Stock markets brush aside metals madness

Chris Beauchamp IG

It has been a solid day for equity markets despite the carnage in gold and silver prices, says Chris Beauchamp, Chief Market Analyst at investing and trading platform IG.

FTSE 100 makes new record high despite metals losses

The FTSE 100 has shrugged off a weak start to the day and the collapse in precious metal prices to post a respectable 90 point gain. AstraZeneca has played its part in a steady move higher throughout the day as the pharma giant completes its move to the NYSE from the Nasdaq, a move which many still think is a precursor to abandoning its London listing altogether. Losses in miners and oil stocks have been contained, not least because of the dip buying going on in gold and silver after the weekend plummet.

VIX reversal bolsters risk appetite

Gold and silver might have entered their own bear market over the last two trading sessions, but we have already seen dip buying at the lows. The fundamentals of the trade have not changed, but now investors need to ask themselves whether they really believed in those fundamentals, or had just been beguiled by one of the most impressive momentum-driven moves of recent years.

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Chris Beauchamp

EUR/USD loses the grip, returns to the sub-1.1800 zone

EUR/USD extends its daily pullback, slipping below the 1.1800 mark and hitting fresh multi-day lows ahead of the opening bell in Asia. The move reflects renewed strength in the US Dollar, with investors continuing to digest the so-called “Warsh trade” while weighing the latest US data releases.

GBP/USD bounces off lows, retests 1.3640

GBP/USD adds to Friday’s losses, reaching six-day lows near 1.3620, although regaining some composure soon afterwards. Indeed, Cable’s pullback comes amid the ongoing solid performance of the Greenback, while traders also begin to turn their attention to the upcoming BoE meeting.

Gold looking to stabilize below $4,700

Gold remains under heavy pressure in quite a negative start to the week, hovering around the $4,600 region per troy ounce and retreating for the third day in a row. The yellow metal’s decline comes amid strong gains in the US Dollar, the broad-based rebound in US Treasury yield and the deep sell-off in the precious metals’ space.

Ethereum Price Forecast: ETH bounces off $2,150 as Bitmine stretches holdings above 4.28 million ETH

Ethereum (ETH) treasury firm Bitmine Immersion Technologies (BMNR) scooped 41,788 ETH last week in another round of weekly ETH acquisition.

Warsh effect ripples through markets, central banks on deck this week

The first full month of the year is behind us, and, honestly, it has been rather more dramatic than most had anticipated when toasting the New Year. We wrapped up last week with US President Donald Trump announcing his Fed Chair pick.

Ripple steadies after sell-off as low on-chain activity, retail interest weigh

XRP rebounds from last week’s support at $1.50 but struggles below resistance at $1.77. Active addresses on the XRP Ledger dropped below 18,000 on Sunday amid risk-averse sentiment. Retail interest in XRP continues to decline, with futures Open Interest dropping to $2.81 billion.