Off to the races

Monica Kingsley Monicakingsley

S&P 500 did a premarket and opening bell flush once again, and then I capitalized on the rebound for swing and intraday clients alike. Ellin also added to our intraday tally. The only disappointment is selling into NVDA earnings beat, however the poor breadth of recent days will get an uplift today – the long basing process that shot through these 4 support levels presented on Nov 12, is over with S&P 500 embarking on a tentative upswing. Its strength will be determined by rotations and badly needed improvements of lackluster breadth and sectoral leadership.

Watch yields and USD strength, with S&P 500 keeping pace and the same regards continued Bitcoin and its best plays surging.

Let‘s mve right into the charts – today‘s full scale article contains 3 more of them, with commentaries.

Gold, Silver and Miners

The wildly underestimated escalation tensions is what‘s giving gold additional fuel to the upside – I‘m not looking for it to dissipate. At worst, merely sideways day is ahead, but silver and miners will fare off considerably worse than gold.

Author

Monica Kingsley

Monicakingsley

Monica Kingsley is a trader and financial analyst serving countless investors and traders since Feb 2020.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.