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Bitcoin's Potential Double Top: A Critical Technical AnalysisBitcoin has been experiencing notable volatility in recent months. On a weekly timeframe, technical analysis reveals a concerning double top pattern, which could indicate a significant retracement is on the horizon. This article delves into the implications of this pattern, the potential retracement levels, and the broader market factors influencing Bitcoin's price movements. Double Top Pattern and Implications: The double top is a bearish reversal pattern that typically signifies a potential downtrend following an uptrend. In Bitcoin's case, the first peak was around $73,000, followed by a recent high that failed to break through this level, forming the second top. The formation of this pattern suggests that Bitcoin might struggle to maintain its current levels and could face a significant decline. Key Support Levels and Fibonacci Retracement: Given the double top pattern, Bitcoin might retrace to its 50-day moving average, which aligns closely with the $47,000 support level. This level also corresponds to the 0.5 - 0.618 Fibonacci retracement, a critical area often considered a strong support in technical analysis. The confluence of these indicators suggests that $47,000 could serve as a robust floor for Bitcoin if the bearish pattern plays out. Market Catalysts: Mt. Gox and German Bitcoin Sales: The recent selloff from the $73,000 peak can be attributed to two significant market events. First, the Mt. Gox exchange has started repaying its creditors, many of whom are expected to liquidate their holdings for a profit. Mt. Gox has reportedly moved about 47,000 BTC for sale this month, flooding the market with additional supply. Second, Germany has moved approximately 6,000 BTC for sale, further exacerbating the selling pressure. These large-scale sales have undoubtedly influenced Bitcoin's recent price decline, contributing to the bearish sentiment currently prevailing in the market. Long-term Outlook: Bitcoin's Potential for Recovery: Despite the short-term bearish indicators, the long-term outlook for Bitcoin remains optimistic among many analysts. The fundamental factors driving Bitcoin's value—such as increasing institutional adoption, limited supply, and growing recognition as a hedge against inflation—suggest that the cryptocurrency could recover and reach new heights. By the end of the year, there is a plausible scenario where Bitcoin could surge to $80,000. This bullish projection hinges on several factors, including a stabilization of the current selloff, renewed investor confidence, and continued positive developments in the broader cryptocurrency ecosystem.
by TopgOptions
XAUUSD:Gold will continue to climb to the top in the near futureAccording to experts, precious metal prices have just gained momentum after the speech of the Chairman of the US Federal Reserve (Fed). Mr. Jerome Powell said that US inflation has cooled down. Experts and investors are increasing expectations that the Fed will soon begin a cycle of lowering interest rates. According to Bloomberg, excessive spending by the US government and increasing geopolitical instability have prompted large investors to buy gold to hedge against public debt risks. Mr. Johanna Kyrklund, chief information officer of Schroders Group, said that the market today faces many risks related to geopolitics and inflation, supporting gold - a safe haven asset.
OANDA:XAUUSD
by SantaTradeGold
XAUUSD : Gold trades around $2,350 to $2,365In this morning's trading session, world gold prices rose to their highest level in nearly two weeks around 2,360 USD/ounce. Due to rising expectations that the Federal Reserve will cut interest rates in September, after recent US data showed a weakening labor market. Ricardo Evangelista, senior analyst at ActivTrades, said: "Today's rise in gold prices is related to the weakening of the USD after Fed Chairman Jerome Powell admitted in public that inflation in the US is finally starting to move in the right direction."
OANDA:XAUUSD
by SantaTradeGold
XAUUSD : Gold will fluctuate strongly at the end of the weekWorld gold prices fluctuated around 2,329 USD/ounce in the first trading hours of the Asian session. Gold prices this week are forecast to be volatile as the market receives a series of important data, including employment data and minutes of the June FOMC meeting. In his latest statement, Mr. Powell still emphasized his view that the US Central Bank will need more data before making a decision to cut interest rates to ensure that inflation is falling sustainably towards the target mark. Michele Schneider - chief strategist of MarketGauge, commented that world gold prices are stable amid many risks. However, inflation, geopolitical tensions and the US government's budget deficit are increasing, which firmly supports gold prices.
OANDA:XAUUSD
by SantaTradeGold
GOLD : Gold will break out strongly in the futureGold prices increased slightly on Monday (July 1), with the market's focus shifting to US jobs data scheduled for release later this week, which could provide more signals about the The US Federal Reserve (Fed) lowered interest rates. At the end of the trading session on July 1, the spot gold contract increased 0.2% to 2,329.79 USD/oz. Gold prices jumped more than 4% in the second quarter of 2024. “We are seeing some short-covering activity by short futures traders and bargain hunters in the money markets,” said Jim Wyckoff, Senior Market Analyst at Kitco Metals. face. The market is also being supported by rising oil prices and a weakening USD." U.S. manufacturing activity fell for a third straight month in June and a measure of the prices factories pay for inputs fell to a six-month low amid weak demand for goods. see inflation may continue to decline. This week, the market will focus on Fed Chairman Jerome Powell's comments on July 2, followed by the minutes of the central bank's latest policy meeting on July 3 and the U.S. jobs report. America on July 5. Data last week showed US inflation was unchanged in May, while consumer spending rose moderately. The market predicts a 64% probability that the Fed will lower interest rates in September as well as another interest rate cut in December 2024.
TVC:GOLD
by SantaTradeGold
XAUUSD : Gold finds old peak at 2365$The dollar remains strengthened, especially against currencies where central banks have a more dovish stance than the Fed – most notably the yen and renminbi. However, gold investors still ignored fluctuations in the foreign exchange market, so gold recovered from the weak level at the beginning of last week and ended the week in the green. The fact that gold continues to "ignore" the strength of the USD shows that investors do not consider gold as a foreign exchange product, they still focus on the appeal of this metal after years of inflation exceeding forecasts. weakening the purchasing power of fiat currencies. US NFP and CPI data are notable for the USD and gold The latest US inflation data on Friday (core PCE index) was fully in line with market expectations. Other key U.S. economic data sets are due out in the coming weeks, including the June nonfarm payrolls report on Friday, followed by CPI data on July 11. Some other important economic data this week are also worth watching, such as ISM manufacturing and services PMI, ADP employment data, JOLTS jobs openings and FOMC meeting minutes. It can be seen that gold is still "standing firm" even though the USD is strengthening, so the possibility of gold soaring to a new record peak if the USD weakens at this time is not too far-fetched. Therefore, it is necessary to closely monitor the upcoming data series. Any sign of further weakness in the U.S. economy will strengthen expectations for more than one Fed rate cut in 2024. Gold still shows a long-term upward trend. Although gold has recently appeared to be moving sideways and its upward momentum has slowed, this could be a positive sign. Because this accumulation period helps the RSI reduce the "overbought" situation on the weekly and monthly charts. This is mainly achieved through time rather than price action, which is usually a bullish sign.
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by SantaTradeGold
XAUUSD : Gold will break out in the near futureWorld gold prices fluctuated around 2,325 USD/ounce in the first trading hours of the Asian session. Last week, the gold market continued to move slowly and steadily, as the yellow metal once again traded within a narrow range between 2,300 and 2,340 USD/ounce. Gold prices are expected to be volatile this week as the market receives a series of important data, including employment data and June meeting minutes. MarketGauge's chief strategist - Michele Schneider said that world gold prices are stable amid many risks. However, inflation and the US Government's budget deficit are increasing, which firmly supports gold prices. According to this expert, gold prices tend to increase in the long term if the support level of 2,300 USD/ounce is maintained.
OANDA:XAUUSD
by SantaTradeGold
GOLD : Gold recovered strongly this weekGold prices are becoming unpredictable in the coming days, with many mixed views from analysts and investors, according to Kitco's gold price trend survey results next week. Specifically, in a survey on Wall Street, 12 analysts responded, of which 33% thought gold prices would continue to increase, 17% thought gold prices would decrease and up to 50% predicted gold prices. across. In the online survey on Main Street, 178 investors responded, with 48% predicting gold prices to increase, 28% predicting gold prices to decrease and up to 24% predicting gold prices to decrease. horizontal. Next week, investors will continue to wait for information related to the US macroeconomy to be released, after last weekend's information showed that inflation in the US cooled down, reinforcing expectations about the Federal Reserve's announcement. The US Federal Reserve (FED) may cut operating interest rates in the second half of this year. This will positively impact the increase in gold prices.
TVC:GOLD
by SantaTradeGold
CHFJPY → Trade Analysis | SELL SetupCHFJPY is currently testing a previously broken horizontal support level, which is now likely acting as resistance following the breakout. To confirm the bearish trend, I have observed a horizontal range on the hourly chart and a bearish breach of its support level. Is moving in an ascending channel, move to the resistance level and We expect a decline in the channel after testing the current level. Hello Traders, here is the full analysis. I think we can soon see more fall from this range! GOOD LUCK! Great SELL opportunity CHFJPY I still did my best and this is the most likely count for me at the moment. ------------------- Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 🤝
Short
by TheGrove
3
FDX FedEx Corporation Options Ahead of EarningsIf you haven`t bought FDX calls ahead of the previous earnings: Now analyzing the options chain and the chart patterns of FDX FedEx Corporation prior to the earnings report this week, I would consider purchasing the 260usd strike price Calls with an expiration date of 2024-12-20, for a premium of approximately $19.30. If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
NYSE:FDXLong
by TopgOptions
GOLD : Gold is looking forward to today's dataMarket analysts forecast positive numbers for the May report. Expect the cost of goods and services to increase at an annual rate of 2.6%, down slightly from April's 2.7%. More importantly, core PCE is expected to fall to 2.6% (on an annual basis) in May, from 2.8% in April. If these forecasts come true, it would signal a further reduction in inflationary pressures. , bringing the economy closer to the Fed's 2% inflation target. Fed officials, including Chairman Jerome Powell, have repeatedly emphasized the need for a sustained positive economic data trend before considering a change in monetary policy. In the recent press conference of the Federal Open Market Committee (FOMC), Mr. Powell reaffirmed this view: "We have stated that reducing the federal funds rate target range will not be appropriate until when we have greater confidence that inflation is moving towards 2% sustainably." The market's growing confidence in the Fed's ability to change policy is reflected in the probability of cutting interest rates. CME's FedWatch tool currently shows that there is only a 35.9% chance that the Fed will keep current interest rates unchanged (from 5.25% to 5.50%) through September. This is a significant change in market sentiment, down from 37.7% just one day ago and 50.2% a month ago. This trend shows growing optimism about when the Fed will move toward normalizing interest rates. On Thursday afternoon, 6:00 pm ET, the August gold futures contract was trading actively, soaring 28.90 USD (equivalent to 1.25%) to 2,338.70 USD/oz. Although a weaker USD provided some support, the main driver of the rally was bullish market sentiment centered on expectations for Friday's PCE report.
TVC:GOLD
by SantaTradeGold
XAUUSD : Gold increased slightly after two days of declineUS economic data on June 27 was not very positive: the number of applications for unemployment benefits reached the highest level since November 2021, the number of durable goods orders showed a bad signal for Q2 GDP, sales Pending home sales hit a record low, and finally, the Kansas Fed's manufacturing activity stagnated for the 21st straight month. World gold prices are slightly decreasing, fluctuating around 2,320 USD/ounce. XAU/USD had a positive trading session, rising more than $30 to $2,329 an ounce on Thursday. World gold prices have recovered from their lowest level in 2 weeks thanks to the weakening of the USD, after a series of data showed that the US economy is slowing down, reinforcing expectations of lowering interest rates by the Fed. The market is currently paying attention to important US inflation data today for more clues about the Fed's interest rate path.
OANDA:XAUUSD
by SantaTradeGold
GOLD : Is gold preparing to test a breakout?The downward pressure on gold prices increased further due to rising US government bond yields. This yield has increased from 5-7 bps across all bond terms. A recent five-year US Treasury bond auction showed positive results, with bids from non-dealer investors exceeding the average. Recent statements by Fed officials have also further influenced market sentiment. Fed Governor Lisa Cook acknowledged progress in curbing inflation and the labor market is gradually cooling, but she did not give a specific time to reduce interest rates. Meanwhile, Fed Board of Governors Member Michelle Bowman stated that now is not the time to start cutting interest rates, even suggesting the possibility of raising interest rates if inflation persists. These developments come just ahead of the important PCE index report, scheduled for release on Friday. Economists surveyed by Dow Jones Newswires and the Wall Street Journal predicted consumer prices would fall last month. The core PCE index, which excludes food and energy costs, is expected to hit its lowest level since March 2021. If the PCE report matches forecasts, this could suggest inflation is on track toward the Fed's goals. This could encourage the Fed to consider reducing its benchmark interest rate as early as September, despite recent hawkish statements from some Fed officials. Fed Chairman Jerome Powell previously emphasized the need for greater confidence in economic data before making policy adjustments. The positive PCE report could mark the start of the "string of positive economic data" the Fed is looking for, potentially paving the way for an earlier rate cut than Cook and Bowman suggested. recently released. The combination of a strong USD, rising yields and mixed signals from Fed officials continue to create a difficult environment for gold prices in the short term. However, the upcoming PCE report could significantly influence the Fed's future policy decisions, and therefore market sentiment towards gold.
TVC:GOLD
by SantaTradeGold
XAUUSD : Is gold looking towards the target of $2,150?World gold prices moved sideways after falling more than 30 USD/ounce yesterday, fluctuating around 2,298 USD/ounce. Gold prices fell for a second straight session and hit their lowest in more than a week on Wednesday. Recent "hawkish" comments from a series of Fed officials show that the US central bank is unlikely to lower interest rates soon in the context of a recovering economy. This has supported the USD and weakened it. Yellow. Experts say that gold will fluctuate within a narrow range because investors are cautious ahead of the release of US inflation data later this week. If gold loses the $2,300 mark, it is likely that the $2,100-$2,150 range will be retested. However, this is nothing to worry about. If the US economy continues to slow down, the possibility of interest rate cuts will increase, and gold will recover. After gold retested its breakout in 1978, the precious metal rose 122% in 13 months. A similar scenario occurred in 2009 with an increase of 63% after 13 months. If the current correction continues, it will be a gift as one will get a second and perhaps last chance to catch the gold bottom.
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by SantaTradeGold
XAUUSD : Gold will recover after falling in priceXAU/USD is fluctuating around 2,325 USD/ounce. World gold prices moved sideways as investors waited for US inflation data, expected to be released later this week with the focus on the US core PCE index. This makes investors increase their expectations that the Fed will soon reduce interest rates in the next few months, supporting gold - a non-yielding asset. SPDR Gold Shares fund sold a net 2.88 tons of gold on June 24, reducing its holdings to 829.05 tons.
OANDA:XAUUSD
by SantaTradeGold
XAUUSD : Gold cools down after strong growthXAU/USD is moving sideways and fluctuating around 2,324 USD/ounce. After a volatile week, the world gold market is expected to stabilize this week with few important new data released. The most awaited information by the market is the core PCE index report expected to be published at the end of the week. This report is expected to create strong volatility in the market, if weaker data could increase the possibility that the Fed will lower interest rates in 2024 and will support the precious metal. On the contrary, "hotter" inflation than expected will cause XAU/USD to fall deeper.
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by SantaTradeGold
XAUUSD : Does gold have the ability to recover strongly?XAU/USD is increasing slightly and hovering around 2,337 USD/ounce. According to American Bank Wells Fargo, this precious metal may continue to consolidate throughout the summer as the market accepts the Fed's tightening policy. In an interview with Kitco News, John LaForge, Director of Real Asset Strategy at the bank, said: "Central banks will continue to buy wine, while also seeing solid upside potential in gold." quarterly through 2025. According to Wells Fargo's mid-year updated price forecast, gold prices are expected to trade between 2,300-2,400 USD/ounce."
OANDA:XAUUSD
by SantaTradeGold
XAUUSD : Gold will bounce back stronglyXAU/USD is moving sideways and trading around 2,322 USD/ounce. According to senior market analyst Jim Wyckoff of Kitco Metals, gold prices fluctuate when influenced by external factors due to a lack of important new fundamental news. In this context, Wyckoff predicts, prices will likely move sideways about 2,300 - 2,400 USD/ounce for the next important catalyst and he believes that these catalysts will not appear until July. World gold prices weakened in the context of some US Federal Reserve (Fed) officials predicting interest rate cuts in December this year. This causes US government bond interest rates to increase to nearly 4.3%, causing disadvantages for gold - a non-yielding asset.
OANDA:XAUUSD
by SantaTradeGold
XAUUSD : Gold will turn up again this weekXAU/USD is trading around 2,322 USD/ounce, down 11.6 USD/ounce compared to last week's result. Adrian Day, of Adrian Day Asset Management, said gold prices are recovering after last week's sell-off amid dovish US economic news, weak inflation figures and higher unemployment claims, both support cuts interest rate. Colin Cieszynski, market strategist at SIA Wealth Management, said gold prices are poised for a technical bounce from support levels. Darin Newsom, senior market analyst at Barchart, said gold's next target is $2,370/ounce, followed by resistance at $2,391/ounce.
OANDA:XAUUSD
by SantaTradeGold