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Gold Price Rises Strongly Amid US Political Uncertainty ConcernsBased on the current factors, I see gold prices in an uptrend and trading within a solid bullish channel, with the EMA (34) and EMA (89) supporting below. The main driver is political uncertainty in the US, along with concerns about fiscal deficits and safe-haven demand amid geopolitical tensions. News of hedge funds buying an additional 15 tonnes of gold last week further reinforces this trend. Currently, the price is at $2,778/ounce, but if it approaches the upper resistance line of the bullish channel, the price may correct slightly before continuing the upward trend. However, if the political situation continues to escalate, the possibility of breaking the resistance and reaching higher levels is very high.
OANDA:XAUUSD
by Naoomi
1
GME GameStop - Short Squeeze in the Making!If you haven`t bought GME before the previous breakout: Now you need to know that GameStop (GME) is creating a buzz in the options market, especially as it gears up for an exciting week ahead! After experiencing an astronomical increase of over 121X in less than four months in the past, GME has captured the attention of traders and investors alike. This dramatic surge in price has raised speculation about the potential for another gamma squeeze, reminiscent of the impressive rallies seen in the past. With calls at the $125 strike price set to expire on January 17, 2025, there's palpable optimism in the air! The notable volume of these calls suggests that investors are positioning themselves for a significant move. Traders are eager to capitalize on the momentum that GME has built, especially with historical patterns indicating that such surges often lead to increased volatility and price spikes. The options chain for this Friday looks extremely bullish, with an uptick in activity signaling strong demand for GME calls. The convergence of high open interest and the upcoming expiration date has the potential to ignite a new wave of buying pressure, further fueling the chances of a gamma squeeze. As more traders enter the market, the cascading effects of rising call prices could push the underlying stock higher, benefiting those who are well-positioned in the options market!
NYSE:GMELong
by TopgOptions
ETH Ethereum Potential retracement soonIf you haven`t bought the recent Double Bottom on ETH: Now Ethereum might be facing bearish pressure following the U.S. Department of Justice's (DOJ) launch of a criminal investigation into Tether, the issuer of the widely used stablecoin USDT. According to reports from the Wall Street Journal, this investigation is led by the U.S. attorney’s office in Manhattan and focuses on potential violations of sanctions and anti-money laundering regulations. As Tether’s USDT is a crucial component of the cryptocurrency ecosystem, widely utilized for trading and liquidity on various platforms, any negative developments regarding its regulatory compliance could have significant ramifications for Ethereum. Tether's stability and its ability to maintain its peg to the U.S. dollar are vital for many trading pairs involving Ethereum. If the investigation reveals serious issues, it could lead to a loss of confidence in USDT, prompting traders to seek safer alternatives or even pull out of the market altogether. The ripple effects of Tether’s troubles may extend to Ethereum and other cryptocurrencies that depend on stablecoins for liquidity. A decline in USDT’s credibility could trigger panic selling, as traders rush to liquidate their positions in Ethereum and other assets, leading to increased volatility and downward pressure on prices. This scenario could particularly impact Ethereum, given its integral role in decentralized finance (DeFi), where USDT is frequently used for collateral and trading. The scrutiny surrounding Tether may prompt regulators to cast a wider net over the cryptocurrency market, leading to increased oversight of other stablecoins and projects operating on the Ethereum network. This heightened regulatory environment could deter new investments and innovations within the Ethereum ecosystem, hindering its growth potential.
Short
by TopgOptions
Bitcoin Faces Bearish Pressure Amid Tether InvestigationIf you didn’t purchase BTC before the last rally: Now Bitcoin's recent performance may be overshadowed by growing concerns surrounding the stability of the cryptocurrency market, particularly in light of the U.S. Department of Justice (DOJ) launching a criminal investigation into Tether, the issuer of the popular stablecoin USDT. According to reports from the Wall Street Journal, this investigation, spearheaded by the U.S. attorney’s office in Manhattan, is examining potential violations of sanctions and anti-money laundering regulations. Tether has been a crucial component of the cryptocurrency ecosystem, as its dollar-pegged stablecoin is widely used for trading and liquidity across numerous exchanges. Any negative developments in the investigation could undermine confidence in USDT, leading to broader implications for Bitcoin and other cryptocurrencies that rely on stablecoins for stability and transaction efficiency. Investors may become increasingly wary, fearing that regulatory actions could restrict Tether's operations or even jeopardize its ability to maintain its peg to the U.S. dollar. A loss of faith in USDT could trigger panic selling, as traders might rush to liquidate their positions in Bitcoin and other assets, leading to increased volatility and downward pressure on prices. The scrutiny surrounding Tether could prompt regulators to examine other stablecoins and cryptocurrency projects more closely, adding to the uncertainty and potential for further regulatory crackdowns. This environment of increased regulatory oversight could deter new investors from entering the market and may lead existing investors to reassess their positions.
Short
by TopgOptions
Gold Rises Short-Term to Close Gap Ahead of US Economic DataBased on the chart and the current situation, I see gold prices are creating a gap and tending to rise to close that gap. This may reflect the cautious sentiment of investors ahead of the release of important US economic data this week, including GDP, unemployment rate, consumer confidence index and some other important indicators on the labor market. US government bond yields are rising sharply, pushing to 4.275%, and the Dollar-Index is also at a high of 104,400 points. These factors usually put downward pressure on gold prices because a stronger USD makes gold more expensive for investors holding other currencies. However, with the gap opening up, I expect a short-term rally to close the gap, before gold continues to test higher resistance levels. The key support level is still around $2,730, and if the price holds at this level, there is a good chance of a short-term rally to fill the gap, giving investors a chance to find a reasonable entry point in the short term. However, I remain cautious with the possibility of a drop to lower levels if US economic data supports the strength of the USD.
OANDA:XAUUSD
by Naoomi
XAUUSD Faces Downside Risk as Head and Shoulders Pattern BeginsIn my view, a head and shoulders pattern may be forming on the chart with: The left shoulder is at the top near $2,755, reflecting initial buying pressure. The head peak is prominent at $2,740, indicating strong but waning buying pressure. The right shoulder is forming with a peak close to the right shoulder at $2,755. If the price breaks below the neckline around $2,721, the pattern will be complete. This could lead to a deeper decline, signaling an approaching downtrend. I will monitor further for confirmation.
OANDA:XAUUSD
by Naoomi
4
Gold prices are on an upward trend this week!Dear traders, Conan here! Today, gold is in a strong uptrend after all the attempts of the bears failed to reclaim the $2600 level, the price has started to increase and is currently at $2650. The increase is mainly due to the 80% chance that the Fed will tend to cut interest rates by 25 basis points in November, while there is a 20% chance that interest rates will remain unchanged. Lowering interest rates can reduce the opportunity cost of holding gold, thus supporting the price of gold. With positive signs from the fundamental news and in addition, gold is still reacting around the 34 EMA and the technical uptrend has not been broken when looking closely as on the 1-hour chart, we can fully expect the uptrend to remain completely dominant. Due to these factors, in Conan's personal opinion, gold prices are expected to remain attractive in the near term, with the possibility of rising to $2750. What do you think about this view?
OANDA:XAUUSDLong
by ConanTradingFX
EUR/USD: Selling pressure takes control!Hello all traders! Overall, a lackluster start to the week saw the EUR/USD pair extend its decline, falling below the 1.0900 mark and recording a fresh two-month low near the key 34-day Simple Moving Average (EMA). As such, the US Dollar (USD) continued its rally, pushing the US Dollar Index (DXY) to a fresh multi-week high above 103.00 on persistently high risk sentiment and rising geopolitical tensions in the Middle East. That said, the selling pressure on EUR/USD is not over until the price retests the trendline and the 1.0800 support zone.
Short
by ConanTradingFX
Gold Price Fluctuates Strongly As USD IncreasesBased on the chart and information you provided, gold prices are under downward pressure due to the continued rise in the USD and the US bond yield rising to 4.25%, which has limited the flow of investment capital into the precious metal. On the chart, after hitting the resistance level around $2,757, gold prices reversed and fell below $2,720. Currently, gold prices are likely to continue to correct to the support zone around $2,700. If this support zone fails to hold, the price is likely to continue to fall further. However, if the price holds above the support level, there may be a recovery and retest the resistance zone of $2,750-2,760.
OANDA:XAUUSD
by Naoomi
Gold Benefits From Political TensionsThe technical analysis of the gold chart shows that the price has increased sharply and broken the resistance level near $2,743/ounce. The EMA 34 and 89 continue to point up, reinforcing the long-term uptrend. It is expected that the gold price may have a correction to the $2,700 level before continuing to increase to higher targets around $2,800 and $2,950, corresponding to the Fibonacci levels 1.0 and 1.618. The political news factor also contributes significantly to the fluctuations of the gold price. The US presidential election in November is strongly affecting the market sentiment. If Mr. D.T. wins, the gold price is likely to decrease due to expectations that he can resolve geopolitical tensions. However, strong economic policies from both candidates may also increase economic stimulus and money injection, further supporting the gold price increase.
OANDA:XAUUSD
by Naoomi
WLD Worldcoin - Sam Altman's vision for the futureWorldcoin, founded in 2019 by OpenAI CEO Sam Altman, alongside Max Novendstern and Alex Blania, is rapidly gaining momentum as one of the most innovative projects in the crypto space. Backed by $250 million in funding from top venture capital firms like Andreessen Horowitz, Khosla Ventures, and tech visionary Reid Hoffman, Worldcoin is part of Altman's larger vision for the future. The project's core mission is to create a global identity verification system by assigning every individual a unique digital signature, verified through iris scans using a device called the Orb. This ambitious approach to proving "humanness" has the potential to revolutionize the way we interact with digital systems, creating new possibilities for secure transactions and decentralized identification. Currently, Worldcoin’s token, WLD, is sitting at a strong support level of $1.4. With growing interest in the project and its potential to reshape digital identity, I expect WLD to rally towards the $2.6 resistance by the end of the year. As Worldcoin continues to develop, it could become a major player in both the crypto and tech landscapes.
Long
by TopgOptions