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10/06/21 06:53
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Gold and silver prices weakened on Monday; XAU/USD inches closer to key rising support, while XAG/USD might have more room to consolidate. Source: Bloomberg Gold Silver XAG/USD XAU/USD Commodities Forex Daniel Dubrovsky | Currency Analyst, DailyFX, San Francisco | Publication date: Tuesday 26 September 2023 07:32 XAU/USD technical analysis Gold and silver prices have continued lower amid the rise in longer-term US Treasury yields and a stronger US dollar. As a result, how is the near-term technical landscape evolving in precious metals? Gold continues to trade in a directionless flow from a near-term technical perspective. Prices are consolidating between the falling trendline from July and rising support from February – see chart below. Broadly speaking, XAU/USD remains unchanged form levels seen in mid-2020. With each passing day, the yellow metal is running out of room to consolidate between support and resistance. As such, the direction of the breakout could be key for the coming trend. Below, watch the August low of 1884.89. Above, resistance seems to be the 23.6% Fibonacci retracement level of 1971.63. Gold daily chart Source: TradingView XAG/USD technical analysis Meanwhile, silver faces a similar setting. Like gold, XAG/USD is consolidating between rising support and resistance. The difference here is that there is still plenty of room left for sideways price action. As such, XAG/USD could be left directionless for a longer period of time than gold. Silver’s drop on Monday has brought it to the midpoint of the Fibonacci retracement level at 23.02. As such, it is also sitting just above rising support from the end of last year. A meaningful breakout likely entails a push under the 61.8% Fibonacci retracement level of 22.29. That exposes the 78.6% point at 21.24. Otherwise, a turn higher places the focus on the 38.2% level at 23.75. Just above that is the falling zone of resistance since May. Silver daily chart Source: TradingView This information has been prepared by IG, a trading name of IG Australia Pty Ltd. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients. -
By BashJasper · Posted
Reading through this, I think this collabo is gonna increase users trust and confidence in trading on the platform knowing that their assets has another layer of security -
After rallying on Monday, the Nikkei 225 led the Asian session lower overnight, reversing hopes that losses for Japan had been halted. Rising yields across the globe have driven losses in stocks, though US stocks struggled into positive territory at the close yesterday as some of the selling pressure of the past week eased. However, the theme of higher yields is likely to continue to keep pressuring stocks, resulting in more losses in what is often a difficult period of the year for equities anyway. US lawmakers continue efforts to try and find a short-term funding solution that will avoid a government shutdown. Futures point to a weaker open for Europe and the US, with little heavyweight macro data to detract from the focus on higher yields.
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Question
Vishal256
As a crypto analyst, I can identify some factors that could potentially lead Litecoin to surpass the $100 mark:
1. Market Sentiment: Positive market sentiment and increased interest from investors can drive demand for Litecoin, pushing its price higher.
2. Bitcoin's Performance: Litecoin has often shown a strong correlation with Bitcoin's price movements. If Bitcoin experiences significant price growth, it could have a positive impact on Litecoin and potentially propel it beyond $100.
3. Adoption and Usage: A surge in adoption and real-world usage of Litecoin as a payment method or store of value could drive demand and increase its value.
4. Technological Upgrades: Any significant technological upgrades or improvements to Litecoin's network, such as enhanced scalability or privacy features, could attract more users and investors.
5. Integration in Payment Systems: Being integrated into widely used payment systems or platforms can expose Litecoin to a broader audience and potentially boost its value.
6. Regulatory Clarity: Clear and favorable regulations around cryptocurrencies can create a more conducive environment for growth and investment in Litecoin.
7. Halving Events: Litecoin's halving events, which occur approximately every four years, can reduce the rate of new coin issuance, potentially leading to a supply shortage and driving up prices.
8. Media Coverage and Publicity: Positive media coverage and increased publicity can raise awareness about Litecoin and attract new investors.
9. Market Liquidity: Improved liquidity in the Litecoin market can lead to smoother price movements and reduce the impact of large sell-offs.
10. Macro-Economic Factors: Economic instability, inflation concerns, or currency devaluation in traditional markets could drive investors towards cryptocurrencies, including Litecoin, as a potential hedge.
It's important to note that these factors are not guarantees, and the cryptocurrency market remains highly speculative and volatile. Prices can be influenced by a myriad of factors, and predicting price movements is challenging. As a crypto analyst or investor, thorough research, risk assessment, and a long-term perspective are crucial to making informed decisions in the crypto space.
Pro tip: Staying updated with the latest happenings in the world of cryptocurrency is essential for informed decision-making and understanding market trends. One helpful tool to achieve this is the CryptoReach app, which I recommend. The app aggregates crypto news from over 60,000 news sources, ensuring you don't miss any important updates.
I hope this gives you a better understanding of how Litecoin's price can fluctuate. Being aware of these factors and staying updated with the latest news and developments can help you make more informed decisions when dealing with Litecoin or any other cryptocurrency.
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