Best Stocks, Crypto, and ETFs to Watch – Visa, Shiba Inu and SPDR S&P Retail ETF (XRT) in Focus

Fears of a March 2020 reprise will impact market sentiment and price action in the new trading week, as evidenced by big moves in COVID beneficiaries and casualties during Friday’s holiday-shortened U.S. session. A contrary strategy makes more sense at this point than chasing the fearful crowd, looking for fresh sell signals on pandemic cast-offs that include Peloton Inc. (PTON) and Zoom Video Communications Inc. (ZM) while waiting for tradable lows in travel and digital transaction plays, like United Airlines Holdings Inc. (UAL) and Visa Inc. (V).

Dow component Salesforce Inc. (CRM) is the third strongest performer in the venerable index, gaining nearly 28% year-to-date. The stock broke out earlier this month above the rally peak posted after the company joined the index in August 2020 and pulled back to test new support during Friday’s rout. Tuesday’s post-market earning report should decide whether or not the breakout is sustainable, with the company expected to post a profit of $0.92 per-share on $6.80 billion in revenue.

Crypto assets are under pressure along with growth stocks after the Omicron news, illustrated by Bitcoin 10%+ decline to a 7-week low on Friday. However, lowly Shiba Inu held above Wednesday’s low during that session and has continued to trade above short-term support near $0.00003800 over the weekend. This bullish divergence could come into play because that price level also marks support at the .618 Fibonacci retracement of the powerful uptrend between October 2020 and October 2021.

Brick and mortar retailers got sold aggressively ahead of Black Friday, with popular chains that include Nordstrom Inc. (JWN) and Gap Inc. (GPS) reporting weak margins and issuing cautious outlooks. Taken together with the COVID threat, SPDR S&P Retail ETF (XRT) could offer a low risk short sale opportunity with 10% to 20% short-term downside. Better yet, the fund just failed a breakout above the January peak near 100, potentially signaling a long-term top and significant change in trend.

The Natural Gas futures contract rose 8.48% on Friday while the Crude Oil contract fell more than 13%. This bullish divergence highlights growing shortages across Europe and Asia and the potential for the long-suffering commodity to break out above the 7-year high posted in October. Cheniere Energy Inc. (LNG) looks like an excellent way to play this long-term opportunity, with the stock trading at an all-time high after breaking out above 2014 resistance in the mid-80s in September.

For a look at this week’s economic events, check out our earnings calendar.

Disclosure: the author held Visa in a family account at the time of publication. 

The Crypto Daily – Movers and Shakers – November 28th, 2021

Bitcoin, BTC to USD, rose by 1.79% on Saturday. Partially reversing an 8.77% slide from Friday, Bitcoin ended the day at $54,791.

A mixed morning saw Bitcoin fall to an early morning intraday low $53,711 before making a move.

Steering clear of the 23.6% FIB of $53,628 and the major support levels, Bitcoin rose to a late morning intraday high $55,329.

Falling short of the first major resistance level at $57,533, however, Bitcoin fell back to $54,100 levels before finding late support to end the day at $54,700 levels.

The near-term bullish trend remained intact, in spite of the latest pullback to sub-$54,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $28,814 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a mixed day on Saturday.

Crypto.com Coin rallied by 10.87% to lead the way, with Binance Coin (+2.16%) finding strong support.

Bitcoin Cash SV (+0.32%), Cardano’s ADA (+0.73%), Chainlink (+0.60%), Ethereum (+1.35%), and Ripple’s XRP (+0.61%) trailed the front runners, however.

Litecoin and Polkadot bucked the trend, falling by 0.20% and by 0.11% respectively.

In the current week, the crypto total market rose to a Thursday high $2,689bn before sliding to a Friday low $2,334bn. At the time of writing, the total market cap stood at $2,406bn.

Bitcoin’s dominance fell to a Thursday low 41.75% before rising to a Friday high 43.31%. At the time of writing, Bitcoin’s dominance stood at 42.60%.

This Morning

At the time of writing, Bitcoin was down by 0.94% to $54,276. A mixed start to the day saw Bitcoin rise to an early morning high $54,875 before falling to a low $54,244.

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a bearish start to the day.

At the time of writing, Crypto.com Coin was down by 7.23% to lead the way down.

BTCUSD 281121 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move back through the $54,610 pivot to bring the first major resistance level at $55,510 into play.

Support from the broader market would be needed for Bitcoin to break out from Friday’s high $55,329.

Barring an extended crypto rally, the first major resistance level would likely cap the upside.

In the event of an extended rally, Bitcoin could test resistance at $58,000 levels before easing back. The second major resistance level sits at $56,228.

Failure to move back through the $54,610 pivot would bring the first major support level at $53,892 and the 23.6% FIB of $53,628 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$50,000 levels. The second major support level at $52,992 should limit the downside.

The Week Ahead – Central Bank Chatter, Economic Data, and COVID-19 in Focus

On the Macro

It’s a particularly busy week ahead on the economic calendar, with 78 stats in focus in the week ending 3rd December. In the week prior, 49 stats had been in focus.

For the Dollar:

Early in the week, consumer confidence will be in focus ahead of ADP nonfarm and manufacturing data on Wednesday.

Expect the consumer confidence and ADP numbers to draw the greatest interest.

On Thursday, weekly jobless claims will also influence ahead of a busy end to the week.

Nonfarm payrolls and ISM non-manufacturing PMI figures wrap things up on Friday.

On the monetary policy front, FED Chair Powell and FOMC member chatter will also be in focus. The FED Chair is scheduled to deliver testimony in the 1st half of the week, which will be key with the latest new COVID-19 strain.

In the week, the U.S Dollar Index rose by 0.06% to 96.089.

For the EUR:

French consumer spending and German unemployment figures get things going on Tuesday.

While consumption is key, expect Germany’s unemployment data to have a greater impact.

On Wednesday, German retail sales and manufacturing sector PMIs will be in focus.

At the end of the week, service sector PMIs and Euro area retail sales will also influence.

While the stats will draw plenty of interest, prelim November inflation figures for the Eurozone and member states will likely be key.

Away from the economic calendar, any new COVID-19 lockdown measures would likely overshadow any upbeat numbers.

For the week, the EUR rose by 0.24% to $1.1317.

For the Pound:

It’s a relatively quiet week ahead on the economic calendar.

Finalized private sector PMIs for November will be in focus. Expect any revisions to the services PMI to have the greatest impact on the Pound.

On the monetary policy front, central bank chatter will also provide direction. BoE Gov. Bailey is scheduled to speak on Wednesday.

The Pound ended the week down by 0.85% to $1.3337.

For the Loonie:

It’s relatively quiet week ahead on the economic calendar.

GDP figures will provide direction on Tuesday ahead of employment figures on Friday.

Away from the economic calendar, however, expect crude oil inventories and prices to influence. OPEC’s meeting in the week and sentiment towards consumption amidst the latest COVID-19 lockdown measures will drive crude oil prices.

The Loonie ended the week down 1.19% to C$1.2791 against the U.S Dollar.

Out of Asia

For the Aussie Dollar:

It’s a busy week ahead. Early in the week, company gross operating profits and private sector credit data will be in focus.

For the week, however, the key stats will be GDP numbers on Wednesday ahead of trade data on Thursday.

The Aussie Dollar ended the week down by 1.55 to $0.7123.

For the Kiwi Dollar:

It’s a quiet week ahead.

Economic data is limited to business confidence figures due out on Tuesday. With lockdown measures eased, the markets will be looking for a recovery following the decline in October.

The latest COVID-19 news from Europe, however, could weigh on sentiment and more heavily on the Kiwi.

The Kiwi Dollar ended the week down by 2.60% to $0.6822.

For the Japanese Yen:

Retail sales and prelim industrial production figures will be in focus early in the week.

In the 2nd half of the week, finalized private sector PMIs for November will also draw interest.

Ultimately, however, COVID-19 news updates will continue to be the key driver for the Japanese Yen.

The Japanese Yen rose by 0.54% to ¥113.380 against the U.S Dollar.

Out of China

It’s a busy week ahead on the economic calendar.

On Tuesday, NBS manufacturing PMI numbers will be in focus ahead of the all-important Caixin Manufacturing PMI on Wednesday.

While the headline figure will draw plenty of interest, new orders, delivery times, and input and output price trends will likely be the main areas of focus.

On Friday, the Services PMI will also draw interest, however.

The Chinese Yuan ended the week down by 0.10% to CNY6.3933 against the U.S Dollar.

Geo-Politics

Nothing new to consider in the week ahead, with China and Capitol Hill continuing to be the key areas of focus.

COVID-19

News of rising new COVID-19 cases and the talk of lockdown measures will influence. Key, however, will be news updates on the new COVID-19 strain and any government chatter on border controls.

The Crypto Daily – Movers and Shakers – November 27th, 2021

Bitcoin, BTC to USD, slid by 8.77% on Friday. Reversing a 3.25% gain from Thursday, Bitcoin ended the day at $53,839.

A mixed morning saw Bitcoin rise to an early morning intraday high $59,238 before hitting reverse.

Falling short of the first major resistance level at $59,937, Bitcoin slid to a mid-day intraday low $53,555.

The extended sell-off saw Bitcoin fall through the day’s major support levels and through the 23.6% FIB of $53,628.

Finding early afternoon support, however, Bitcoin revisited $54,800 levels before ending the day at $53,800 levels.

The partial recovery saw Bitcoin break back through the 23.6% FIB of $53,628 and the third major support level at $53,780.

The near-term bullish trend remained intact, in spite of the latest pullback to sub-$54,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $28,814 to form a near-term bearish trend.

The Rest of the Pack

Across the rest of the majors, it was a bearish day on Friday.

Litecoin led the way down, sliding by 12.26%.

Binance Coin (-8.00%), Bitcoin Cash SV (-9.00%), Cardano’s ADA (-8.41%), Chainlink (-9.20%), Crypto.com Coin (-10.63%), Ethereum (-10.68%), and Ripple’s XRP (-10.18%) also saw deep red.

Polkadot (-3.93%) saw relatively modest losses, however.

In the current week, the crypto total market rose to a Thursday high $2,685bn before sliding to a Friday low $2,334bn. At the time of writing, the total market cap stood at $2,420bn.

Bitcoin’s dominance fell to a Thursday low 41.75% before rising to a Friday high 43.32%. At the time of writing, Bitcoin’s dominance stood at 42.30%.

This Morning

At the time of writing, Bitcoin was up by 0.73% to $54,231. A mixed start to the day saw Bitcoin fall to an early morning low $53,711 before rising to a high $54,479

Bitcoin left the major support and resistance levels untested early on.

Elsewhere, it was a mixed start to the day.

Bitcoin Cash SV (-0.73%) and Crypto.com Coin (-1.81%) bucked the early trend.

It was a bullish start for the rest of the majors, however.

At the time of writing, Litecoin was up by 1.62% to lead the way.

BTCUSD 271121 Hourly Chart

For the Bitcoin Day Ahead

Bitcoin would need to move through the $55,544 pivot to bring the first major resistance level at $57,533 into play.

Support from the broader market would be needed for Bitcoin to break out from $55,000 levels.

Barring an extended crypto rally, the first major resistance level would likely cap the upside.

In the event of an extended rally, Bitcoin could test resistance at $60,000 levels before easing back. The second major resistance level sits at $61,227.

Failure to move through the $55,544 pivot would bring the 23.6% FIB of $53,628 and the first major support level at $51,850 into play.

Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$50,000 levels. The second major support level sits at $49,861.

Ethereum, Litecoin, and Ripple’s XRP – Daily Tech Analysis – November 27th, 2021

Ethereum

Ethereum slid by 10.68% on Friday. Reversing a 5.97% rally from Thursday, Ethereum ended the day at $4,044.

A mixed start to the day saw Ethereum rise to an early morning intraday high $4,556 before hitting reverse.

Falling short of the first major resistance level at $4,637, Ethereum tumbled to a mid-day intraday low $3,915.

The sell-off saw Ethereum fall through the first major support level at $4,332 and the second major support level at $4,139.

Steering clear of the third major support level at $3,833, however, Ethereum revisited $4,130 levels before easing back. The second major support level pegged Ethereum back late in the day.

At the time of writing, Ethereum was down by 0.10% to $4,040. A mixed start to the day saw Ethereum rise to an early morning high $4,056 before falling to a low $4,032.

Ethereum left the major support and resistance levels untested early on.

ETHUSD 271121 Hourly Chart

For the day ahead

Ethereum would need to move through the $4,171 pivot to bring the first major resistance level at $4,428 into play.

Support from the broader market would be needed, however, for Ethereum to break out from to $4,200 levels.

A broad-based crypto rebound would bring the first major resistance level into play.

In the event of a broad-based crypto rally, Ethereum could test resistance at $4,700 levels before any pullback. The second major resistance level sits at $4,812.

Failure to move through the $4,171 pivot would bring the first major support level at $3,787 and the 23.6% FIB of $3,738 into play.

Barring another extended sell-off, however, Ethereum should steer clear of the second major support level at $3,531.

Looking at the Technical Indicators

First Major Support Level: $3,787

Pivot Level: $4,171

First Major Resistance Level: $4,428

23.6% FIB Retracement Level: $3,738

38.2% FIB Retracement Level: $3,039

62% FIB Retracement Level: $1,909

Litecoin

Litecoin tumbled by 12.26% on Friday. Reversing a 5.11% rally from Thursday, Litecoin ended the day at $196.

Tracking the broader market, Litecoin rose to an early morning intraday high $225.0 before hitting reverse.

Falling short of the first major resistance level at $232, Litecoin slid to a mid-day intraday low $190.1.

Litecoin fell through the first major support level at $213 and the second major support level at $202. More significantly, Litecoin fell through the 38.2% FIB of $223 to end the day at sub-$200 levels.

At the time of writing, Litecoin was flat at $195.8. A mixed start to the day saw Litecoin rise to an early morning high $196.4 before falling to a low $195.4.

Litecoin left the major support and resistance levels untested early on.

LTCUSD 271121 Hourly Chart

For the day ahead

Litecoin would need to move through the $204 pivot to bring the first major resistance level at $217 into play.

Support from the broader market would be needed, however, for Litecoin to break out from $210 levels.

Barring an extended crypto rally, the first major resistance level would likely cap the upside.

In the event of an extended rally, Litecoin could test resistance at the 38.2% FIB of $223 before any pullback. The second major resistance level sits at $239.

Failure to move through the $204 pivot would bring the first major support level at $182 into play.

Barring another extended sell-off, Litecoin should steer clear of sub-$180 levels. The second major support level sits at $169.

Looking at the Technical Indicators

First Major Support Level: $182

Pivot Level: $204

First Major Resistance Level: $217

23.6% FIB Retracement Level: $178

38.2% FIB Retracement Level: $223

62% FIB Retracement Level: $296

Ripple’s XRP

Ripple’s XRP slid by 10.18% on Friday. Reversing a 1.00% gain from Thursday, Ripple’s XRP ended the day at $0.9395.

A mixed start to the day saw Ripple’s XRP rise to an early morning intraday high $1.04626 before hitting reverse.

Falling short of the first major resistance level at $1.0635, Ripple’s XRP slid to a late morning intraday low $0.91318.

The extended sell-off saw Ripple’s XRP fall through day’s major support levels before finding support.

Through the early afternoon, Ripple’s XRP revisited $0.963 levels before falling back into the deep red. The third major support level at $0.9635 pegged Ripple’s XRP back in the 2nd half of the day.

At the time of writing, Ripple’s XRP was down by 0.18% to $0.9378. A mixed start to the day saw Ripple’s XRP rise to an early morning high $0.9413 before falling to a low $0.9366.

Ripple’s XRP left the major support and resistance levels untested early on.

XRPUSD 271121 Hourly Chart

For the day ahead

Ripple’s XRP would need to move through the $0.9663 pivot to bring the first major resistance level at $1.0194 into play.

Support would be needed, however, for Ripple’s XRP to break back through to $1.00 levels.

Barring an extended crypto rally, the first major resistance level would likely cap the upside.

In the event of a broad-based crypto rally, Ripple’s XRP could test the second major resistance level at $1.0994. Ripple’s XRP would need plenty of support, however, to breakout from the 38.2% FIB of $1.0659.

Failure to move through the $0.9663 pivot would bring first major support level at $0.8864 into play.

Barring another extended sell-off, however, Ripple’s XRP should avoid the second major support level at $0.8332. The 23.6% FIB of $0.8533 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.8864

Pivot Level: $0.9663

First Major resistance Level: $1.0194

23.6% FIB Retracement Level: $0.8533

38.2% FIB Retracement Level: $1.0659

62% FIB Retracement Level: $1.4096

S&P 500 Weekly Price Forecast – Stock Markets Pull Back Heading Into December

The S&P 500 has initially tried to rally during the course of the week but gave back the gains to show signs of weakness. All things being equal, this is a market that has been in an uptrend forever, and therefore I am looking at this as a potential buying opportunity on pullbacks. The obvious uptrend line is marked on the chart, so we could have further to go, but I think somewhere around 4500 is going to be a major support level. At this point, I do not have any interest in trying to get too cute with this market, so I am simply waiting for see some type of support of bounce to take advantage of.

S&P 500 Video 29.11.21

If we can break above the top of the candlestick during the trading week, then it opens up the possibility of going all the way to the 4800 level in the short term. We do have the so-called “Santa Claus rally” about to kick off when money managers try to do everything that they can to earn some type of gains in order to show profit to clients. This forces traders to buy every dip along the road, and it will be interesting to see how the market looks at this on Monday when more volume returns. If that is the case, we may have a massive turnaround during the day, but I would not be willing to call that as likely quite yet. If we break down below the bottom of the candlestick, then I think 4500 is a reasonable area look for a bounce. Longer-term, we are going higher, because even with the Federal Reserve tapering, liquidity is still a major factor.

For a look at all of today’s economic events, check out our economic calendar.

Crude Oil Weekly Price Forecast – Crude Oil Markets Get Bashed Due to Variant

WTI Crude Oil

The West Texas Intermediate Crude Oil market has initially tried to rally during the course of the week but found enough resistance near the $80 level to show signs of weakness. After that, we really started a move to the downside as the South African variant of coronavirus seems to have everybody freak out. Nonetheless, when you look at this chart it is likely that we see a lot of support in this general vicinity as the 50 week EMA is walking right along the uptrend line that I have marked. Because of this, it will be interesting to see on Monday opens up, because if we have a bullish day, we could reverse this rather quickly.

WTI Oil Video 29.11.21

Brent

Brent markets have also been hammered late in the week, to test the uptrend line. It looks to me as if the $70 level is an area of significant support, especially as the 50 day EMA is reaching towards it. All things being equal, this is a market that will probably find plenty of buyers, and therefore I am not quite ready to start shorting oil quite yet. Furthermore, the South African Health Minister has already stated that there is no evidence that the new variant of coronavirus is vaccine resistant. If that is the case, there is going to be a rush back into risk, especially crude oil and stocks. All things been equal, this is a market that could break down further, but Monday will be the real queue as to which way we are going. I would not jump in right away on the weekly open.

For a look at all of today’s economic events, check out our economic calendar.

S&P 500 Price Forecast – Stock Market Continues Volatile Action

It appears that coronavirus is now the headline again, as South Africa has announced it has a new variant. There have been a lot of fears of a potential lockdown coming, and that of course has people concerned in general. That being said I believe that this is a market that will eventually find reasons to rally, if for no other reason than the so-called “Santa Claus rally” that typically happens this time year as money managers try to bring home returns for clients.

The 50 day EMA sits just below, but it is worth noting that we close that the very bottom of the session. With this tells me is that we could very well see another plunge or panic on Monday, only to see longer-term traders come in and pick up value. I do not short this market as you know, but if we were to break the trendline underneath there might be a buyer of puts.

S&P 500 Video 29.11.21

Quite frankly, I more likely to sit on the sidelines and wait for support of candle in order to pick up value in a market that despite the fact that the Federal Reserve is tapering its bond buying program, still runs on a lot of liquidity measures being thrown at it. Because of this, I think that the market is more likely than not to be difficult on Monday, but if you let cooler heads prevail, you probably get an opportunity to make a fairly large trade. I still think that we go looking towards the 4800 level, but the panic and low liquidity of course makes things look a lot worse than they truly are.

For a look at all of today’s economic events, check out our economic calendar.

Crude Oil Price Forecast – Crude Oil Markets Get Hit in Low Liquidity

WTI Crude Oil

The West Texas Intermediate Crude Oil market has broken down significantly during the trading session on Friday to lose roughly 10%, as traders around the world panic at the thought of a new coronavirus variant, and the possibility of lockdowns coming. If that continues to be a serious threat, then you have to worry about the possibility of demand for crude oil falling apart.

That being said, the market has found support at the crucial 200 day EMA, and officials out of South Africa are already starting to talk about how the virus does not seem to be vaccine resistant in this new version, so if that is the case there is a very good chance that this turned around right away. Keep in mind that the market is very thin when looking at this candlestick.

WTI Oil Video 29.11.21

Brent

Brent markets also crashed, reaching towards the 200 day EMA. It is very likely that this market will continue to see a lot of support in this area, so it will be interesting to see whether or not the buyers come in to pick this market up. At this point in time, I think it is obvious that the market may have gotten ahead of itself, so it will be interesting to see how this plays out. I believe by the end of the day on Monday we will know whether or not the uptrend can continue or not. If we get a daily close below the 200 day EMA, we are more than likely going to go looking towards the $65 level. Weekend news will obviously have a major part of play here.

For a look at all of today’s economic events, check out our economic calendar.

Silver Weekly Price Forecast – Silver Markets Plunge

Silver markets have initially tried to rally during the course of the trading week but gave back the gains as the $25 level has been like a brick wall. We have slammed into a potential uptrend line, so quite frankly we need to save silver right now, or it is going to be very difficult. If we break down below the bottom of the weekly candlestick, it is very likely that we go looking towards the $22 level underneath. The $22 level underneath is an area that has been supportive for quite some time, and therefore it would make quite a bit of sense that we would see a fight in that area. It is worth noting that the 200 week EMA is sitting just underneath there and going flat as well, so it will be interesting to see whether or not we can hold it there. If not, look out below.

SILVER Video 29.11.21

If we do bounce from here, the $25 level will be a major resistance barrier. If we can break above there, then it is likely that we could go higher. At that point in time, the $20 level would be a target, but we would need to see a major sell off in the US dollar, which at this point in time is a bit overbought. The coronavirus variant that has shown up in South Africa and has the world shaking, as we are not sure whether or not vaccines will be affected. The markets were extraordinarily volatile, and sold off drastically due to the fact that liquidity may have been a measure as well due to Thanksgiving on Thursday, and of course the next day being one that most traders avoid.

For a look at all of today’s economic events, check out our economic calendar.

Natural Gas Weekly Price Forecast – Natural Gas Markets Recover for The Week

Natural gas markets have initially fallen during the trading week but has turned around to show signs of life again. It now looks as if the $4.75 region is significant support, as it looks like we are continuing to see a lot of volatility and buying pressure in that area. It makes sense, this is the January contract which of course is a cold weather month, meaning that the markets will start to price in the idea of even more demand. That being said, we have been in an uptrend for a while, so it looks like we probably are getting ready to continue.

NATGAS Video 29.11.21

However, keep in mind that the market is likely to see a lot of noisy behavior and of course a lot of risk once you get closer to the $6.00 level. The market has the specter of spring coming soon, so I think we may have one more last pop to the upside coming, and then at that point in time we could see a little bit of a pullback. In general, this is a market that continues to see a lot of noise, but in the short term I think it is a “buy on the dips” scenario, unless of course we close below the $4.75 level.

The candlestick of course is very bullish looking, and of course the inverted hammer from the previous week being broken to the upside could bring in fresh buyers, but again, I think that it is very possible that the $6.50 level above might be the highs for this season. That has been a very impressive move, but I also recognize that the breakdown might be just as impressive.

For a look at all of today’s economic events, check out our economic calendar.

Gold Weekly Price Forecast – Gold Markets Have Tough Week

Gold markets have gotten crushed during the course of the week to slice through the 50 week EMA, and then slam into the trendline that I have marked on the chart. At this point, the market is closing close to the very bottom of the candlestick, which of course is a very rough look. Because of this, I think it is probably only a matter of time before we see some type of an attempt to save this market, but ultimately, I think what we have is a scenario where the market needs to save itself soon, or we will go crashing towards the $1700 level.

Gold Price Predictions Video 29.11.21

The size of the candlestick does suggest that we have further downward momentum to go, but I also would be a bit cautious due to the fact that it was a knee-jerk reaction to the new coronavirus version, and the fact that we had almost no liquidity in the markets. Because of this, I think what we have is a scenario where the Monday session will probably be the most crucial one next week, giving us a bit of a “heads up” as to whether or not the market takes the threat of the new coronavirus version coming out of South Africa seriously.

Yes, Thursday and Friday were horrible trading sessions, but they also did not have any of the big New York banks involved either. Because of this, I think what we have is a scenario that suggests we have a big move coming, and we should have an idea where that is going to be over the next couple of days. Pay attention to the US dollar, the negative correlation remains.

For a look at all of today’s economic events, check out our economic calendar.

Silver Price Forecast – Silver Markets Collapse

Silver markets have fallen rather hard during the trading session on Friday, slicing through a major trendline. That being said, the market is likely to continue to see a lot of negative pressure, as we are suddenly worried about the lock down trade again. If that is going to be the case, then one would have to assume that the demand for silver will fall apart. After all, silver is an industrial metal, and now that we are threatening the $23 level, this thing is getting rather serious.

SILVER Video 29.11.21

If we break down below $23 rather handily, then it is possible that we go looking towards the $22 level. The $22 level course is an area that I think continues to show itself as being important, as it has been massive support multiple times going back several months. Because of this, the market should continue to see a lot of trouble ahead, considering that we are closing at the range for the week.

That being said, it will be interesting to see whether or not the $22 level can hold, because if it does not it is likely that silver is done and we will see a collapse. Short-term rallies at this point need to take out the top of the candlestick of Friday to show a turnaround over the course of the next couple of weeks. Nonetheless, silver is volatile, so you need to be cautious with your position size as it can wreck your account if you are not careful. At this point, you need to be very cautious about jumping “all in”, but if the market starts to move in your direction, then it is likely that you can add down the road.

For a look at all of today’s economic events, check out our economic calendar.

Natural Gas Price Forecast – Natural Gas Markets Break 50 Day EMA

Natural gas markets have rallied significantly during the course of the trading session on Friday, breaking above the 50 day EMA and clearing the $5.25 level. Because of this, the market looks as if it is ready to continue the upward march, but we need to take out that shooting star from last week and order to have the “all clear” for much bigger move. Ultimately, this is a market that I think will continue to be a “buy on the dips” scenario as the temperatures plunge again, and of course there are concerns about overall attitude of the reopening trade. Ultimately, I think natural gas continues to be one of the better trade for the next month or so.

NATGAS Video 29.11.21

Keep in mind that the markets will continue to see a lot of support underneath, especially near the $4.75 level. The temperatures are starting to drop again in the United States, so that of course helps the situation. Natural gas tends to move on the latest weather report, so you need to be aware of that as well. All things been equal, this is a market that I think continues to see a lot of noise, but more upward pressure than down over the next few weeks. Eventually, we will start trading the spring contracts, but we are not doing so yet, so one still has to think higher more than anything else. The market tends to be very erratic, so you need to be cautious about your position size.

For a look at all of today’s economic events, check out our economic calendar.

Gold Price Forecast – Gold Markets Give Up Early Gains

Gold markets have rallied a bit during the course of the trading session on Friday, reaching towards the $1820 level. Remember, that is a level that I said need to be overcome in order to circuiting bullish. We did not do so, and in fact we have seen a massive amount of selling pressure just below there, and now we have formed a massive, inverted hammer. If we break down below the lows of both Friday and Thursday, this market could fall apart. At that point, I would anticipate that gold would probably go looking towards the $1750 level, especially if we continue to see a lot of “risk off” behavior.

Gold Price Predictions Video 29.11.21

That being said, you should also keep in the back of your mind that a lot of this negativity was done with almost no liquidity. After all, the Thanksgiving holiday on Thursday would have taken a lot of players out of the game, and that of course most traders are not bothered on Friday either. The Monday session will be crucial, to give us an idea as to where we may be going longer term. That being said, if we do break down, I am not hesitating to short this market as it would be a continuation of the bloodbath that we have seen over the last several days. To the upside, if we can take out the $1820 level, then I would simply look past this candlestick due to the lack of trading volume. All things being equal, this is a market that you need to be cautious with because it is about to get pretty wild.

For a look at all of today’s economic events, check out our economic calendar.

USD/JPY Weekly Price Forecast – US Dollar Runs Out of Steam

The US dollar has initially shot higher during the course of the trading week, which is exactly what you would expect, mainly due to the fact that the trend had been so bullish. However, we have formed a couple of rather unimpressive candlesticks in a row on the weekly chart, so one has to wonder whether or not this is going to be the end of the uptrend? The ¥115 level has been massive in its implications for quite some time, and at this point in time traders will be paying close attention to that. Ultimately, I think this is a market that will try to find some type of reason to sell off, because quite frankly the level has been so important for such a long time.

USD/JPY Video 29.11.21

When you look at this chart, it is an obvious long-term barrier, and I think what we are seeing here is a lot of profit-taking, as the market will have struggled so fiercely for a couple of weeks in a row. If we do break down from here, the ¥112.50 level should be rather supportive, and breaking down below there could open up a move all the way to the ¥110 level. The market will continue to be very noisy in general, but it is very possible that we are in the process of forming the absolute top of the massive move higher. If that is the case, we could see this pair fall quite a bit over the next several months. On the other hand, if we break above the highs of the week, that would be an extraordinarily bullish move, sending this pair to go looking towards the ¥117.50 level.

For a look at all of today’s economic events, check out our economic calendar.

Adidas Partners with Coinbase, The Sandbox Could be Next

The cryptocurrency space has grown to become a $3 trillion market over the past few years. The massive growth recorded in recent months has attracted some of the leading companies and brands in the world.

Big companies have partnered with cryptocurrency entities and invested in their products and services.

Adidas Announces Partnership with Coinbase

The Adidas brand Adidas Originals announced earlier this week that it has partnered with Coinbase, one of the largest cryptocurrency exchanges in the world. The partnership has gotten a lot of attention within the crypto space due to the German company’s stance as one of the leading sports apparel manufacturers in the world.

Adidas wrote, “We’ve partnered with Coinbase. Probably nothing.” On its part, Coinbase replied to the tweet, welcoming Adidas to the party. The announcement stopped there as neither Coinbase nor Adidas provided further details regarding the partnership.

The crypto world is now left wondering how the two companies could work together in the cryptocurrency space. However, Coinbase and Adidas could provide in-depth details into the partnership when they feel the time is right.

The Sandbox Might be Next for Adidas

The German company could be looking to establish deeper roots within the cryptocurrency space. One of the most exciting areas in the crypto space at the moment is the metaverse. Adidas might be looking to establish a presence in the metaverse space.

The company is flirting with the metaverse, and The Sandbox could be the company it partners with to explore this new exciting field. Adidas purchased a 144-parcel space in The Sandbox’s virtual space.

Following this acquisition, Adidas said, “Adidas Originals is diving into the Metaverse and headed for the Sandbox with our first immersive and always-on virtual experience. Join us as we take our first steps into this brave new world of originality.”

The Sandbox has been one of the biggest winners in the metaverse in recent weeks, rising by more than 260% since the start of the month.

GBP/USD Weekly Price Forecast – British Pound Slices Through Short-Term Resistance

The British pound has spent most of the week following, but it is worth noting that Friday was obviously a scenario where liquidity could have been an issue, especially as the Americans were away for Thanksgiving. Ultimately, this is a market that I think will bounce a bit, but we have seen a lot of negativity when it comes to the pound as of late. Perhaps a more likely of scenarios would be that we are simply seen a lot of US dollar strength. That being said, the dollar strength is a bit overdone, and you can deftly tell that when it comes to some currencies like the Euro.

GBP/USD Video 29.11.21

I think at this point in time we are likely to see a lot of noisy behavior, but the real fight will begin at the 1.35 level where I would anticipate seeing a lot of downward pressure. If we can break above there, then the British pound has a real chance of recovering. On the other hand, if we break down below the bottom of this candlestick then we go looking towards 1.30 level, which is where I am leaning towards, especially as the US dollar has been so strong recently. Nonetheless, markets do not go in one direction forever so it certainly makes quite a bit of sense that we would see a bit of a bounce. I think that will be the case over the next couple of weeks, so therefore I would be looking to fade anything that show signs of exhaustion. However, you have to keep an open mind on the next move.

For a look at all of today’s economic events, check out our economic calendar.

GBP/JPY Weekly Price Forecast – British Pound Continues Noisy Behavior Against Yen

The British pound got slammed against the Japanese yen on Friday as new coronavirus variance are popping up in a couple of different places. This of course was a major “risk off move”, as the Japanese yen strengthened against almost every currency. Ultimately, I think this is a market that given enough time will eventually go looking towards the ¥155 level, but if we break down below the bottom of this candlestick, we may have to revisit ¥150 first. Keep in mind that this pair is highly sensitive to risk appetite, and of course liquidity may have exacerbated what we had seen on Friday.

GBP/JPY Video 29.11.21

To the upside, if we can break above that ¥155 level, it is likely that we will see a big move to the upside. Ultimately, we are in an uptrend and the sudden fits and starts are par for the course. I believe it is probably only a matter of time before somebody steps in and tries to pick up a bit of value, but if we were to lose the ¥149 level, then I think this whole thing falls apart. That would obviously be a major shock to the system and would kick off a lot of downward pressure in my estimation.

Keep in mind that December tends to be extraordinarily volatile, so that is not can help the situation either. You are going to have to be very noble at this point, especially if you are trying to find some type of longer-term trade. I do not necessarily think this is going to be your month in either direction, so you may have to stick to short-term charts.

For a look at all of today’s economic events, check out our economic calendar.

EUR/USD Weekly Price Forecast – Euro Forms Hammer

The Euro initially fell during the course of the week but has seen such an explosive move on Friday that we turned around to form a bit of a hammer. Quite frankly, this is a market that is oversold so this should not be a huge surprise. When you look at this chart, you can see that we had collapsed once we break down below the 1.15 handle, so it does make a certain amount of sense that we would see a bounce eventually. This candlestick does suggest that we are about to get that, and therefore I believe that we may make a run towards 1.14 handle, possibly even the 1.15 level.

EUR/USD Video 29.11.21

Whether or not we can change the overall trend is a completely different question, but right now it certainly looks as if we are getting so overstretched that this is probably necessary. After all, imagine being short of this market from 1.16, you certainly would want to be taking profits sooner or later. Furthermore, markets do not go in one direction forever anyway, so I think a lot of traders are probably heading into the weekend trying to collect those profits.

That being said, if we were to break down below the candlestick for the week, that could send this market plunging, perhaps reaching towards 1.10 level which I do think gets tested eventually. That being said, we had gone too far too quickly, so this all makes sense in the short term. December is volatile, and I do not see this December being any different. Strap on your crash helmet, this could be interesting.

For a look at all of today’s economic events, check out our economic calendar.