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At first glance, the latest escalation involving the United States with both Iran and Venezuela looks like another chapter in a long-running geopolitical story. But viewed through a broader strategic lens, something else may be unfolding: Energy.
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In-Depth Analysis
Despite panic taking over financial markets, the usual safe-haven metals are getting ignored. The US Dollar, on the other hand, became the shining star of the board, recovering its refuge status after long missing it. What happened?
Gold's price has declined as the US-Iran war unfolds with little sign of ending soon. In perhaps the most uncertain times in recent years, Gold isn’t moving the way it is supposed to. What is going on?
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Cryptocurrencies
Bittensor, a leading Artificial Intelligence token, is aging up above $190 at the time of writing on Wednesday. Steady price increases characterise the broader crypto market, with Bitcoin holding above $71,000 and Ethereum above $2,000.
Ripple is gaining upside momentum, trading above $1.40 at the time of writing on Wednesday. The remittance token is rising in tandem with major crypto assets, including Bitcoin, which has crossed above the pivotal $70,000 level, and Ethereum, which is holding above $2,000.
The cryptocurrency market is showing subtle recovery signs despite heightened global uncertainty following the United States (US) and Israel attacks on Iran and the subsequent retaliations that have morphed into a wider Middle East war.
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Stocks
The NASDAQ has now completed a Double Top formation, beginning on 30th October and completing on 28th January. After this week’s losses, the market is sitting directly on a major support zone where the 200‑day M/A intersects with long‑term trendline support at 24,246.
Weekly Forecast
EUR/USD is still struggling to find real traction. The pair has tried to stabilise, but momentum keeps fading, leaving the door open to further weakness.
The Pound Sterling (GBP) entered a bearish consolidation phase against the US Dollar (USD), after having tested critical support near the 1.3450 level on several occasions.
Gold is set for a huge bullish opening gap in Asian trading on Monday, with a flight to safety rush likely to sponsor the upsurge after the US and Israel struck Iran with heavy bombings over the weekend. More geopolitical headlines surrounding the Middle East conflict and Oil price movement remain in focus.
Bitcoin (BTC) price is stabilizing around $68,000 at the time of writing on Friday, but the Crypto King is poised to close February on a fragile footing, marking its fifth consecutive month of losses since October and a rare start to the year with back-to-back monthly corrections.
