Gold Elliott Wave Analysis  Function – Trend Mode – Impulse Structure – Impulse wave Position -Wave 4 Direction – Wave 5 Details – Wave 5 still struggles around the Fibonacci support zone. A diagonal seems to be developing for blue wave ‘c’ of 4. Still needs a sharp break out of the diagonal for wave 5 to begin. Invalidation remains at 2245.17.Gold’s price trajectory stands as a resolute testament to bullish sentiment, with a clear resurgence in the long-term uptrend since its nadir in September 2024, bottoming out at 1616. Since this pivotal low, the precious metal has demonstrated remarkable resilience, marking a gain exceeding 40%. Yet, a correction in this bullish trajectory commenced on April 12, 2024. Noteworthy is the corrective nature of this pullback, hinting that it is merely a transient pause before the commodity recommences its ascent to new highs.Delving into the daily chart through an Elliott wave lens, the 1616 bottom signifies the completion of the supercycle degree wave (IV). The ensuing rally represents wave (V) of the same degree, unfolding in an impulse fashion. The initiation of wave III of (IV) from the October 2023 low at 1810 has progressed in a robust impulse, presently navigating the intermediate wave (3) within primary wave 3 (blue circled). Therefore, ample runway remains before the culmination of wave (V). Simplifying our analysis, attention is best directed towards the intermediate wave (3), currently undergoing a corrective phase labeled as wave 4, projected to find support within the 2315.5-2246 Fibonacci zone.Turning to the H4 […]

The post  appeared first on In a recent tweet that has sparked excitement among XRP enthusiasts, well-known crypto analyst EGRAG CRYPTO hinted at an upcoming market movement for XRP, referring to it as the “3rd Kaboom.” EGRAG CRYPTO’s analysis suggests a significant breakthrough in XRP’s market cap will take XRP’s price to an unprecedented height.  Formation of Kaboom On XRPEGRAG CRYPTO is closely examining XRP’s monthly price movements, focusing on its relationship with the 21 Exponential Moving Average (EMA). XRP’s price has stayed close to this average, which has resulted in relatively calm monthly candles. #XRP Market Cap – The 3rd Kaboom  Let’s dive into the Monthly Time frame and observe how price action interacts with the 21 EMA.  The #XRP price has been dancing around the 21 EMA for quite some time, forming several shy monthly candles. But when the Kaboom or God… pic.twitter.com/asxdBYd3h7 — EGRAG CRYPTO (@egragcrypto) May 3, 2024 According to EGRAG CRYPTO, the crucial event to watch for is what he terms the “Kaboom” or “God Candle.” This event often signals a significant shift in market sentiment and  the direction of XRP’s price. XRP Market Cap To Hit $2.61 TrillionLooking back at previous “Kaboom” events on XRP’s monthly chart, significant milestones have been observed. The first “Kaboom” saw XRP’s market cap surge from $142.66 million to $2.59 billion, coinciding with an all-time high of $3.60 in 2017.Subsequently, the second “Kaboom” in 2021 drove XRP’s market cap to $13.56 billion, with the price nearly reaching its previous peak at $3.45 after a correction.Now, EGRAG identifies a potential […]

At the end of Thursday, the Dow Jones Index (US30) rose by 0.85%, and the S&P 500 Index (US500) rose by 0.91%. The NASDAQ Technology Index (US100) closed negative 0.33%. Optimism about the economic outlook is supporting stocks. Stocks have also received support since Wednesday when Fed Chair Powell said the Fed’s next move is unlikely to be an interest rate hike. Stock indices maintained gains even after US economic reports showed weekly jobless claims rose less than expected and unit labor costs rose more in the first quarter, a hawkish factor for Fed policy.On Thursday, Apple () reported second-quarter results that beat Wall Street expectations, thanks to better-than-expected performance in its key China market. It also announced the most significant share repurchase in its history. Apple Inc (AAPL) shares rose more than 7% after the report. Qualcomm () rose more than 9% after reporting better-than-expected second-quarter adjusted earnings per share and predicting third-quarter adjusted earnings per share above consensus. On the downside, Etsy () is down more than 16% after the company reported first-quarter gross merchandise sales below consensus.The Organization for Economic Cooperation and Development (OECD) raised its 2024 global growth prognosis to 3.1% from a February estimate of 2.9% and said risks are becoming “more balanced.”Equity markets in Europe traded flat yesterday. Germany’s DAX (DE40) was down 0.20%, France’s CAC 40 (FR40) closed down 0.88%, Spain’s IBEX 35 (ES35) added 0.16%, and the UK’s FTSE 100 (UK100) closed positive 0.63%.On Thursday, the FTSE 100 Index hit a new record high of 8160 on positive corporate developments. Shell shares rose more than 2.5% after announcing a $3.5 billion share buyback and better-than-expected first-quarter earnings and cash flow.WTI crude futures stabilized […]

European natural gas prices rallied yesterday despite comfortable storage and a bearish outlook. The move higher in crude oil was more modest, after several bearish developments over the week. Energy – TTF back above EUR30The oil market was little changed yesterday. ICE Brent continues to trade below US$84/bbl after settling 0.28% higher yesterday. It has been a bearish week for the oil market. An easing in tension in the Middle East and bearish US inventory data has weighed on prices. The prompt Brent timespread has also sold off heavily over the week, trending from a backwardation of more than US$.80/bbl at the beginning of the week to US$0.64/bbl on Thursday’s close. The US jobs report which will be released later today, has the potential to be a key driver for oil prices in the immediate term. The consensus is that the US added 240k jobs in April, down from 303k in March.Adnoc, the UAE’s national oil company, has increased its production capacity by 200k b/d to 4.85m b/d. This leaves the producer with a spare capacity above 1.7m b/d, after producing a little over 3.1m b/d in April. This could see the UAE push for a higher baseline when OPEC+ discusses its output policy for the second half of 2024.Refined product inventory data from Insights Global was bearish for middle distillates. Gasoil stocks in the ARA region increased by 72kt over the week to 2.25mt, which continues to see inventories in the region trending above the 5-year average. Naphtha stocks in […]

The Japanese Yen (JPY) is set to book one of its best weeks in history against the US Dollar. Since last Friday, a string of (un)confirmed interventions have pushed the USD/JPY pair from roughly 160.00 to 153.00. As the dust settles, the question is for how long the effect from these interventions will linger, and if they can keep USD/JPY trading at current levels or lower. Meanwhile, the DXY  – which gauges the value of the US Dollar (USD) against a basket of six foreign currencies – is holding up around 105.00 as markets are stepping away in order not to get steamrolled by the Japanese interventions. Still, the recent depreciation of the Greenback could offer a window of opportunity for US Dollar buyers to step in and gear up for a profitable ride higher. This upturn could already happen on Friday with the US Jobs Report data for April on the docket. More broadly, the significant rate differential between the US and Japan isn’t likely to allow this big appreciation of the JPY against the USD to last long.  Daily digest market movers: US Jobs report ahead At 12:30 GMT, the US Employment Report for April is set to be released: US Nonfarm Payrolls changes are expected to increase by 243,000, lower than the 303,000 rise seen in March. Monthly Average Hourly Earnings are expected to grow at a stable 0.3%. The Unemployment Rate is set to remain at 3.8%. Several Japanese companies have reported to Bloomberg that they are facing substantial […]

EURUSD’s price action faces a critical juncture, with a key resistance level potentially dictating the future direction of the currency pair. This analysis examines the technical situation and explores potential scenarios. EURUSD Encounters Resistance: 1.0752 Resistance in Focus: A major hurdle for EURUSD is the resistance level at 1.0752. A break above this level could signal a potential reversal of the downtrend.  Upside Potential on Breakout: Breakout Watch: If a breakout occurs, the price could rise further towards the falling trend line resistance on the 4-hour chart. A successful break above this trend line would be a strong bullish signal.  Downtrend Scenario if Resistance Holds: Correction or Downtrend Continuation?: However, as long as the resistance at 1.0752 holds, the recent rise from 1.0600 could be interpreted as a correction within the longer-term downtrend that began at 1.0981. Downturn Risk: If the correction scenario holds true, then another decline towards 1.0600 after the rally could be possible.  Support Levels to Consider: Layered Support Zones: Breaches below 1.0600 would open the door for further decline. Initial support is at 1.0690. A breakdown below this level could bring the price to the next support level at 1.0648. 1.0600 Crucial Support: A decisive break below 1.0600, a previous key level, would be a significant bearish signal, potentially aiming for the 1.0500 area.  Overall Sentiment:The technical outlook for EURUSD is uncertain in the short term. The price action around the resistance level at 1.0752 will be crucial. A breakout suggests a potential uptrend, while a hold at resistance with a subsequent decline indicates a possible continuation of the […]