,100 and $4,000. The price of ETHUSD will need to remain above the important psychological support level of $4,000 this week to mark the reversal of this bearish channel. The average true range is indicating low market volatility as we can see a drop of 26% in the trading volume as compared to yesterday. This means that fresh buyers are not willing to enter the markets given the bearish nature of the trend. ETH has gained +1.15% with a price change of +47.70$ in the past 24hrs and has a trading volume of 18.471 billion USD. The Week Ahead Ether is expected to continue this downtrend this week and touch the level of $4,100 or even break the $4,000 handle. Since the long-term bullish tone is still present, the dips below $4,000 will remain well supported and will continue to push the prices higher. StochRSI is OVERSOLD which indicates that the prices are going to REVERSE very soon. The current level is very attractive for entering into the markets with short-term position and the target of $4,000. The price of ETHUSD has already broken its Camarilla support level of $4,234 and further downsides are expected below $4,200 in the coming days. Next week, we can expect a reversal of this bearish trend. Technical Indicators: Stoch (9,6): at 26.571 indicating a SELL Relative strength index (14-day): at 43.318 indicating a SELL Ultimate oscillator: at 39.654 indicating a SELL Rate of price change: at -0.687 indicating a SELL Read Full on FXOpen Company Blog...
