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January 28th - Silver prices continued their upward trend, driven by a weaker dollar. Investors are shifting from sovereign bonds and currency assets to safe-haven hard assets. Saxo Bank analysts stated that gold and silver continued their strong gains as devaluation trades regained focus. Furthermore, the fact that Rick Riddell, a BlackRock executive known for his aggressive interest rate cuts, is considered a leading candidate for the next Federal Reserve Chairman further reinforces this logic.The Russian Foreign Ministry announced that the two Russian crew members detained on the oil tanker have been released and are en route to Russia.On January 28th, gold prices broke through $5,300 for the first time, accumulating a gain of over 20% year-to-date. The current "confidence crisis" in the US dollar further enhances the attractiveness of gold to overseas investors. Kelvin Wong, senior market analyst at Oanda, stated that the rise in gold prices stems from its extremely strong indirect negative correlation with the US dollar, as well as Trumps response to the dollar, reflecting a possible consensus within the White House to push for a weaker dollar. Trump also indicated that he would soon announce his nominee for Federal Reserve Chairman and predicted that interest rates would decline after the new chairman takes office. Ilya Spivak, global head of macro at Tastylive, pointed out that given the tension between the Feds responsibilities and the White Houses stance, the market is simply taking a defensive stance ahead of Powells speech today.Chairman of the German Federal Financial Supervisory Authority: There is a high possibility of a sudden correction in the financial markets.Italys Istat consumer confidence index for January was 96.8, below the expected 97 and the previous reading of 96.6.

Stock Markets Continue to Threaten a Breakout

Cory Russell

Aug 09, 2022 14:49

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During the Monday trading session, the S&P 500 surpassed the 200 Day EMA, where it is now meeting with a lot of resistance. As a result, things can get intriguing.

Technical Analysis of the S&P 500

On Monday during trade, the S&P 500 first declined before turning around and resuming its surge. The market had reached the 200 Day EMA at midday and was barely below the critical 4200 level. A rise to the 4300 level is conceivable if the market were to break through the 4200 level. However, bear in mind that the CPI statistic from the United States will be released on Wednesday and will offer traders more to consider on the inflationary outlook.


People tend to place a lot of faith in the Core CPI number since the Federal Reserve does like to pay careful attention to it, particularly if it comes out hotter than expected. Given that, I believe we will be treading a fine line over the next several days. However, if we were to break below the hammer that formed on Friday, it may indicate that the market is eager to sell equities ahead of the number, which I believe to be far more probable than most people know.


After all, there are many worries about future inflation and we are in a recession right now. Given that Wall Street has, very bluntly, made a career not pricing the market in accordance with reality, this does not necessarily imply that it must do so. However, it's clear that there is a lot of technological resistance here, so everything fits together rather well.

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