WTI crude oil faces indecision below $74.00, struggling to extend a two-day uptrend amid mixed fundamentals. Positive demand outlook and Middle East supply worries offer support. Natural gas futures decline for a third day due to warmer weather forecasts and smaller-than-expected withdrawals. Gold remains subdued amidst uncertainty over Fed rate cuts and elevated US bond yields. Copper prices feel the pressure from China’s economic weakness, adding to concerns about softened demand in 2024, especially in the electric vehicle sector. Market movements hinge on global economic dynamics and geopolitical tensions.
Markets In Focus Today – CRUDE OIL
WTI Lacks Firm Intraday Direction, Remains Below $74.00 Mark Amid Mixed Fundamental Cues.
WTI Oil prices struggle to attract follow-through buying and consolidate during the Asian session on Friday. Optimistic demand forecasts and concerns over disruptions in Middle East supplies lend support to Oil prices. West Texas Intermediate (WTI) US Crude Oil prices struggle to build on a two-day-old uptrend and oscillate in a narrow trading band during the Asian session on Friday. The commodity remains below the $74.00/barrel mark, though remains on track to register modest weekly gains in the wake of optimistic demand forecasts. Meanwhile, concerns over disruptions in Middle East supplies remained in play as the US-led forces continue to clash with the Iran-backed Houthi group in the Red Sea.
Daily Commodity Analysis – oil, gas plunge, gold, copper struggle.
Introduction
Oil prices declined on Monday as global economic concerns weigh on the demand outlook, overshadowing geopolitical tensions in the Middle East. U.S. crude futures slip to $73.13 a barrel, reflecting prevailing market sentiment. Meanwhile, natural gas prices plummet 24% amid warmer weather forecasts. Gold faces pressure from expectations of prolonged higher interest rates, while copper edges lower due to the weak economic outlook in China, indicated by underwhelming GDP figures and limited policy support from the People’s Bank of China.
Markets In Focus Today – BRENT CRUDE OIL
Oil Down As Economic Headwinds Weigh On Demand Outlook.
Oil prices lost more ground on Monday as economic headwinds pressured the global oil demand outlook and offset geopolitical concerns in the Middle East and an attack on a Russian fuel export terminal over the weekend. For February delivery, the front-month U.S. West Texas Intermediate crude futures were down 28 cents to $73.13 a barrel with the contract set to expire later on Monday. The more active March WTI contract was $73.04 a barrel, down 21 cents. This morning’s subdued re-open speaks volumes about current sentiment in the crude oil market despite ongoing geopolitical tensions in Europe and the Middle East.
Technical Overview With Chart :
Moving Averages :
Exponential :
MA 10 : 78.16 | Negative Crossover | Bearish
MA 20 : 78.11 | Negative Crossover | Bearish
MA 50 : 79.44 | Negative Crossover | Bearish
Simple :
MA 10 : 78.05 | Negative Crossover | Bearish
MA 20 : 78.08 | Negative Crossover | Bearish
MA 50 : 78.64 | Negative Crossover | Bearish
RSI (Relative Strength Index): 48.94 | Buy Zone | Bullish
Stochastic Oscillator : 63.41 | Buy Zone | Negative
Bitcoin struggles above $41,000 as whales make strategic moves on a major exchange, closing leveraged positions and increasing USDT reserves. Ethereum faces scalability challenges with high fees affecting d App adoption. Doge coin’s market cap reaches $12 billion amid speculation of integration into Elon Musk’s X Payments. Ripple responds to the SEC, contesting the regulator’s request for what it deems irrelevant information in the ongoing legal battle.
Markets In Focus Today – BITCOIN
Bitcoin Price Ranges Sideways Above $41,000 As Whales Make Strategic Moves In BTC.
Bitcoin price is trading on the defensive above $41,000 on Monday after a week long decline. Whales on a leading crypto exchange have closed their leveraged positions, leading to a significant increase in USDT reserve. Bitcoin (BTC) is struggling on Monday morning to keep its head above volatile waters, trading at $41,000, after its value fell last week. A decline in open interest by large-wallet investors (popularly known as whales), coupled with an increase of their Tether (USDT) reserves on Bitfinex, suggests that the downward trend for BTC price could extend in the short term.
WTI crude oil rallies to around $74.70 per barrel fueled by global energy supply concerns, exacerbated by Ukraine’s drone strike on Russian fuel terminal Novatek and US production disruptions. In corn futures, fractional gains persist amid varied export figures. Gold prices rise, influenced by economic uncertainties, while silver (XAG/USD) plunges to near $22 as Fed rate-cut optimism fades, with attention now on upcoming US Q4 GDP data.
Markets In Focus Today – CRUDE OIL
WTI Improves To Nearly $74.70 Over Global Energy Supplies, And Air Strikes Against Houthis.
WTI price moves higher on concerns over global supply disruptions. Ukraine conducted a drone attack on a Russian fuel terminal Novatek. West Texas Intermediate (WTI) price extends its gains for the second successive session, improving to near $74.70 per barrel during the Asian session on Tuesday. The rise in Crude oil prices is attributed to concerns over global energy supplies, sparked by a drone strike on Russia’s Novatek by Ukraine. Additionally, disruptions in Crude production from the United States (US) due to extreme cold weather have contributed to the upward pressure on oil prices.
Technical Overview With Chart :
Moving Averages :
Exponential :
MA 10 : 73.51 | Positive Crossover | Bullish
MA 20 : 73.17 | Positive Crossover | Bullish
MA 50 : 74.52 | Positive Crossover | Bullish
Simple :
MA 10 : 73.13 | Positive Crossover | Bullish
MA 20 : 72.83 | Positive Crossover | Bullish
MA 50 : 73.56 | Positive Crossover | Bullish
RSI (Relative Strength Index): 56.37 | Neutral Zone | Neutral
Stochastic Oscillator : 83.82 | Neutral Zone | Neutral
U.S. natural gas futures break a six-session losing streak, rising as weather forecasts indicate warmer temperatures through early February. Oil prices fluctuate amid geopolitical tensions, demand concerns, and a stronger dollar. Silver (XAG/USD) shows positive momentum, climbing back above mid-$22.00s. Copper prices, driven by China’s stimulus measures, rebound from a two-month low but face challenges amid persistent economic concerns in the world’s largest copper importer.
Markets In Focus Today – NATURAL GAS
U.S. Natural Gas Futures Snap Losing Streak.
U.S. natural gas prices stage a late recovery and rise for the first time in six sessions as weather forecasts continue to show warmer temperatures through early February. “While more winter weather is likely to show up, once we get February on the calendar, cold weather forecasts become less and less of a factor for prices,” says Analyst in a note. The above-average storage draws expected for last week and this week would need to continue next month to lift prices significantly, “and the probability of such an occurrence is low.
Technical Overview With Chart :
Moving Averages :
Exponential :
MA 10 : 2.457 | Positive Crossover | Bullish
MA 20 : 2.595 | Negative Crossover | Bearish
MA 50 : 2.812 | Negative Crossover | Bearish
Simple :
MA 10 : 2.431 | Positive Crossover | Bullish
MA 20 : 2.595 | Negative Crossover | Bearish
MA 50 : 2.812 | Negative Crossover | Bearish
RSI (Relative Strength Index): 40.76 | Neutral Zone | Neutral
Stochastic Oscillator : 84.44 | Buy Zone | Positive
Bitcoin plunges below $40k as enthusiasm surrounding spot ETF approval diminishes. Despite initial optimism, the cryptocurrency struggles to sustain gains post-SEC approval. Ethereum faces a potential drop to $2,000 as on-chain metrics indicate profit-taking by whales. Chainlink exhibits short-term bubble risk, breaking out of a bullish channel with a potential trend reversal. XRP experiences a 9% decline as traders grapple with losses exceeding $130 million, with diminishing demand and anticipation for a Spot XRP ETF failing to halt the altcoin’s downward trajectory.
Markets In Focus Today – BITCOIN
Bitcoin breaks below $40k as spot ETF hype wanes.
Bitcoin fell sharply to an over seven-week low while also breaking below key levels on Tuesday as an initial boost from the approval of several spot exchange-traded funds now appeared to be waning. The world’s largest cryptocurrency saw a strong melt-up over the past year amid speculation that the Securities and Exchange Commission (SEC) would approve ETFs that directly track the price of the token- a first for U.S. markets. The token peaked at a near two-year high earlier this month, just as the SEC approved the spot ETFs. But bitcoin’s performance since the approval has been largely underwhelming, defying forecasts that the price would shoot up with the entrance of more institutional capital.
Technical Overview With Chart :
Moving Averages :
Exponential :
MA 10 : 41519.88 | Negative Crossover | Bearish
MA 20 : 42364.96 | Negative Crossover | Bearish
MA 50 : 41946.62 | Negative Crossover | Bearish
Simple :
MA 10 : 41593.45 | Negative Crossover | Bearish
MA 20 : 43246.90 | Negative Crossover | Bearish
MA 50 : 43159.75 | Negative Crossover | Bearish
RSI (Relative Strength Index): 35.99 | Sell Zone | Bearish
Stochastic Oscillator : 6.17 | Sell Zone | Neutral
In the ongoing legal battle between Ripple and the SEC, the regulatory body files a reply supporting its motion to compel against Ripple, attempting to turn the tide in its favor. Meanwhile, XRP struggles at a three-month low. Bitcoin’s recent price drop triggers significant liquidations, with expert analysis linking it to GBTC redemptions. Ethereum faces losses, while Uni swap validates a bearish reversal pattern, causing substantial liquidations and signaling potential further declines. Market sentiment remains volatile, shaping the trajectory of major cryptocurrencies.
Markets In Focus Today – RIPPLE
SEC Files Reply Backing Its Motion To Compel Against Ripple; XRP Price Rebounds From Aug 2023 Low.
XRP price at the time of writing is at a three-month low, with the RSI sitting in the oversold zone for the first time since August 2023. Ripple and the SEC are continuing their battle, with the latter filing a reply in support of its motion to compel. The Securities and Exchange Commission (SEC) is attempting to flip one of its biggest losses into some semblance of a victory. This is evident by the most recent filing from the regulatory body against Ripple seeking court intervention over undisclosed document requests. XRP price, on the other hand, is trending in an unfavorable direction.
Technical Overview With Chart :
Moving Averages :
Exponential :
MA 10 : 0.54 | Negative Crossover | Bearish
MA 20 : 0.56 | Negative Crossover | Bearish
MA 50 : 0.58 | Negative Crossover | Bearish
Simple :
MA 10 : 0.55 | Negative Crossover | Bearish
MA 20 : 0.56 | Negative Crossover | Bearish
MA 50 : 0.60 | Negative Crossover | Bearish
RSI (Relative Strength Index): 30.41 | Sell Zone | Bearish
Stochastic Oscillator : 13.56 | Sell Zone | Positive
Daily Commodity Analysis – Gold uncertain pre-GDP, copper soars on China stimulus, oil rallies.
Introduction
Gold prices face volatility ahead of GDP data, grappling with steep losses as U.S. economic cues and interest rate uncertainties deter traders. Meanwhile, copper gains momentum following China’s additional stimulus measures. Gold declined 0.7% on Wednesday amid anticipation of crucial U.S. GDP and inflation data, with growing expectations of a delayed Federal Reserve interest rate cut. Copper, boosted by China’s reserve requirement ratio cut, sits at a three-week high. Oil prices rise on a significant U.S. crude stock draw and optimism from China’s stimulus actions. Natural gas experiences a short-covering rally, influenced by oversold conditions and domestic supply-demand factors.
Markets In Focus Today – GOLD
Gold Prices Were Skittish Before GDP Data.
Gold prices nursed steep losses on Thursday as anticipation of a barrage of U.S. economic and interest rate cues kept traders averse to the yellow metal, while copper sat on strong gains this week following more stimulus measures from China. Bullion prices had fallen 0.7% on Wednesday, largely disregarding some weakness in the dollar as anticipation of key U.S. gross domestic product (GDP) and inflation data brewed more uncertainty over interest rates. The yellow metal was battered by increasing bets that the Federal Reserve would cut interest rates later, instead of earlier this year.
Technical Overview With Chart :
Moving Averages :
Exponential :
MA 10 : 2024.34 | Negative Crossover | Bearish
MA 20 : 2029.35 | Negative Crossover | Bearish
MA 50 : 2019.58 | Negative Crossover | Bearish
Simple :
MA 10 : 2026.81 | Negative Crossover | Bearish
MA 20 : 2034.64 | Negative Crossover | Bearish
MA 50 : 2029.01 | Negative Crossover | Bearish
RSI (Relative Strength Index): 44.54 | Neutral Zone | Neutral
Stochastic Oscillator : 27.68 | Sell Zone | Negative
Daily Commodity Analysis – Gold uncertain pre-GDP, copper soars on China stimulus, oil rallies.
Introduction
Gold prices face volatility ahead of GDP data, grappling with steep losses as U.S. economic cues and interest rate uncertainties deter traders. Meanwhile, copper gains momentum following China’s additional stimulus measures. Gold declined 0.7% on Wednesday amid anticipation of crucial U.S. GDP and inflation data, with growing expectations of a delayed Federal Reserve interest rate cut. Copper, boosted by China’s reserve requirement ratio cut, sits at a three-week high. Oil prices rise on a significant U.S. crude stock draw and optimism from China’s stimulus actions. Natural gas experiences a short-covering rally, influenced by oversold conditions and domestic supply-demand factors.
Markets In Focus Today – GOLD
Gold Prices Were Skittish Before GDP Data.
Gold prices nursed steep losses on Thursday as anticipation of a barrage of U.S. economic and interest rate cues kept traders averse to the yellow metal, while copper sat on strong gains this week following more stimulus measures from China. Bullion prices had fallen 0.7% on Wednesday, largely disregarding some weakness in the dollar as anticipation of key U.S. gross domestic product (GDP) and inflation data brewed more uncertainty over interest rates. The yellow metal was battered by increasing bets that the Federal Reserve would cut interest rates later, instead of earlier this year.
Daily Commodity Analysis – Oil rises, gas soars, gold falters.
Introduction
WTI crude oil is poised to end the week positively, hovering around $77.00 per barrel during the Asian session, driven by robust US GDP data and China’s liquidity injection strategy. Meanwhile, US natural gas futures rise ahead of the EIA report, propelled by cooler forecasts and reduced production. Gold prices struggle within a tight range as traders await cues on US interest rates, with key inflation data and a Federal Reserve meeting in focus. Copper prices are on track for a strong weekly performance due to China’s additional stimulus. Silver faces resistance near $23, with market sentiment cautious ahead of US core PCE data, crucial for the Fed’s interest rate decisions.
Markets In Focus Today – CRUDE OIL
WTI Hovers Around $77.00 With A Positive Momentum, Focus Shifts To US PCE, Oil Rig Count.
WTI price is expected to close the week in a positive territory due to multiple factors GDP data contributed support to reinforcing the Crude oil prices.PBoC’s strategy to inject liquidity into the economy contributes to the strength in oil prices. Chinese officials asked their Iranian counterparts to help restrain attacks on ships in the Red Sea. West Texas Intermediate (WTI) oil price pauses its two-day winning streak but is anticipated to conclude the week on a positive note, trading near $77.00 per barrel during the Asian session on Friday. However, the Crude oil prices received a positive momentum, which is attributed, in part, to the better-than-expected GDP Annualized (Q4) released from the United States on Thursday.
Technical Overview With Chart :
Moving Averages :
Exponential :
MA 10 : 74.82 | Positive Crossover | Bullish
MA 20 : 73.99 | Positive Crossover | Bullish
MA 50 : 74.72 | Positive Crossover | Bullish
Simple :
MA 10 : 74.32 | Positive Crossover | Bullish
MA 20 : 73.21 | Positive Crossover | Bullish
MA 50 : 73.47 | Positive Crossover | Bullish
RSI (Relative Strength Index): 61.42 | Buy Zone | Bullish
Stochastic Oscillator : 92.20 | Buy Zone | Negative
Bitcoin remains range-bound around the $40,000 mark, signaling a period of consolidation post-Spot ETF approval, while retail traders with less than 1 BTC reduce holdings, impacting Bitcoin wallets since October 2023. Ethereum faces a potential dip to $2000 amidst subdued cryptocurrency market volatility. Uniswap experiences a bearish reversal, with liquidations reaching $2.2 million. Meanwhile, the XRP Ledger anticipates an upgrade introducing an Automated Market Maker, allowing XRP holders to earn on-chain income through liquidity provision.
Markets In Focus Today – BITCOIN
Bitcoin Price Sees Range-Bound Price Action Below The $40,000 Mark Closer To BTC Halving.
Bitcoin wallet addresses have been on a decline since October 2023. BTC price drop below the $40,000 mark triggered liquidations in over 487,000 wallets holding up to 1 Bitcoin. Bitcoin price is range bound less than three months away from the upcoming BTC halving event in April. Bitcoin price is range bound close to the psychologically important $40,000 level, nearly two weeks post-Spot ETF approval by the Securities and Exchange Commission. Retail traders holding less than 1 BTC have shed their holdings, as evidenced by the decline in Bitcoin wallets since October 2023. Bitcoin’s retail traders are therefore on a decline amidst the BTC price correction.
Technical Overview With Chart :
Moving Averages :
Exponential :
MA 10 : 40899.76 | Negative Crossover | Bearish
MA 20 : 41790.73 | Negative Crossover | Bearish
MA 50 : 41743.34 | Negative Crossover | Bearish
Simple :
MA 10 : 40890.00 | Negative Crossover | Bearish
MA 20 : 42635.73 | Negative Crossover | Bearish
MA 50 : 42943.95 | Negative Crossover | Bearish
RSI (Relative Strength Index): 39.70 | Sell Zone | Bearish
Stochastic Oscillator : 21.70 | Sell Zone | Negative
Gold (XAU/USD) closes the week with a slight dip, hovering just above $2,018, marking a 0.55% weekly loss. Key indicators show subdued buying momentum, reflecting a pause after December’s rally. Meanwhile, the USD’s recovery, driven by changing bets on the Federal Reserve, exerts downward pressure. Copper prices ease, but a strong week is expected amid China optimism. Oil settles at an eight-week high, fueled by robust U.S. economic growth and Chinese stimulus, while natural gas faces declines due to storage dynamics, production fluctuations, and lighter demand forecasts.
Markets In Focus Today – GOLD
XAU/USD Trades Mildly Lower And Closes A Losing Week After US PCE Figures.
The XAU/USD experiences a slight decrease, holding slightly above $2,018 with a minor pullback. Key indicators such as RSI and MACD demonstrate a subdued buying momentum, as bulls consolidate December’s rally. On Friday’s session, the XAU/USD was seen trading at $2,018, presenting a slight decline of 0.08% and closing a 0.55% weekly loss. After reaching a level of $2,135 in December, buyers have been largely taking a pause, suggesting a neutral to a bullish outlook on the daily chart. Despite some momentum observed in the four-hour chart, the indicators remain relatively weak. In addition, the USD recovery fueled by markets adjusting their bets on the Federal Reserve (Fed) due to the US economy showing resilience is pushing the metal lower.
Technical Overview With Chart :
Moving Averages :
Exponential :
MA 10 : 2024.17 | Negative Crossover | Bearish
MA 20 : 2028.83 | Negative Crossover | Bearish
MA 50 : 2019.76 | Negative Crossover | Bearish
Simple :
MA 10 : 2024.37 | Negative Crossover | Bearish
MA 20 : 2032.74 | Negative Crossover | Bearish
MA 50 : 2029.89 | Negative Crossover | Bearish
RSI (Relative Strength Index): 46.09 | Buy Zone | Bullish
Stochastic Oscillator : 25.67 | Sell Zone | Negative
Gold (XAU/USD) closes the week with a slight dip, hovering just above $2,018, marking a 0.55% weekly loss. Key indicators show subdued buying momentum, reflecting a pause after December’s rally. Meanwhile, the USD’s recovery, driven by changing bets on the Federal Reserve, exerts downward pressure. Copper prices ease, but a strong week is expected amid China optimism. Oil settles at an eight-week high, fueled by robust U.S. economic growth and Chinese stimulus, while natural gas faces declines due to storage dynamics, production fluctuations, and lighter demand forecasts.
Markets In Focus Today – GOLD
XAU/USD Trades Mildly Lower And Closes A Losing Week After US PCE Figures.
The XAU/USD experiences a slight decrease, holding slightly above $2,018 with a minor pullback. Key indicators such as RSI and MACD demonstrate a subdued buying momentum, as bulls consolidate December’s rally. On Friday’s session, the XAU/USD was seen trading at $2,018, presenting a slight decline of 0.08% and closing a 0.55% weekly loss. After reaching a level of $2,135 in December, buyers have been largely taking a pause, suggesting a neutral to a bullish outlook on the daily chart. Despite some momentum observed in the four-hour chart, the indicators remain relatively weak. In addition, the USD recovery fueled by markets adjusting their bets on the Federal Reserve (Fed) due to the US economy showing resilience is pushing the metal lower.
Bitcoin faces a pivotal moment with a weekly close near $43,750 as it recovers from a 20% slump. JPMorgan’s note on GBTC profit-taking sparks a potential 5% climb into an ascending channel. Ethereum drops to $2,000, while Chainlink’s price sees a 3.56% increase. Uniswap validates a bearish reversal pattern, targeting a 34% correction to $3.81, leading to $2.2 million in liquidations. Cryptocurrency market volatility remains subdued, maintaining a total market capitalization of around $1.56 trillion.
Markets In Focus Today – BITCOIN
Bitcoin Weekly Forecast As The Monthly Close Draws Near, The Significance Of $43,750 Grows.
Bitcoin price is nurturing a recovery rally after a 20% slump from the January 11 high of $48,969.BTC could climb 5% into protective custody of the ascending parallel channel as a buy signal beckons. Invalidation of the bullish outlook will occur upon a weekly candlestick close below $40,726. Bitcoin’s (BTC) price broke consolidation on the weekly time frame on Friday, but the daily time frame shows a steep downtrend. However, recovery efforts appear underway after investment firm JPMorgan said profit-taking on GBTC has largely concluded.
Technical Overview With Chart :
Moving Averages :
Exponential :
MA 10 : 41271.77 | Positive Crossover | Bullish
MA 20 : 41914.30 | Negative Crossover | Bearish
MA 50 : 41799.69 | Negative Crossover | Bearish
Simple :
MA 10 : 40934.95 | Positive Crossover | Bullish
MA 20 : 42595.20 | Negative Crossover | Bearish
MA 50 : 42924.10 | Negative Crossover | Bearish
RSI (Relative Strength Index): 47.35 | Buy Zone | Bullish
Stochastic Oscillator : 47.78 | Buy Zone | Neutral
Daily Commodity Analysis – Gold is steady, silver falters, oil surges, and gas puzzles despite drops.
Introduction
Gold prices maintain modest gains ahead of the Federal Reserve (Fed) meeting, finding support in Middle East tensions and declining US bond yields. Traders remain cautious amid geopolitical concerns, with a drone attack near the Syrian border impacting sentiment. Meanwhile, silver slips below $23.00, signaling a potential downtrend, while oil climbs on escalating Middle East tensions. As weather forecasts suggest light national demand, natural gas futures decline despite a significant storage drop.
Markets In Focus Today – GOLD
Gold Price Sticks To Modest Gains Ahead Of Fed Meeting.
Gold price draws some support from escalating geopolitical tensions in the Middle East. Sliding US bond yields also benefit the XAU/USD, though the uptick lacks follow-through. Traders also seem reluctant ahead of the crucial two-day FOMC monetary policy meeting. Investors set off the critical week, including the US Federal Reserve (Fed) policy announcements, on a cautious footing after a Reuters report quoted US President Joe Biden and officials stating that three US service members were killed. Dozens may be wounded after an unmanned aerial drone attack on US forces stationed in northeastern Jordan near the Syrian border. The US economic docket is relatively light on Monday, and hence, the geopolitical developments and the pre-Fed positioning could influence the Gold price action.
Technical Overview With Chart :
Moving Averages :
Exponential :
MA 10 : 2025.63 | Positive Crossover | Bullish
MA 20 : 2029.15 | Positive Crossover | Bullish
MA 50 : 2020.25 | Positive Crossover | Bullish
Simple :
MA 10 : 2022.17 | Positive Crossover | Bullish
MA 20 : 2031.21 | Positive Crossover | Bullish
MA 50 : 2030.98 | Positive Crossover | Bullish
RSI (Relative Strength Index): 51.10 | Neutral Zone | Neutral
Stochastic Oscillator : 36.02 | Neutral Zone | Neutral
Bitcoin hovers around $42,000 as speculation grows over Charles Schwab’s potential entry into the Bitcoin ETF race, intensifying market interest. Ethereum faces a significant decline, erasing previous gains and raising concerns about its sustainability. Cardano experiences a dip in whale transactions, triggering discussions about network dynamics, while Chainlink struggles to establish a strong upswing after breaking out of an 18-month accumulation phase. The crypto space is abuzz with developments impacting various digital assets.
Markets In Focus Today – BITCOIN
Bitcoin Price Hovers Around $42,000 As Markets Weigh Possible Charles Schwab Entry To ETF Race.
Bitcoin ETF race continues as Bloom berg ETF analyst speculates Charles Schwab’s entry. Bitcoin exchange balances have nosedived by over one million BTC since 2020. BTC price sustained above the $42,000 level as Bitcoin eyes a recovery. Bitcoin ETF race likely to intensify as Bloomberg ETF specialist Eric Balchunas speculates $8.5 trillion asset manager Charles Schwab’s entry into the race. BTC exchange balances are on a decline and a recovery in Bitcoin price is likely in the short term.
Technical Overview With Chart :
Moving Averages :
Exponential :
MA 10 : 41611.80 | Positive Crossover | Bullish
MA 20 : 41991.30 | Positive Crossover | Bullish
MA 50 : 41843.11 | Positive Crossover | Bullish
Simple :
MA 10 : 41109.46 | Positive Crossover | Bullish
MA 20 : 42172.87 | Negative Crossover | Bearish
MA 50 : 42867.05 | Negative Crossover | Bearish
RSI (Relative Strength Index): 49.52 | Neutral Zone | Neutral
Stochastic Oscillator : 70.74 | Neutral Zone | Neutral
WTI crude oil sees a slight uptick amid rising geopolitical risks in the Middle East, although concerns over demand in China may limit gains ahead of the FOMC. Traders eye the API report on US stockpiles for short-term opportunities. Meanwhile, natural gas experiences its largest daily decline in nearly two weeks due to an outage at Freeport LNG and milder weather forecasts. Gold prices rise as US bond yields fall, fueled by escalating tensions in the Middle East. Investors await cues from the upcoming FOMC meeting. Copper futures, previously boosted by China’s monetary stimulus, face pressure amid doubts about its impact on economic challenges in the country.
Markets In Focus Today – CRUDE OIL
WTI Ticks Higher Amid Geopolitical Risks, China Demand Concerns Cap The Upside.
WTI attracts some buyers on Tuesday amid fears about supply disruptions in the Middle East. Demand concerns in China could act as a headwind for the commodity ahead of the FOMC. Traders now look to the API report on US stockpiles for short-term opportunities on Tuesday. West Texas Intermediate (WTI) US Crude Oil prices ticked higher during the Asian session on Tuesday and for now, seem to have stalled the previous day’s rejection slide from the 100-day Simple Moving Average (SMA) or a nearly two-month peak. A further escalation of geopolitical tensions in the Middle East continues to fuel supply concerns and turns out to be a key factor acting as a tailwind for the black liquid.
Technical Overview With Chart :
Moving Averages :
Exponential :
MA 10 : 75.64 | Positive Crossover | Bullish
MA 20 : 74.61 | Positive Crossover | Bullish
MA 50 : 74.93 | Positive Crossover | Bullish
Simple :
MA 10 : 75.38 | Positive Crossover | Bullish
MA 20 : 73.87 | Positive Crossover | Bullish
MA 50 : 73.60 | Positive Crossover | Bullish
RSI (Relative Strength Index): 59.37 | Buy Zone | Bullish
Stochastic Oscillator : 81.10 | Buy Zone | Negative
Bitcoin’s potential rally is hinted at by the increase in exchange stablecoin reserves, signaling rising buying power and supporting the notion that the bull cycle is ongoing. The upcoming BTC halving in April could further drive Bitcoin price gains. Meanwhile, Cardano (ADA) eyes a 15% rise, buoyed by resurfacing shark and whale wallets. Ethereum staked reaches an all-time high, and dwindling exchange supply may elevate ETH prices. Chainlink faces a correction risk as its supply on exchanges rises, posing potential selling pressure.
Markets In Focus Today – BITCOIN
Bitcoin Price Could Rally As Buying Power Increases With The Rise In Exchange Stablecoin Reserves.
Bitcoin supply on exchanges has been on a consistent decline since the ETF approvals, driving an increase in stablecoin supply. Higher stablecoin supply signals an increase in buying power, supporting the thesis that the bull cycle still has legs. The upcoming BTC halving in April is likely to catalyze Bitcoin price gains. Bitcoin (BTC) price recovered above $43,000 on Tuesday after its recent correction, which led to a fall from a two-year high of $48,969 to a low of $38,555.
Technical Overview With Chart :
Moving Averages :
Exponential :
MA 10 : 42138.59 | Positive Crossover | Bullish
MA 20 : 42241.35 | Positive Crossover | Bullish
MA 50 : 41954.62 | Positive Crossover | Bullish
Simple :
MA 10 : 41408.96 | Positive Crossover | Bullish
MA 20 : 42073.84 | Positive Crossover | Bullish
MA 50 : 42935.99 | Positive Crossover | Bullish
RSI (Relative Strength Index): 56.10 | Buy Zone | Bullish
Stochastic Oscillator : 86.02 | Buy Zone | Positive
Daily Commodity Analysis – Deciphering global markets amid tensions and uncertainties.
Introduction
Oil prices decline on weak China data, impacting demand sentiment. Despite this, they are poised for their first monthly gain since September due to escalating Middle East conflicts causing supply concerns. Meanwhile, positive IMF forecasts boost crude oil prospects. In other markets, corn futures fall on weak demand outlook, and gold and silver prices respond to geopolitical tensions and await the US Federal Reserve’s interest rate decision for further direction.
Markets In Focus Today – BRENT CRUDE OIL
Oil Falls On Weak China Data; Set For First Monthly Gain Since Sept.
Oil fell on Wednesday as lackluster economic data in China, the world’s biggest crude importer, weighed on demand sentiment, but prices were set for their first monthly gain since September as broadening Middle East conflicts raised supply concerns. Crude oil prices may experience a positive impact following the recent update on global economic growth by the International Monetary Fund (IMF). The IMF has revised its forecast, indicating expectations of stronger growth, particularly in the economies of the United States and China.
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Daily Commodity Analysis – Explore gold defiance, copper’s challenge, oil rally, and gas amid the turmoil.
Introduction
Gold prices defy a Fed stance on prolonged higher interest rates, gaining ground amid safe-haven demand fueled by Middle East tensions. The precious metal’s ascent is tempered by a resurgent dollar. In contrast, copper retreated from a one-month peak, impacted by mixed signals from China’s economic outlook. Oil prices rise as the U.S. Federal Reserve hints at potential rate cuts and China unveils measures to support its property market. Natural gas futures see modest gains despite bearish weather forecasts and lower industrial demand attributed to a Freeport LNG outage.
Markets In Focus Today – GOLD
Gold Prices Rise Even As Fed Shoots Down Early Rate-Cut Hopes.
Gold prices rose on Thursday and were undeterred by the Federal Reserve stating that it will likely keep interest rates higher for longer, while safe-haven buying amid an ongoing conflict in the Middle East also aided the yellow metal. The Fed’s comments spurred a sharp reversal in risk-driven markets, particularly stocks, on Wednesday. This in turn fueled increased safe-haven demand for gold. The yellow metal was also aided by increased demand as a conflict between U.S.-led forces and the Yemen-based Houthi Group worsened. Further gains in the yellow metal were held back by a sharp rebound in the dollar, which traded close to seven-week highs.
Technical Overview With Chart :
Moving Averages :
Exponential :
MA 10 : 2032.12 | Positive Crossover | Bullish
MA 20 : 2031.90 | Positive Crossover | Bullish
MA 50 : 2022.44 | Positive Crossover | Bullish
Simple :
MA 10 : 2028.32 | Positive Crossover | Bullish
MA 20 : 2029.97 | Positive Crossover | Bullish
MA 50 : 2033.75 | Positive Crossover | Bullish
RSI (Relative Strength Index): 54.73 | Buy Zone | Bullish
Stochastic Oscillator : 63.81 | Buy Zone | Neutral
Bitcoin holders are optimistic as Grayscale’s GBTC withdrawals slow down, providing relief for the cryptocurrency’s recent dip. Ethereum eyes $2,500 with bullish indicators, while Ripple faces potential downside pressure from a massive XRP reserve release. Dogecoin witnesses a surge in active addresses, hitting an all-time high, as its network sees a remarkable increase in new addresses. Cryptocurrency markets remain dynamic, influenced by factors such as institutional moves and network activity.
Markets In Focus Today – BITCOIN
Bitcoin Holders Are Hopeful For A BTC Price Rebound As Grayscale’s GBTC Withdrawals Slow Down.
Grayscale’s Bitcoin Spot ETF outflows have diminished this week. Bitcoin trades at around $43,000 as its halving event is nearly 81 days away. Bitcoin holder base has held broadly steady, with supply across multiple age bands just below its all-time highs. Bitcoin’s (BTC) price is recovering this week, trading shy of the $43,000 level on Wednesday’s European morning, after its recent drop to $38,555. Outflows from Grayscale’s GBTC have slowed down this week, easing the selling pressure for Bitcoin and likely catalyzing its recent recovery.
Technical Overview With Chart :
Moving Averages :
Exponential :
MA 10 : 42220.21 | Positive Crossover | Bullish
MA 20 : 42271.32 | Positive Crossover | Bullish
MA 50 : 41977.60 | Positive Crossover | Bullish
Simple :
MA 10 : 41501.61 | Positive Crossover | Bullish
MA 20 : 41879.40 | Positive Crossover | Bullish
MA 50 : 42956.42 | Positive Crossover | Bullish
RSI (Relative Strength Index): 53.58 | Buy Zone | Bullish
Stochastic Oscillator : 86.84 | Buy Zone | Neutral
Bitcoin holders are optimistic as Grayscale’s GBTC withdrawals slow down, providing relief for the cryptocurrency’s recent dip. Ethereum eyes $2,500 with bullish indicators, while Ripple faces potential downside pressure from a massive XRP reserve release. Dogecoin witnesses a surge in active addresses, hitting an all-time high, as its network sees a remarkable increase in new addresses. Cryptocurrency markets remain dynamic, influenced by factors such as institutional moves and network activity.
Markets In Focus Today – BITCOIN
Bitcoin Holders Are Hopeful For A BTC Price Rebound As Grayscale’s GBTC Withdrawals Slow Down.
Grayscale’s Bitcoin Spot ETF outflows have diminished this week. Bitcoin trades at around $43,000 as its halving event is nearly 81 days away. Bitcoin holder base has held broadly steady, with supply across multiple age bands just below its all-time highs. Bitcoin’s (BTC) price is recovering this week, trading shy of the $43,000 level on Wednesday’s European morning, after its recent drop to $38,555. Outflows from Grayscale’s GBTC have slowed down this week, easing the selling pressure for Bitcoin and likely catalyzing its recent recovery.
Technical Overview With Chart :
Moving Averages :
Exponential :
MA 10 : 42220.21 | Positive Crossover | Bullish
MA 20 : 42271.32 | Positive Crossover | Bullish
MA 50 : 41977.60 | Positive Crossover | Bullish
Simple :
MA 10 : 41501.61 | Positive Crossover | Bullish
MA 20 : 41879.40 | Positive Crossover | Bullish
MA 50 : 42956.42 | Positive Crossover | Bullish
RSI (Relative Strength Index): 53.58 | Buy Zone | Bullish
Stochastic Oscillator : 86.84 | Buy Zone | Neutral
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