Day: November 27, 2024

Cryptocurrencies Price Prediction: Ethereum, SUI & SEC – American Wrap 27 November

Bloomberg: Ethereum Price Forecast: ETH surges 9% with increased capital inflows, bulls set sights on $4,522 Ethereum (ETH) rallied 9% on Wednesday following increased capital inflows into ETH ETFs and a major uptick in its open interest and futures premium. If the bullish momentum sustains, ETH could overcome its yearly high resistance of $4,093 and rally to $4,522. SUI Price Forecast: SUI pulls $325M from Ethereum amid Bitcoin staking integration SUI price rose 12.9% in the last 48 hours, briefly breaching the $3.50 mark on Wednesday. Amid news of Bitcoin Staking integration, on-chain data show rapid inflows toward the SUI DeFi ecosystem. Former commissioner Paul Atkins tipped as the frontrunner for SEC chair Paul Atkins, a former Securities and Exchange Commission (SEC) commissioner, is the leading candidate to chair the agency in President Donald Trump’s administration, according to Fox Business reporter Eleanor Terrett. Known for his pro-innovation stance and crypto expertise, Atkins supported regulatory frameworks that could spur technology and innovation. submitted by /u/Denchock [link] [comments]

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Bullish

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EUR/USD climbs above 1.0500 as ECB’s Schnabel turns hawkish

Bloomberg: EUR/USD gains 0.81% to 1.0574, bolstered by ECB comments US data failed to underpin the Greenback, which appreciated some 5.50% against the Euro, since the elections. US Durable Goods Orders for the month of October came at 0.2% MoM, exceeding September’s figures, yet missed estimates for a 0.5% expansion. Other data showed that the US Gross Domestic Product (GDP) in its second estimate was 2.8%, as expected, below the second quarter’s 3% growth. At the same time, the US Department of Labor announced that Initial Jobless Claims for the week ending November 23, rose by 213K, unchanged from the previous reading and missed estimates of 217K. In the meantime, the Federal Reserve’s preferred inflation gauge, the core Personal Consumption Expenditures (PCE) Price Index, was unchanged at 2.8% YoY, up from the previous reading of 2.7%. Earlier, Germany’s Gfk Consumer Climate index plummeted by -23.3 in November, below estimates. The institute mentioned that consumers have a sharp decline in income expectations and some decline in the willingness to buy, in contrast to an increase in the desire to save EUR/USD Price Forecast: Technical outlook The EUR/USD downtrend remains intact, yet price action during the last three days edged higher, an indication that it is not finding acceptance at around the 1.03-1.04 figure. If the pair extends its gains past the November 20 high of 1.0609, buyers could test the 1.0700 figure. Otherwise, a drop beneath 1.0500 could lead to bears challenging the 1.0400 mark. submitted by /u/Denchock [link] [comments]

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GBP/USD Price Forecast: Surges to four-day peak, above 1.2600

GBP/USD Price Forecast: Technical outlook The GBP/USD remains biased downward despite recovering the psychological figure of 1.2600. Bulls must reclaim 1.2700 to test the 200-day Simple Moving Average (SMA) at 1.2818. If those levels are cleared, the bias could shift upwards. For a bearish continuation, if GBP/USD drops below 1.2600, bears could drive the exchange rate toward the November 22 swing low of 1.2486. A breach of the latter will expose the year-to-date (YTD) low of 1.2299. Oscillators such as the Relative Strength Index (RSI) signals buyers’ recovery. However, bears remain in charge as the RSI remains below the neutral line. submitted by /u/Denchock [link] [comments]

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OUCH! The S&P 500’s market capitalization to world GDP ratio officially hits a new all time high of 46%. The US market has never been bigger.

Over the last 15 years, this ratio has QUADRUPLED. This percentage is now even higher than the 39% recorded at the 2000 Dot-Com Bubble peak. Additionally, the S&P 500 now has a market cap that is over $50 trillion for the first time in history. Meanwhile, the US stock market cap to US GDP ratio has also hit a new record of 205%. submitted by /u/XGramatik [link] [comments]

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This is absolutely insane: US national debt is set hit a MASSIVE $57 trillion over the next decade, according to the latest CBO forecasts

TKL: That would be a staggering $34 TRILLION, or 148%, increase since 2020. This comes as total US federal debt has officially exceeded $36 trillion for the first time in history. Since the debt ceiling crisis “ended” in June 2023, total US debt is up a shocking $4 TRILLION. In other words, the US has added an average of $235 billion in debt every month, or $8 billion a day, since June 2023. Debt crisis is an understatement. submitted by /u/XGramatik [link] [comments]

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Gold rises due to “buy the fact” trade after news of Lebanon ceasefire

Technical Analysis: XAU/USD bounces off major trendline Gold has bounced off a major trendline that reflects the precious metal’s long-term uptrend on Wednesday. XAU/USD Daily Chart Bloomberg: The precious metal trend is in a medium and long-term uptrend, and given the maxim that “the trend is your friend,” the odds still favor a continuation higher. In the short term, the trend is unclear. A break above $2,721 (Monday’s high) would be a bullish sign and give the green light to a continuation higher. The next target would be at $2,790, matching the previous record high. Alternatively, a decisive break below the major trendline would likely lead to further losses and confirm the short-term trend as bearish. A decisive break would be one accompanied by a long red candlestick that broke cleanly through the trendline and closed near its low – or three red candlesticks in a row that broke below the line. submitted by /u/Denchock [link] [comments]

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French Debt Risk at 12-Year High

Investors doubt the stability of France’s government amid budget disputes. French 10-year bond yields at 3.02% vs. Germany’s 2.16%, creating a 0.86% spread, the widest since 2012. Government’s budget passage issues could lead to collapse, warn analysts. PM Barnier predicts market chaos if government fails. Jefferies’ Kumar believes the government will survive with compromises, expecting more debt and higher premiums. Political discord since Macron’s snap election adds to investor concerns over France’s increasing debt and deficit. submitted by /u/XGramatik [link] [comments]

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Silver Price Forecast: XAG/USD consolidates around $30.50 as US PCE inflation takes center stage

Bloomberg: Silver technical analysis Silver price resumes its declining trend after a mean-reversion move to near the 20-day Exponential Moving Average (EMA) around $31.40. The white metal is expected to retreat to the November 14 low of around $29.70. The white metal weakened after the breakdown of the horizontal support plotted from the May 21 high of $32.50. The upward-sloping trendline from the February 29 low of $22.30 will act as key support for the Silver price around $29.50. The 14-day Relative Strength Index (RSI) oscillates in the 40.00-60.00 range, suggesting a sideways trend. submitted by /u/Denchock [link] [comments]

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