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|Index Name||Index Manager||Top Assets||Weekly
|Future Chain Index
|Deriva Forex Index
Thursday witnessed silver prices inching up to close at $23.82 in a session marked by low trading volumes but maintaining weekly highs. Market participants are closely monitoring the precious metal as it approaches key resistance levels, with the immediate focus on the $24 mark and a further eye on June's peak of $24.52.
As trading resumed in Japan and US markets on Friday, silver prices showed little change, hovering close to a potential breakout over the $24 threshold. Should this level be breached, the next targets for silver bulls are set at June's high, followed by a significant psychological barrier at $25, ultimately aiming for the year-to-date high of $26.12.
The downside risk remains if silver prices were to fall below Thursday's low, which would see the metal testing critical support within its demand zone at the 200-day moving average (DMA) of $23.32. A further decline could expose additional supports at the 20-DMA ($23.13) and the more distant 50-DMA ($22.75).
Investors are advised to remain vigilant of the emotional distress risks associated with such volatile trading environments. It is also important to note that insights provided do not serve as personalized investment advice. As market watchers stay tuned for silver's next move, the precious metal's performance in the upcoming sessions could be pivotal for its short-term price trajectory.
In today's Asian market session, gold prices exhibited narrow trading as investors processed the latest cues from the Federal Reserve and anticipated the release of flash US PMI data. The precious metal found immediate support in the range of $1,989-$1,988, with additional backing from the 200-day Simple Moving Average (SMA) near $1,940.
This cautious trading follows a modest rise on Thursday, where gold edged higher but did not surpass the critical threshold of $2,000 per ounce. The upward movement was partly attributed to dovish expectations for future Federal Reserve interest rate hikes after an October inflation report suggested a weakening in the U.S. dollar's strength. Despite facing resistance just below $2,000, daily chart oscillators have remained positive.
The market's hesitation comes in the wake of hawkish minutes from Tuesday's FOMC meeting, which tempered some investors' expectations for imminent rate reductions. This has added to the complexity of predicting gold's short-term price movements.
Central banks' record purchases of gold last year were also spotlighted as a testament to the metal's enduring status as a reserve asset during times of economic uncertainty. This backdrop of robust institutional demand underscores gold's appeal as a haven asset amid global financial volatility.
The New Zealand dollar fell back from its recent peak against the US dollar during the European session today, as a rise in US Treasury yields and a strengthening dollar index applied downward pressure on the currency pair.
Today, the NZD/USD pair moved down from its three-month high of 0.6086 to around 0.6030. This decline coincided with an uptick in US Treasury yields, with the 10-year yield reaching 4.41% and the 2-year yield hitting 4.88%. Moreover, the US Dollar Index (DXY), which measures the dollar's strength against a basket of currencies, edged closer to 103.70, lending support to the greenback's value.
The downward shift for the New Zealand dollar follows Tuesday's release of hawkish minutes from the Federal Open Market Committee (FOMC). The minutes highlighted a readiness to continue monetary tightening should inflation remain above target levels. This stance has reinforced expectations for persisting strength in the US dollar as higher interest rates typically attract investors looking for better returns.
In contrast to these developments, New Zealand's economic data provided some positive news with a narrower trade balance deficit reported for October. The deficit shrank to $-14.81 billion from September’s $-15.41 billion, aided by an increase in exports to $5.40 billion and a decrease in imports to $7.11 billion. The improved trade figures reflect a boost in economic activity, which is partly due to China's upbeat economic outlook. As a key trading partner, China's economic health has positive implications for New Zealand's currency.
Looking ahead, markets are anticipating further economic indicators that could influence currency movements. Later today, the United States is set to publish jobless claims and Michigan Consumer Sentiment figures, which offer insights into the labor market and consumer attitudes, respectively. Additionally, traders will be eyeing New Zealand’s Q3 Retail Sales data, expected this Friday, with forecasts suggesting an improvement that could lend some support to the NZD.
Investors and analysts will be closely monitoring these upcoming releases for signs of economic resilience or weakness that could sway central bank policies and consequently affect currency valuations.
The Canadian dollar remains steady at the crucial 1.3700 level despite recent data showing softer inflation in Canada, which suggests that the Bank of Canada (BoC) may adopt a more dovish approach. Investors are closely monitoring BoC Governor Tiff Macklem's scheduled speech today, which could provide further insights into the central bank's future rate decisions. Analysts anticipate a potential total rate cut of approximately 80 basis points by December 2024, with easing policies expected to start between April and June.
The Federal Reserve's latest minutes did not reveal any major new developments but highlighted a slowing economy in the United States. Upcoming reports on durable goods orders and consumer sentiment are expected to place additional pressure on the US dollar (USD). These economic indicators will be closely watched as they could influence the Federal Reserve's monetary policy direction.
Market participants are also looking ahead to this weekend's OPEC+ meeting, where decisions on whether to extend production cuts will be critical for the Canadian dollar's trajectory. As Canada is a major oil exporter, the outcome of the OPEC+ meeting could significantly impact the currency.
Technical analysis indicates that the USD/CAD pair is testing key channel support levels. If these levels do not hold, it could lead to increased strength in the Canadian dollar. Resistance levels are established at 1.3899 and 1.3800, while support can be found at the psychological mark of 1.3700 and near the significant 50-day moving average, which is currently at 1.3668. The Relative Strength Index (RSI) suggests market indecision as traders await important economic announcements that could shape currency movements.
Gold prices dipped below the $2,000 mark today as minutes from the Federal Reserve's latest meeting signaled a readiness to continue aggressive measures against inflation if necessary. This hawkish stance has prompted investors to exercise caution, despite some support for gold stemming from a weakened dollar after its recent rebound.
The Federal Open Market Committee (FOMC) minutes released on Tuesday hinted at a potential plateau in interest rate hikes, with market speculation about possible rate cuts commencing as early as May next year. This speculation has kept the USD's movements in check, even though it has recovered from its lows at the end of August against major currencies.
Despite failing to maintain its position above $2,000, gold is receiving mixed technical signals. Positive oscillators suggest there could be room for cautious optimism if gold can breach immediate resistance levels. Support is currently found between $1,991 and $1,990, with a risk of further declines toward weekly lows near $1,965 and critical zones around $1,938-1,939 as indicated by Simple Moving Average (SMA) benchmarks.
In other market movements, October's US Existing Home Sales dropped to a new low at a seasonally adjusted annual rate of just under four million units, indicating a cooling housing market. Meanwhile, geopolitical tensions in the Middle East have remained subdued following an agreement between Israel and Hamas on hostage/prisoner exchanges and short-term ceasefires. Additionally, US precision strikes on Iran-backed facilities in Iraq had a minimal impact on market sentiment or gold’s status as a safe-haven asset.
Investors are now looking ahead to upcoming US economic data releases for further guidance on market direction. These include Initial Weekly Jobless Claims and Durable Goods Orders. The revised Michigan Consumer Sentiment Index will also be closely watched to gauge consumer confidence amid prevailing economic challenges.
Bitcoin BTC $36,464 sought to rematch 18-month highs into Nov. 21 as order book activity gave one analyst a sense of deja vu.
Now circling $37,400, Bitcoin remained in a range that had also characterized the second week of the month.
For on-chain monitoring resource Material Indicators, however, the market was more akin to Q1 this year — the period that marked the start of Bitcoin’s recovery from post-FTX lows.
Analyzing order book data, it suggested that a major liquidity provider, which it informally called the “Notorious B.I.D.” at the time, could be shaping bid support once again.
Specifically, bid liquidity had come and gone at $33,000 “7 times in the last 30 days,” it told X (formerly Twitter) subscribers.
“I can’t confirm whether this is the entity I named Notorious B.I.D. back in Q1, but I can tell you we’ve seen this game played before.”
An accompanying snapshot of BTC/USDT liquidity also showed sellers lining up at and immediately below $38,000.
Among whales, it was the largest order class — between $1 million and $10 million — which was the only active cohort, with others unanimously decreasing exposure through the week.
Commenting on the situation, Material Indicators co-founder Keith Alan argued that the entities behind the buy orders could be more organized than merely large-volume speculators.
Forecasting what could come next, meanwhile, Michaël van de Poppe, founder and CEO of trading firm Eight, refused to take $40,000 off the table.
“Bitcoin continues to push higher and higher. Making higher lows, and attacking the resistance for the fourth time,” he commented on overnight events.
“Wouldn’t be surprised with a breakout upwards to $40K and then a swift breakdown again. Keep on buying the dips!”
Popular analyst Matthew Hyland cautioned that the relative strength index (RSI) could be at risk of printing a bearish divergence with price should the latter fail to pass current 18-month highs just below $38,000.
At the time of writing, bulls were still unable to summon the required momentum.
The cryptocurrency market is abuzz with anticipation as the U.S. Securities and Exchange Commission (SEC) considers the approval of several Bitcoin exchange-traded funds (ETFs), which could potentially boost Bitcoin prices and foster greater market adoption. Amidst a backdrop of heightened regulatory focus on the crypto industry, investors and executives alike are calling for more robust regulations to maintain sector integrity.
On Wednesday, the crypto community's attention has been riveted on the SEC, as three Bitcoin ETFs, including the ProShares Short Bitcoin ETF, remain under review after previous rejections by the commission earlier this month. The market has seen elevated on-chain activity, with Bitcoin's on-chain transaction volume (OTV) climbing from $3.7 billion to $4.1 billion on Tuesday, driven by expectations that new ETF approvals could expand investment opportunities and enhance demand for Bitcoin derivatives.
The potential endorsement of spot ETFs, designed to mirror market indices through direct investments in securities, is seen as a pivotal step towards integrating Bitcoin into the global financial system. Approval of these financial products is expected not only to validate cryptocurrencies but also to provide a regulated and structured framework that could attract traditional investors.
This wave of optimism comes at a time when the crypto industry is under close watch by regulators worldwide. The sector has faced increased scrutiny following high-profile incidents such as the FTX scandal and subsequent legal actions against prominent figures like Sam Bankman-Fried. These events have underscored the vulnerabilities within the digital asset space and have led to calls for tighter controls.
Echoing this sentiment, Nigel Green, CEO of deVere Group, has advocated for stringent regulations that align with established financial practices while preserving the innovative essence of cryptocurrencies. His stance reflects a broader industry push for a regulated environment that can foster trust among participants and support sustainable growth in the crypto market.
LAGOS - Nigeria's currency, the naira, plunged to an unprecedented low of N1,105 to the U.S. dollar in the official market on Thursday, according to the latest data from LSEG. The significant drop from a previous rate of N830 per dollar has intensified economic uncertainty within the country.
The exact cause of the naira's steep decline remains unclear, but it is occurring amidst chronic dollar shortages that have plagued Nigeria since a downturn in oil prices led to a withdrawal of foreign investors from local markets. This shortage has been exacerbated by speculative activities and cash hoarding, which have contributed to the naira reaching record lows in the parallel market as well.
In response to these challenges, the Central Bank of Nigeria (CBN) is taking decisive steps. It is cracking down on illegal currency trading and moving forward with a digitization strategy for foreign exchange transactions. These efforts are aimed at curbing speculative demands and reducing the gap between official and parallel market exchange rates.
As part of its strategy to stabilize the currency and manage the economic instability, the government is also advocating for the digitization of forex transactions. This approach is intended to streamline processes and restrict opportunities for speculative traders to manipulate the market.
These currency fluctuations have significant implications for Africa's largest economy, as they affect everything from inflation rates to the cost of imports. The CBN's actions represent a direct intervention in an attempt to restore confidence in the naira and mitigate further economic disruption.
The crypto industry should focus on building blockchain-based solutions everybody can benefit from instead of launching cash grabs for brands, says Amy Peck, CEO of tech-focused consulting firm EndeavourXR.
Peck told Cointelegraph at the Lisbon Web Summit that Web3 firms should be build-first oriented and create attractive products to draw newcomers.
She added using Web3 and nonfungible tokens (NFTs) as “just another money grab from brands” to create another slate of multi-millionaires “doesn’t seem like a good look” nor a good use of what is an “elegant technology.”
“This is an infinite landscape. The money’s going to be there, right? Let’s build a better bread box. We have the opportunity to do something really interesting and reinvent this economic construct, invite more people to the party, not just create another 1%.”
Obtaining an on-chain proof of identity, taking control and ownership of one’s data, connecting blockchain-based assets to the real world and interacting in the creator economy are among the top things Peck says builders should focus on to extract the most value from Web3.
Following FTX’s collapse and other industry shortfalls, Peck said much of her firm’s client base says they “don’t want to touch crypto” and that “Web3 is all shenanigans.”
Peck acknowledged it’s currently unrealistic for big brands to fully transition to Web3 but says there’s already a “Web2.5 center lane” that these firms can leverage.
Providing consumers with more control and ownership over their data is already possible with blockchain, Peck stressed.
She added a more “transparent exchange” is becoming more crucial than ever, particularly with the emergence of devices collecting data such as fingerprints and faces.
“What is coming with these immersive devices is biometric data that will allow the people who own that data to know more about us than we know, and the level of manipulation will be exponential.”
On cryptocurrency exchange-traded funds, Peck said it’s great that Wall Street firms are now taking the industry seriously but is wary that they will try to twist what has been built to suit their liking.
“They’re going to try and wrestle it to the ground and make it behave like these existing financial mechanisms.”
XPO will be based on extensive market research of Cryptocurrencies, its compatibility with third-party services wallets, exchanges etc, and performance over the years.
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