The annual core CPI, which excludes volatile food and energy prices, rose 3.2%, below the 3.3% previous, although matching expectations. The upbeat mood resulted from mounting speculation that the United States (US) Consumer Price Index (CPI) will support an interest rate cut when the Federal Reserve (Fed) meets in September. The release of the softer-than-anticipated US Producer Price Index (PPI) on Tuesday acted as a catalyst, sending high-yielding stocks firmly up. AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice.
Gold ETFs See Renewed Interest
The daily chart for the EUR/USD pair shows it has already surpassed the aforementioned intraday high, extending gains and maintaining its positive momentum. The pair further advanced beyond bullish moving averages, with the 20 Simple Moving Average (SMA) accelerating higher above the 100 and 200 SMAs. Technical indicators, in the meantime, approach overbought readings with modest upward slopes without any other sign of upward exhaustion. The US Dollar initially fell with the news, as it meant the Fed would likely deliver an interest rate cut in September. But after a few minutes, the market understood the news did not change much what it believed before it.
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Having priced a high chance of an inter-meeting Fed rate cut last week, interest rate expectations have moderated in the wake of better data and calming words from Fed officials. When playing breakouts at record highs, investors always have to be weary of the whip-saw trade. The best sign of strong buying will be if traders start to bid the old tops following the intial breakout.
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Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions. At press time, ETH was trading near the $2,750 level, having experienced a price surge of over 4.5% during this period. O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers. To foster consistent execution, Beyond Technical Analysis provides software that enables you to «paper trade» your system. They also appreciate the good overview with some depth, and the detailed, easy to follow content.
If gold prices remain above the $2,430 level, the market could establish a strong base to challenge the $2,500 threshold. Analysts at ANZ have raised their year-end gold price target to $2,550, driven by expectations https://forexarena.net/ of an imminent rate-cutting cycle from the Federal Reserve. However, any signs of de-escalation in geopolitical tensions or stronger-than-anticipated economic data could temper the bullish momentum.
- For now, the combination of geopolitical risks and favorable monetary policy expectations suggests a positive outlook for gold in the near term.
- Maker (MKR) saw a 6.3% price rally on Tuesday and remains up 0.3% at $2,147 on Wednesday.
- Market participants are eyeing the Producer Price Index (PPI) and Consumer Price Index (CPI) reports, which could significantly impact the Federal Reserve’s upcoming policy decisions.
- According to expert technical analysis, ETH looked bullish as it recently gave a breakout of an ascending triangle price action pattern in a 4-hour time frame.
- However, this breakout has shifted the sentiment to bullish and there is a high chance that ETH could reach $3,000 in the coming days.
Ahead of Wall Street’s opening, markets are still struggling for direction, although risk appetite prevails. Gold’s upward momentum has been fueled by escalating geopolitical risks, particularly in the Middle East. The recent assassination of Hamas leader Ismail Haniyeh in Iran has raised fears of a broader conflict, keeping markets on edge. In response, the U.S. has ramped up its military presence in the region, sending additional forces and equipment to defend Israel.
For now, the combination of geopolitical risks and favorable monetary policy expectations suggests a positive outlook for gold in the near term. The new edition reflects my intense experiences as a Commodity Trading Advisor (CTA), developing systems, trading over 60 futures markets around the world and marketing services to beyond technical analysis clients. For example, try giving a simple answer to the question, “What’s a ‘good’ benchmark for performance comparisons of CTAs, hedge funds, and stocks? ” I developed tools for comparing managers, analyzing equity curves, quantifying risk-adjusted performance, estimating drawdown risk, and projecting expected returns.
A Bullish outlook is in store for Ethereum as it breaks out of the ascending triangle price action pattern. Dive in for free with a 10-day trial of the O’Reilly learning platform—then explore all the other resources our members count on to build skills and solve problems every day. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. The author has not received compensation for writing this article, other than from FXStreet.
Stable Treasury yields, with the 10-year and 2-year yields holding steady at around 3.919% and 4.021%, respectively, are also a factor in the gold market’s near-term outlook. James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks. According to expert technical analysis, ETH looked bullish as it recently gave a breakout of an ascending triangle price action pattern in a 4-hour time frame.
However, this breakout has shifted the sentiment to bullish and there is a high chance that ETH could reach $3,000 in the coming days. Amid this bullish trend, Ethereum [ETH], the world’s second-biggest cryptocurrency, gained significant attention from the crypto community due to its notable price surge and recent breakout. Maker (MKR) saw a 6.3% price rally on Tuesday and remains up 0.3% at $2,147 on Wednesday. A negative spike in MKR’s Exchange Flow Balance and rising open interest signal a bullish trend. Conversely, if sentiment shifts and the ETH price falls to the $2,670 level, nearly $430 million of long positions will be liquidated.
Using your mobile phone camera, scan the code below and download the Kindle app. However, with crucial U.S. inflation data on the horizon, investors are cautious. Market participants are eyeing the Producer Price Index (PPI) and Consumer Price Index (CPI) reports, which could significantly impact the Federal Reserve’s upcoming policy decisions. On the 14th of August, the overall cryptocurrency market had experienced impressive upside momentum, following the massive 4.5% price surge in Bitcoin [BTC]. Using your mobile phone camera – scan the code below and download the Kindle app.
This ongoing uncertainty is likely to sustain support for gold, traditionally a safe-haven asset during times of geopolitical instability. Gold prices retreated on Tuesday as traders took profits following Monday’s record high close. After hitting an all-time peak of $2,483.60 on July 17, spot gold prices have surged nearly 19% this year. Now acclaimed system developer Tushar Chande shows you how to create «real-world» systems that meet your trading needs.