|Day's range||1,676.50 - 1,754.50|
The Federal Reserve has opened its lender-of-last-resort spigot and, with unemployment spiking, inflation is on the way. What are your options?
Major liquidity injection from the U.S. Federal Reserve helps British pound gain ground against the U.S. dollar.
Bitcoin and ether fell slightly Thursday as traditional markets climbed on additional stimulus measures by the U.S. Federal Reserve and Bank of England.
In this section of our multi-part research post centered around our Adaptive Fibonacci Price Modeling system’s expectations, we are focusing on the NQ (NASDAQ futures) and the future expected price rotations.
Thousands of new users are turning to bitcoin, according to Kraken and other exchanges, over fears that government stimulus will lead to inflation.
Gold prices surged higher on Thursday following an announcement by the Federal Reserve that they would increase their programs to support small businesses. Yields moved lower helping to buoy the yellow metal after the Labor Department reported a larger than expected increase in US jobless claims. This is the 3-straight multi-million person increase in initial jobless claims pushing continuing claims to an all-time high.
The main trend is up according to the main trend indicator. However, the formation of a secondary lower top suggests momentum may be shifting to the downside.
The next upside target is a steep uptrending Gann angle at $1768.00. Crossing to the strong side of this Gann angle and sustaining the move will put the market in an extremely bullish position.
Based on the early price action and the current price at $26.10, the direction of the May WTI crude oil market the rest of the session on Thursday is likely to be determined by trader reaction to the downtrending Gann angle at $26.20.
The silver markets rallied significantly to test the $16.00 level again on Thursday as the Federal Reserve has decided to start buying almost anything they can. This even includes junk bonds which of course is a sign that the US dollar should soften.
The crude oil markets rallied a bit during the trading session on Thursday, but then rolled over to show signs of weakness. As the world awaits the OPEC decision, news is getting out that perhaps the cut wasn’t as deep as people had hoped.
Fed Chairman Jay Powell aimed a $2.3 trillion bazooka at the jobs-killing virus and shot gold to an eight-year high. Gold futures for June delivery on New York’s COMEX settled up a whopping $70.80, or 4.2%, at $1,736.20 per ounce. Spot gold, which tracks live trades in bullion, trailed the highs in futures, probably because of the scarcity in physical gold.
Based on the early price action and the current price at 8220.50, the direction of the June E-mini NASDAQ-100 Index the rest of the session on Thursday is likely to be determined by trader reaction to the uptrend Gann angle at 8016.00 and the major 50% level at 8304.75.
The British pound continues to press the crucial 1.25 handle, an area that of course has been massive resistance as of late. The 61.8% Fibonacci retracement level lays there as well, but you should keep in mind that the Federal Reserve has suddenly announced that they are willing to buy just about anything.
The British pound has broken out against the Japanese yen during trading on Thursday as massive liquidity injections by the Federal Reserve has the market in a good mood.
The Euro rally during the day on Thursday, reaching towards the 1.09 level and even breaking above there. Ultimately, this is a market that has continued to be very difficult to deal with the times.
Based on the early price action and the current price at 2766.25, the direction of the June E-mini S&P; 500 Index the rest of the session on Thursday is likely to be determined by trader reaction to 2765.50 to 2786.00.
Kevin Kelly, a former Air Force fighter pilot in Scottsdale, Arizona, has been telling anyone who would listen since 2008 to buy gold and silver in preparation for the next crisis. Dismissed as “gold bugs” by many mainstream investors, those who have long advocated buying gold have been vindicated this year, as prices have risen 9 per cent while stocks have dropped 20 per cent after the coronavirus outbreak. Last month, analysts at Goldman Sachs argued it was “time to buy the currency of last resort”, saying gold could hit $1,800 a troy ounce from its current price of about $1,650 due to “fear-driven investment demand”.
Bitcoin and ether climbed modestly late Wednesday as lighter crypto derivatives volumes signaled uncharacteristic caution among the market’s traders.
The S&P; 500 rallied a bit during the trading session on Wednesday, reaching towards the top of the shooting star from the previous session. The question now is whether or not it can take out the top of that shooting star?
The crude oil markets were very quiet on Wednesday as you would expect, with the OPEC members and several other countries having a teleconference on Thursday. Quite frankly, by the time the day into on Thursday, we should have a much clearer idea of where price goes next.