Russell Shor

Japan’s Ministry of Finance confirmed Friday its first currency intervention since 2022, after the yen plunged to a 34-year low in April. Between April 26 and May 29, Japan spent 9.7885 trillion yen ($62.25 billion) on intervention, coinciding with a sharp yen rebound. The yen hit 160.03 against the U.S. dollar on April 29, prompting speculation of intervention, and strengthened over 2% shortly after. Analysts estimated the initial intervention at…

Silver has performed better than gold over the last three weeks. The relative strength (RS) chart comparing silver to gold has positive tendencies to it. The RS’s green 5-week EMA is trading above its orange 10-week EMA, in bullish formation. Moreover, its RSI is above 50, suggesting an underlying bullish momentum regarding the outperformance. If the RSI remains above 50, silver will continue to perform better than the yellow metal.

The PCE is the Federal reserve’s preferred measure of inflation, and the April number is due for release on Friday. It will influence market participants’ views on the central bank’s monetary policy path.

Excitement surrounding the approval of Ether ETFs has contributed to the recent surge in the crypto market. Ether is up close to 20% for the week over the week, currently trading around $3,670.

Bitcoin is trading around $71,100, very close to its all-time high of $73,757, which was hit in March of this year. This comes off the large gain in Ethereum yesterday, which jumped by over 19% , and is now trading over $3,700, on the hopes that the approval for a new sport ETHUSD ETF is due soon.

Gold’s run is showing no signs of slowing down. The precious metal is trading at $2,440 and set an all-time high of $,2450 overnight. Gold is up over 18% year-to-date. The prospects of lower yields ahead, combined with pressure on the dollar, as well as geopolitical fears are supporting the yellow metal.

Silver is trading near the $30 level at key long-term resistance (red-shaded horizontal). To really boost enthusiasm for silver, it needs to pass the $30 hurdle. Since August 2020, $30 has been a tough barrier. But now that silver has cleared $27, it may be getting ready to tackle its key resistance. Silver soared from $13 to $30 in just five months in 2020, showing its strength. Since then, it…

Gold prices are up over 15% for the year-to-date with the green 5-day moving average above the orange 10-day moving average in bullish formation. Whether this persists may depend on the Federal Reserve and the speed potential for rate cuts this year.

Goldman Sachs traded at a new all-time high on Friday. Technically its exponential moving averages are in a bullish formation, with the green 5-month EMA above the orange 10-month EMA. The stock may be overbought in the short-term but given its strong primary trend, support areas are likely to be compelling.

Ethereum is down around 5.4% for the week. Technically its green 5-day EMA remains below its orange 10-day EMA with the daily RSI remaining on the bearish side of the oscillator (green rectangle).

FXCM’s CHN50 CFD is showing good signs of progress on a primary trend basis. It has broken above its down sloping trendline that has defined price momentum since February 2021, indicating that the downwards momentum has certainly waned. Importantly its trend following indicators which have been in a bearish formation for over two years are looking to cross up (top black ellipse). This positivity is accompanied by an RSI which…