Biggest Market Moves: Twists and turns

Eliman Dambell Sayvio AI

This week was filled with several twists and turns, as financial markets saw several historic trading moves take place. From record highs, to breakouts of support and resistance levels. Below are the moves which most peaked my interest.

GOLD

This week Gold recorded a new all time high, trading at $1,981 on Tuesday which was the highest the metal has been priced since September 2011. Since reaching that high, the markets continue to consolidate with many now believing a big short could be on the way. This come as the run to the record high has seen RSI levels reach overbought.

EURUSD

EURUSD this week reached a 2 year high as COVID-19 cases continued to rise both in the U.S. and Europe. Wednesday’s dovish tone from FED chair Powell, also contributed to this recent bullish run, as the Euro continues to gain strength against its American counterpart. Looking at a monthly timeframe suggests that there could be further highs still to come.

Could more U.S. stimulus be the straw which breaks the camels back.

Bitcoin

Bitcoin this week rallied to its highest level since August 2018, finally breaking the key $10,000 level. The move came a day after Gold reached its record year, suggesting that investors were simply fleeing to whichever markets they perceived to be safe havens. Although the cryptocurrency gained by over $2,000 in a single move, volumes on the RSI do suggest that more moves could be ahead.

Could we see this as soon as next week?

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Author

Eliman Dambell

Sayvio AI

With over a decade in financial markets, Eliman brings an experienced and diversified point of view to market analysis. He covers current and historical macro trends to give insights on Metals, FX, Stocks, and Crypto.

EUR/USD extends its optimism past 1.1900

EUR/USD retains a firm underlying bid, surpassing the 1.1900 mark as the NA session draws to a close on Monday. The pair’s persistent uptrend comes as the US Dollar remains on the defensive, with traders staying cautious ahead of upcoming US NFP prints and CPI data.

GBP/USD hits three-day peaks, targets 1.3700

GBP/USD is clocking decent gains at the start of the week, advancing to three-day highs near 1.3670 and building on Friday’s solid performance. The better tone in the British Pound comes on the back of the intense sekk-off in the Greenback and despite re-emerging signs of a fresh government crisis in the UK.

Gold picks up pace, retargets $5,100

Gold gathers fresh steam, challenging daily highs en route to the $5,100 mark per troy ounce in the latter part of Monday’s session. The precious metal finds support from fresh signs of continued buying by the PBoC, while expectations that the Fed could lean more dovish also collaborate with the uptick.

XRP struggles around $1.40 despite institutional inflows

Ripple (XRP) is extending its intraday decline to around $1.40 at the time of writing on Monday amid growing pressure from the retail market and risk-off sentiment that continues to keep investors on the sidelines.

Japanese PM Takaichi nabs unprecedented victory – US data eyed this week

I do not think I would be exaggerating to say that Japanese Prime Minister Sanae Takaichi’s snap general election gamble paid off over the weekend – and then some. This secured the Liberal Democratic Party (LDP) an unprecedented mandate just three months into her tenure.