Tradersweekly

Tradersweekly

Gold saw a pullback of nearly $100 from a high of $2,431, followed by a slight rebound, dragging the price to $2,370 per troy ounce. This increasing volatility begs the question of the market’s state. To address this, we would like to note that the rising volume has been accompanying the increasing price, which is positive (and, indeed, quite impressive,...

Tradersweekly

The SPX retreated nearly 3% from its all-time highs following last week’s print showing a higher-than-anticipated Consumer Price Index (CPI) for March 2024. This marks a second consecutive month of accelerating CPI in the United States, which presents an obstacle for the FED in its more than two-year-long battle against inflation. Plus, it makes it increasingly...

Tradersweekly Updated 

Shortly after the futures market opened, gold reached our long-time-awaited price target of $2,300 and established a new all-time high at $2,305 before retreating slightly lower. We continue to be bullish on gold in the long term and believe it can reach significantly higher price tags ($2,500 and higher) due to future rate cuts, sticky inflation, and a weak U.S....

Tradersweekly

Last year in September, we analyzed Porsche's stock following its 2022 initial public offering. At the time, we noted Porsche's shares had great prospects in the long term and viewed a potential pullback in price as a great opportunity to buy this stock at relatively reasonable prices (judging by Porsche’s performance during its short life span on the exchange)....

Tradersweekly Updated 

The VIX’s structure with higher peaks and troughs became distorted after the FOMC meeting. Despite this being a positive development for the markets, it might be proper to stay attentive to the VIX for a couple more days to watch out for any potential rekindling of volatility. Illustration 1.01 Illustration 1.01 shows the daily chart of VIX. The yellow arrow...

Tradersweekly

Bitcoin broke to the upside from a triangle-like pattern but failed to gather enough momentum to ascend to new all-time highs. Subsequently, its price broke down below $69,000. Interestingly, the preceding rise was not accompanied by a drop in the number of Bitcoin addresses with balances exceeding 1,000 BTC (and also those exceeding 100 BTC), suggesting large...

Tradersweekly

After breaking above the ascending channel and reaching its highest value in nearly six months late last week, the price of West Texas Intermediate crude oil retested the upper bound of the channel during yesterday’s trading session. The outlook continues to look bullish on daily and weekly time frames. Nevertheless, multiple indicators flash overbought signals on...

Tradersweekly

Bitcoin continues to form a triangle-like pattern on the 4-hour chart. Its price is currently testing the upper bound of this pattern, and a breakout to the upside would be bullish in the short term. Nevertheless, whether Bitcoin will gather enough momentum to be propelled substantially higher from the current level remains to be seen. Illustration 1.01 ...

Tradersweekly

West Texas Intermediate crude oil has increased nearly 20% since the start of 2024 and is currently trading near $86.50 per barrel. The precarious situation in the Red Sea, production cuts by OPEC (and its allies), and the inability of the United States to bring more production online fast enough have greatly contributed to the rising oil prices in the past four...

Tradersweekly Updated 

Bitcoin has been experiencing significant volatility over the past two weeks, with its price oscillating around the $70,000 price tag. This pattern of sideways-moving price action starkly contrasts with the robust and consistent upward trajectory observed in the months leading up to Bitcoin’s recent all-time highs. In the previous update on Bitcoin, we outlined...

Tradersweekly Updated 

In the previous post on gold, we expressed our fears about the shiny metal amid a sudden spike in volatility and a slight drop in the U.S. market indices (accompanying the spike in VIX). Nevertheless, it did not take long for the volatility to falter and the fear to disappear among market participants. Quickly, the market leaped higher, and gold followed in...

Tradersweekly

It is often said that gold tends to perform well during economic uncertainty and crisis. But is this really so? Let’s examine gold's volatile history before and during recessions in the past 50 years. The 1960s and 1970s were marked by many economic and geopolitical changes, including multiple crises of the British pound, the collapse of the London Gold Pool, the...

Tradersweekly

Bitcoin rebounded above $70,000 after falling nearly 18% earlier this month. Currently, it trades near the $71,200 price tag. Technical indicators such as RSI, MACD, and Stochastic began reversing to the upside on the daily chart. In addition to that, the number of Bitcoin addresses with balances exceeding 1,000 BTC continued to rise, suggesting that some of the...

Tradersweekly Updated 

Bitcoin has erased nearly 14% in the past five days, falling below $64,000. In the process, it broke below the ascending trendline that connects peaks from January 2023 and March 2023. On top of that, technicals like RSI, MACD, and Stochastic have continued to decline on the daily time frame, which is turning increasingly bearish and could imply that the...

Tradersweekly

Yesterday’s FOMC meeting ended as widely anticipated, with no change to monetary policy. During the press conference, the FED’s chairman reiterated the central bank’s commitment to bringing inflation under control and outlined a strong economy and tight labor market. Jerome Powell also described inflation as being on a downward trajectory and explained the need to...

Tradersweekly Updated 

Yesterday’s financial print in the United States revealed an uptick in inflation. For the second month of 2024, the inflation rate rose by 0.4% MoM (accelerating 0.1% from January 2024) and 3.2% YoY (accelerating 0.1% from January 2024). Meanwhile, the core inflation rose by 0.4% MoM (staying unchanged) and 3.8% YoY (showing a decrease of 0.1% versus the previous...

Tradersweekly

West Texas Intermediate crude oil regained a bullish momentum and managed to establish a new high at $81.58, which marks the highest value in over four months. Additionally, RSI, MACD, and Stochastic all moved higher on the daily chart. These developments are positive for oil and bolster a bullish case in the short term and medium term. However, while it is...

Tradersweekly

Bitcoin dropped below $67,000 overnight. Interestingly, this price action was preceded by a bearish breakout in the RSI and a reversal in MACD and Stochastic on the daily chart. These developments are highly worrisome, especially as the stock market rally is losing steam at the same time as Bitcoin; since the two markets are quite overbought, the case for a...