Russell Shor

The digital currency market experienced a surge, with Bitcoin reaching a one-week high above $70,000. This uptick coincided with renewed interest in GameStop shares, fueled by the Reddit account behind the meme-stock mania of 2021. A cryptocurrency linked to GameStop on the Solana blockchain also saw a significant rise, despite having no official connection to the company.

Inflation in April rose as expected, with markets anxious about potential interest rate cuts, according to a key measure released Friday closely watched by the Federal Reserve. The core personal consumption expenditures (PCE) price index, excluding food and energy, increased 0.2% monthly and 2.8% annually, matching estimates. Including food and energy, PCE inflation was 2.7% annually and 0.3% monthly, also in line with forecasts. Fed officials prefer the PCE over…

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.

The SPX500 has traded to new all-time highs over the last week. Technically, the green 5-week EMA is bullishly above the orange 10-week EMA. The RSI is on the positive side of 50 but is not in overbought territory.

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.