Wall Street equities rose on Monday as worries about the banking system were reduced. First Citizens BancShares stated it would take over the deposits and loans of insolvent Silicon Valley Bank. The S&P 500 bank index, which had closed down more than 22% for the month on Friday, ended the day up 3%. The deal Read More…
Technical analysis Price action: There is a strong band of support that has formed at the $1,738 level, which was our previous bearish target. It is all the 0.78 Fibonacci level. The candlesticks show strong bullish sentiment as every time price dips below $1,738, it gets bid back up. This can be seen by the multiple wicks Read More…
Currency futures fell on Friday as the dollar rose amid banking crisis worries. The euro and the pound both experienced significant declines on Friday. European banking stocks dropped on concerns that the worst issues to affect the industry since the 2008 financial crisis had not yet been resolved. Deutsche Bank and UBS Group took the Read More…
Technical analysis Let’s get straight to the point and look at what the Dow is doing. At the moment, price has found a substantial amount of support between $32,000 and $33,000. I have made the chart clear to show just the candlestick patterns because that is the primary driver we are going to be using Read More…
Gold prices increased on Thursday with a weaker US dollar following the FOMC’s announcement of a dovish interest rate hike, indicating its tightening campaign may end. Gold traders are elated again after the Federal Reserve confirmed Wednesday’s anticipated small 25 basis point interest rate hike. After retracing from year-to-date highs on Monday and Tuesday, the Read More…
Technical analysis Gold has soared lately as the Dollar continues to lose its value. Gold bulls are now targeting the 2022 high of $2,078.8. That high was set in the month of March last year, and the chart formed a significant double top that short sellers could take advantage of. I have shown two charts Read More…
