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XAUUSD – Gold Daily
Resistances: 3240.00, 3270.00 & 3340.00
Supports: 3165.00, 3120.00 & 3065.00
We are all used to Gold bouncing back Up and hitting yet another high.
But I see The Double Top up there….
And unless this Gold buying lunacy continues unchecked, we should be seeing some serious correction towards 2965.00 – to start with.
DAX Daily
When you pull back for a moment from trying to figure out what is the next move on DAX, one fact just hits you – this is the biggest move EVER in one single motion – one huge and extremely steep wave.
Over 5.000 pips in just over one month.
Now it becomes kind of crazy to predict that it’s gonna go Up some more…
But this is exactly how it looks like right now.
Ultimate target is at 24.800 and in any other circumstance I would bet on it.
Pattern that we are looking at ( today’s development and the close DAX managed to achieve ) calls for tomorrow : Next Leg UP.
However, I am becoming wary more and more….it comes from the fact that something like this has never happened before on DAX .
So let’s our imagination flies some more – if DAX really hits it up as I just said, it’s real target lies more in 28.500 area …
Be very careful , and never forget the old adage : the way it goes Up is exactly the way it’s gonna go Down 😀
US Stocks Rise for 4th Session
US stocks gained traction, benefiting from reprieve for Treasuries across the curve amid bets that the Federal Reserve will deliver multiple rate cuts this year.
The S&P 500, the Nasdaq 100, and the Dow were all close to 0.5% higher.
Fresh data showed that headline producer prices fell sharply in April to back the view of disinflation following the softer CPI print this week.
Also, core sectors of retail sales unexpectedly contracted in the period, favoring bets that the Fed will adjust monetary policy to support the economy.
Industrials, utilities, and pharmaceuticals led the gains.
GE gained over 3% as Qatar pinned Boeing’s largest wide-body aircraft order to be solely maid with GE engines.
Also, Cisco led the tech sector following its results.
On the other hand, Walmart trimmed early losses but remained in the red after warning that tariffs forced stores to raise their prices this month.
Also, UnitedHealth sank 14$ amid reports that it will be investigated for Medicare fraud.
Nasdaq Chart
Euro Could Benefit From Dollar Structural Challenges
The euro could rise to $1.20 in 12 months, from $1.1208 at present, idea given the structural challenges facing the dollar, Danske Bank analyst Mohamad Al-Saraf says in a note. Seismic shifts in both U.S. and euro-area politics, ongoing trade uncertainty, and emerging signs of capital rotation out of U.S. assets leaves the dollar facing considerable downside, he says. “Fundamentally, the case for ‘U.S. exceptionalism’ is fading, leaving the greenback [U.S. dollar] increasingly exposed.” The DXY dollar index is last down 0.3% at 100.786.Dollar Index Chart
Spot Bitcoin ETF inflows fall, but BTC whale activity points to bull market acceleration
Key takeaways:
·        Spot Bitcoin ETF inflows dropped over 90% from $3 billion to $228 million in four weeks.
·        While strong ETF inflows often drive Bitcoin rallies, recent data shows price movements can occur independently.
·        Despite short-term selling pressure, long-term BTC whale buying suggests a potential continuation of the BTC uptrend.
The Bitcoin (BTC) market posted a 90+% drop in spot BTC exchange-traded fund (ETF) inflows, falling from $3 billion in the last week of April to just $228 million this week.
Historically, a slowdown in ETF inflows has impacted BTC price, notably when daily inflows averaged over $1.5 billion for consecutive weeks.
Oil dives on US-Iran progress as stocks surge stalls
Key points:
·        Stocks struggle, oil prices tumble over 3%
·        U.S. retail sales lacklustre, Walmart warns on uncertainty
·        Dollar slides against Korean won, reminiscent of Taiwan dollar
Oil tumbled over 3% as a potential U.S.-Iran nuclear deal raised the prospect of increased global crude supply on Thursday, while stocks markets took a well-earned breather following their weeks-long recovery from April’s trade war meltdown.
Brent futures  dropped over $2 to $64 a barrel as U.S. President Donald Trump, in the midst of a Middle East tour, said he was getting very close to securing a deal with Iran – and that Tehran had “sort of” agreed to the terms.
Ali Shamkhani, an adviser to Iran’s Supreme Leader Ayatollah Ali Khamenei, had said in an NBC interview that the country would commit to never making nuclear weapons and get rid of its stockpiles of highly-enriched uranium.
Iran is OPEC’s third largest producer. It pumps around 3 million barrels of oil per day (bpd), or around 3% of total world output, but has been under strict sanctions since Trump quit the West’s previous nuclear accord with Tehran in 2015.
It was not just Brent that was impacted. Europe’s oil and gas stocks (.SXPE) toppled back almost 2% at one point, while government bonds of rival producers from Angola (XS1819680528=TE) to Nigeria (XS2384704800=TE) also took a hit.
BNP Paribas economist Paul Hollingsworth said the drop in oil compounded the deflationary pressures already in play in places like Europe where U.S. tariff worries are lingering.
Key questions are now whether the trade war continues to moderate, how much pain has been caused and whether the volatility has driven a structural shift away from U.S. assets and the dollar.
Crude Oil Chart
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