Cycle Trading: Possible Miner Low

LikesMoney Independent Analyst

The Miners possibly printed their daily cycle low on Thursday.

The Miners daily cycles have run 16, 22, 22, 19, and 22 days respectively since emerging from its bear market low in January. Thursday was day 23 for the daily Miner cycle, which places the Miners in their timing band for a daily cycle low. A swing low has good odds of forming the daily cycle low. A break above 27.86 will form a swing low.

Gold is also in its timing band for a daily cycle low.

While the Miners have already formed a failed daily cycle, gold has not. As long as gold forms its daily cycle low above 1310.70 it will avoid forming a failed daily cycle. Since gold drives the precious metals market, if gold breaks higher it should drag the Miners right along with it. Thursday was day 25 for the daily gold cycle. A swing low and a break above the declining trend line will confirm a new daily cycle. And a close above the upper daily cycle band will signal a continuation of gold's daily uptrend.

Author

LikesMoney

Independent Analyst

Assets (such as stocks, gold, and the dollar) have identifiable cycles.

EUR/USD flirts with daily highs, retargets 1.1900

EUR/USD regains upside traction, returning to the 1.1880 zone and refocusing its attention to the key 1.1900 barrier. The pair’s slight gains comes against the backdrop of a humble decline in the US Dollar as investors continue to assess the latest US CPI readings and the potential Fed’s rate path.

GBP/USD remains well bid around 1.3650

GBP/USD maintains its upside momentum in place, hovering around daily highs near 1.3650 and setting aside part of the recent three-day drop. Cable’s improved sentiment comes on the back of the Greenback’s irresolute price action, while recent hawkish comments from the BoE’s Pill also collaborate with the uptick.

Gold clings to gains just above $5,000/oz

Gold is reclaiming part of the ground lost on Wednesday’s marked decline, as bargain-hunters keep piling up and lifting prices past the key $5,000 per troy ounce. The precious metal’s move higher is also underpinned by the slight pullback in the US Dollar and declining US Treasury yields across the curve.

Crypto Today: Bitcoin, Ethereum, XRP in choppy price action, weighed down by falling institutional interest

Bitcoin's upside remains largely constrained amid weak technicals and declining institutional interest. Ethereum trades sideways above $1,900 support with the upside capped below $2,000 amid ETF outflows.

Week ahead – Data blitz, Fed Minutes and RBNZ decision in the spotlight

US GDP and PCE inflation are main highlights, plus the Fed minutes. UK and Japan have busy calendars too with focus on CPI. Flash PMIs for February will also be doing the rounds. RBNZ meets, is unlikely to follow RBA’s hawkish path.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.