This ongoing uncertainty is likely to sustain support for gold, traditionally a safe-haven asset during times of geopolitical instability. Gold prices retreated on Tuesday as traders took profits following Monday’s record high close. After hitting an all-time peak of $2,483.60 on July 17, spot gold prices have surged nearly 19% this year. Now acclaimed system developer Tushar Chande shows you how to create “real-world” systems that meet your trading needs.
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However, this breakout has shifted the sentiment to bullish and there is a high chance that ETH could reach $3,000 in the coming days. Amid this bullish trend, Ethereum [ETH], the world’s second-biggest cryptocurrency, gained significant attention from the crypto community due to its notable price surge and recent breakout. Maker (MKR) saw a 6.3% price rally on Tuesday and remains up 0.3% at $2,147 on Wednesday. A negative spike in MKR’s Exchange Flow Balance and rising open interest signal a bullish trend. Conversely, if sentiment shifts and the ETH price falls to the $2,670 level, nearly $430 million of long positions will be liquidated.
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Ahead of Wall Street’s opening, markets are still struggling for direction, although risk appetite prevails. Gold’s upward momentum has been fueled by escalating geopolitical risks, particularly in the Middle East. The recent assassination https://forexarena.net/ of Hamas leader Ismail Haniyeh in Iran has raised fears of a broader conflict, keeping markets on edge. In response, the U.S. has ramped up its military presence in the region, sending additional forces and equipment to defend Israel.
EUR/USD Current price: 1.1038
At press time, ETH was trading below the 200 Exponential Moving Average (EMA) in a 4-hour time frame. Get Mark Richards’s Software Architecture Patterns ebook to better understand how to design components—and how they should interact. In presentations to clients, there is rarely enough time to explain the nuances of design …
Gold (XAU) Price Forecast: Will Geopolitical Tensions Push Prices Beyond $2,500?
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- Meanwhile, its trading volume has decreased by 24%, showing lower participation from traders and investors.
- Investors are eagerly awaiting the release of U.S. inflation data, with the PPI set to be released on Tuesday, followed by the CPI on Wednesday.
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These tools have been tested and accepted by many large allocators in the managed futures business and can be applied to stock indexes and mutual funds. Investors are eagerly awaiting the release of U.S. inflation data, with the PPI set to be released on Tuesday, followed by the CPI on Wednesday. The PPI is expected to show a 0.2% increase for July, mirroring June’s performance. These figures are crucial as they will inform the Federal Reserve’s decision-making process, with markets currently pricing in a 50% chance of a 50-basis point rate cut in September.
The anticipation of rate cuts has sparked renewed interest in gold-backed exchange-traded funds (ETFs), which had been experiencing outflows in recent years. July saw the largest monthly inflow into gold ETFs since March 2022, with 48.5 metric tons of bullion, valued at $3.7 billion, added to global holdings. This trend reflects growing investor confidence in gold’s future, particularly as a hedge against potential economic downturns. Customer Reviews, including Product Star Ratings help customers to learn more about the product and decide whether it is the right product for them.
The annual core CPI, which excludes volatile food and energy prices, rose 3.2%, below the 3.3% previous, although matching expectations. The upbeat mood resulted from mounting speculation that the United States (US) Consumer Price Index (CPI) will support an interest rate cut when the Federal Reserve (Fed) meets in September. The release of the softer-than-anticipated US Producer Price Index (PPI) on Tuesday acted as a catalyst, sending high-yielding stocks firmly up. AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice.
A Bullish outlook is in store for Ethereum as it breaks out of the ascending triangle price action pattern. Dive in for free with a 10-day trial of the O’Reilly learning platform—then explore all the other resources our members count on to build skills and solve problems every day. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. The author has not received compensation for writing this article, other than from FXStreet.
If the bullish momentum continues, it has the potential to hit the $3,200 level. Based on the historical price momentum since 2022, whenever ETH has reached this trendline it has always experienced a massive upside rally. However, this breakout occurred near a strong support level of a rising trendline.
Enter your mobile number or email address below and we’ll send you a link to download the free Kindle App. Then you can start reading Kindle books on your smartphone, tablet, or computer – no Kindle device required. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. If the sentiment remains bullish and the price rises to the $2,760 level, nearly $34.75 million of short positions will be liquidated. Meanwhile, its trading volume has decreased by 24%, showing lower participation from traders and investors. Following this breakout, the ETH’s Open Interest has jumped by 5.5% in the last 24 hours, indicating increased interest from investors and traders.
Having priced a high chance of an inter-meeting Fed rate cut last week, interest rate expectations have moderated in the wake of better data and calming words from Fed officials. When playing breakouts at record highs, investors always have to be weary of the whip-saw trade. The best sign of strong buying will be if traders start to bid the old tops following the intial breakout.
For now, the combination of geopolitical risks and favorable monetary policy expectations suggests a positive outlook for gold in the near term. The new edition reflects my intense experiences as a Commodity Trading Advisor (CTA), developing systems, trading over 60 futures markets around the world and marketing services to beyond technical analysis clients. For example, try giving a simple answer to the question, “What’s a ‘good’ benchmark for performance comparisons of CTAs, hedge funds, and stocks? ” I developed tools for comparing managers, analyzing equity curves, quantifying risk-adjusted performance, estimating drawdown risk, and projecting expected returns.
Stable Treasury yields, with the 10-year and 2-year yields holding steady at around 3.919% and 4.021%, respectively, are also a factor in the gold market’s near-term outlook. James is a Florida-based technical analyst, market researcher, educator and trader with 35+ years of experience. He is an expert in the area of patterns, price and time analysis as it applies to futures, Forex, and stocks. According to expert technical analysis, ETH looked bullish as it recently gave a breakout of an ascending triangle price action pattern in a 4-hour time frame.
Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions. At press time, ETH was trading near the $2,750 level, having experienced a price surge of over 4.5% during this period. O’Reilly members experience books, live events, courses curated by job role, and more from O’Reilly and nearly 200 top publishers. To foster consistent execution, Beyond Technical Analysis provides software that enables you to “paper trade” your system. They also appreciate the good overview with some depth, and the detailed, easy to follow content.
If gold prices remain above the $2,430 level, the market could establish a strong base to challenge the $2,500 threshold. Analysts at ANZ have raised their year-end gold price target to $2,550, driven by expectations of an imminent rate-cutting cycle from the Federal Reserve. However, any signs of de-escalation in geopolitical tensions or stronger-than-anticipated economic data could temper the bullish momentum.