‘Ethereum killer’ Solana has taken the blockchain ecosystem by storm after becoming the fastest blockchain in the world with record transaction speed. Research from CoinGecko shows that the network processed an astounding 95 million transactions in a single day. This achievement is not just a technological feat but also marks a huge milestone in the blockchain and crypto industry.
Solana Takes The Speed Crown
Solana has emerged as the cheetah of the cryptosphere thanks to its lightning-fast speed.
According to a recent research report by crypto data aggregator CoinGecko, Solana leads with the highest daily average transactions per second (TPS), clocking in at 1,053 TPS. This remarkable achievement in speed solidifies Solana’s status as a so-called “Ethereum killer,” which has long been questioned due to the constant network outages.
Sui comes in second at 854 TPS, followed by Binance Smart Chain (BSC) at 378 TPS, Polygon at 190 TPS, TON at 175 TPS, Tron at 159 TPS, Near at 117 TPS, and Avalanche at 89 TPS.
Meanwhile, established networks like Bitcoin (BTC) and Ethereum (ETH) have long struggled with transaction speed limitations. Ethereum recorded an average peak TPS of 22.8, while the world’s largest blockchain, Bitcoin, processed just 10.7 transactions per second.
CoinGecko analyzed the processing speed of the top 30 blockchains based on their total value locked (TVL) ranking on DefiLlama as of May 15, 2024, to ascertain the fastest blockchains. Processing speed was calculated using the actual or realized TPS metric, measured as a daily average, to ensure a uniform comparison across multiple blockchains.
Solana’s peak performance was awe-inspiring, attaining 1,504 TPS on April 6, 2023, owing to an upsurge in meme coin transactions. This performance makes Solana approximately 46 times faster than Ethereum and 5 times faster than Polygon — the fastest among Ethereum scaling solutions.
CoinGecko’s study noted that despite ranking as the fastest blockchain, Solana has only achieved 1.6% of its theoretical maximum TPS of 65,000.
Solana’s exceptional speed has not gone unnoticed in the cryptocurrency market. At press time, SOL changed hands for $173, representing a 2.7% gain on the day and an 18.2% increase on the weekly chart. This performance underscores the market’s confidence in Solana’s potential to revolutionize the digital transaction landscape.
Is Solana Truly An “Ethereum Killer?”
Solana started its mainnet operations in March 2020, with a claimed throughput of 50,000 transactions per second (TPS). The network sought to improve Ethereum’s scalability inefficiencies.
Unlike Ethereum, which relies on layer-2 scaling solutions to enhance scalability, Solana offers scalable solutions for a decentralized ecosystem. But Solana’s technique has been widely criticized following its previous repeated outages. In early April, soaring demand for meme coins caused roughly 76% of Solana transactions to fail.
Prior to that, block production on Solana halted for around five hours before developers and validators could build and test a release that contained remediation.
DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.
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Silver’s in the spotlight as prices rally nearly 6% Friday, but it’s still gold’s show
It has finally happened; silver is making a move and dragging precious metals higher heading into the weekend.
According to analysts, the white metal is clearly in the driver’s seat as it lagged during gold’s breakout rally in the first quarter of the year. Not only has silver rallied above $31 an ounce, but the price is trading at its highest level since February 2013. July silver last traded at $31.635 an ounce, up 4.65% on the day.
Along with its 11-year high, silver is up more than 10% for the week, its best performance since early April.
Meanwhile, gold has seen a solid push above initial resistance, with some analysts predicting that it will move back to record highs sooner than expected. June gold futures last traded at $2,414.60 an ounce, up 1.34% on the day. The yellow metal is seeing nearly a 2% gain for the week.
Ole Hansen, Head of Commodity Strategy at Saxo Bank, noted the entire precious metals complex is seeing broad-based gains. Platinum has pushed to a one-year high; July platinum futures last traded at $1,094 an ounce, up more than 2% on the day.
Traders and analysts wrapped up Platinum Week as the precious metal saw a 9% gain from last Friday. Platinum’s $90 move this week is its best gain since February 2021.
Hansen added that the rally in all three metals and a significant drop in the gold-silver ratio indicate robust bullish sentiment in the marketplace, an indication that this breakout could lead to sustainably higher prices.
“The gold-silver ratio is not a million miles from its long-term average, so silver strength could mean general precious metal strength,” Hansen said.
Fawad Razaqzada, Market Analyst with the StoneX Group and creator of Tradingcandles.com, said that he expects this is just the start of a new rally as the dam in the silver market has finally burst with no major catalyst.
“This breakout move has been building for days,” he said.
Razaqzada pointed out that there is a lot of pent-up sentiment in the silver markets, as prices have been range-bound for 3.5 years. He noted that it's not surprising that silver is finally outperforming, as it benefits both as a monetary metal and an industrial metal.
Silver’s breakout move comes as copper looks to end the week at record highs above $5.00 per pound.
“Judging by copper's bullish breakout that took place a few months ago and is still going, I reckon [silver’s] breakout can be sustained,” he said.
Although silver is stealing the spotlight right now, some analysts warn that this rally is still gold’s show.
Gold has consolidated in elevated territory, near record highs, as geopolitical uncertainty, central bank demand, and robust retail demand in Asia support prices.
Mike McGlone, senior market strategist at Bloomberg Intelligence, said he still likes gold as a safe-haven asset, especially as the U.S. market looks overstretched and due for a correction.
McGlone added that the risk for silver is if investors start to take profits in copper. He explained that lower copper prices would weigh on the white metal.
“Copper managed money positions (hedge funds) are stretched a bit too much net-long to sustain much above $5 a pound and probably needs the S&P 500 to keep rising for buoyancy,” he said. “Silver is riding the coattails of copper and gold, in my view and the bottom line is China is buying gold but may be hoarding all metals.”
Julia Khandoshko, CEO at the European broker Mind Money, said she also sees more potential for gold in the current environment.
“The Federal Reserve's shift in rhetoric, particularly if it leads to a rate cut or a clear reduction plan, is expected to push gold prices upward. The escalation of the conflict in the Middle East will also support gold. As geopolitical risks grow, investors will buy even more gold, boosting the price,” she said.
Khandoshko added that she expects gold prices to resume their long-term uptrend as central banks continue to buy gold to diversify their foreign reserves.
“My estimates suggest that the accumulation pace is actually higher than what the IMF reports state,” she said.
Khandoshko said that silver will be sensitive to any data that highlights weak economic activity.
“Silver is just a commodity like copper, while gold is a hedging tool. Today, all metals, including silver, are growing for a simple reason—cautious sentiment on global economic growth. If we look at commodities charts, we can see they have a cyclical price trend: when there is an economic downturn, they are cheap; when the economy is recovering, they rise in price,” she said.
Philip Streible, Chief Market Strategist at Blue Line Futures, said that while he is bullish on gold and silver on this breakout move, a relatively quiet week could create some short-term profit-taking.
Some economists have said that the biggest risk for markets next week will be the plethora of Fed speakers. Six U.S. central bankers will speak at events on Monday and Tuesday.
The highlight of the week will be the minutes from the Federal Reserve’s monetary policy meeting that wrapped up May 1.
The economic reports on the docket next week are mostly second-tier, with some attention to home sales numbers and a preliminary sentiment survey in the manufacturing and service sectors.
The week ends with the release of May’s durable goods data.
Economic data to watch next week:
Wednesday: U.S. existing home sales, FOMC minutes from April/May monetary policy meeting
Thursday: S&P Flash Manufacturing and Service Sector PMIs, weekly jobless claims, U.S. new home sales
Simplified Automation of Free Marketing Automation Tools: Streamlining Your Strategy
Marketing automation has become an essential tool for businesses looking to streamline their marketing efforts, increase efficiency, and engage customers effectively. Such tools facilitate the orchestration of marketing campaigns, management of customer data, and tracking of the performance of marketing initiatives. With the advent of free marketing automation software, small businesses and entrepreneurs now have access to powerful capabilities that were once the preserve of larger organizations with substantial budgets.
The selection of the right marketing automation tool can have a significant impact on a company's marketing operations. Free tools offer a variety of features, such as email marketing, social media management, and user engagement tracking, all of which can contribute to enhanced customer engagement and better business outcomes. Understanding the scope and limitations of these tools is crucial for businesses aiming to implement automation without incurring high costs.
Key Takeaways
Effective marketing automation streamlines campaign management and data analytics.
Free tools bring advanced marketing capabilities to budget-conscious businesses.
Choosing the right tool impacts customer engagement and overall business success.
Exploring The Landscape Of Free Marketing Automation Tools
The landscape of free marketing automation tools is vibrant and dynamic, offering a variety of options to enhance the efficiency of marketing efforts for small businesses.
Defining Marketing Automation
Marketing automation refers to the software and technologies designed to effectively market on multiple channels online and automate repetitive tasks. These solutions help streamline sales and marketing organizations by replacing high-touch, repetitive manual processes with automated ones.
Key Features to Look For
When assessing marketing automation tools, look for the ability to create email marketing automation campaigns that allow for personalized communication, such as drip campaigns. Essential functionalities also include lead capture and audience segmentation, empowering businesses to target their customers effectively. Additionally, insightful analytics to track campaign performance is crucial for refining strategies.
Top Free Tools for Small Businesses
For small businesses looking to harness the power of automated marketing without incurring high costs, several free marketing automation tools stand out:
Mailchimp: Recognized for its generous free plan, Mailchimp supports up to 2,000 contacts and includes essential automation features such as email campaigns and basic analytics.
Simplified: This tool excels at easing the selection process for businesses by offering a user-friendly interface and AI-powered marketing automation, which can be a game-changer for resource-strapped entities.
To effectively navigate this landscape, small businesses should meticulously evaluate each tool's offerings against their specific marketing needs, considering factors like integration capabilities, user experience, and scalability.
Maximizing Efficiency with Automation
Automated marketing tools are crucial for enhancing efficiency in digital marketing strategies. They enable businesses to streamline operations, engage customers effectively, and integrate seamlessly with various ecommerce platforms.
Streamlining Marketing Workflows
Marketing workflows serve as the backbone of digital campaigns, and their optimization is crucial for operational efficiency. By utilizing free marketing automation tools, companies can automate routine tasks such as lead qualification, customer segmentation, and content distribution. For example, tools like Mailchimp automate the deployment of personalized emails, reducing manual effort and minimizing the scope for human error.
Leveraging Email and SMS Strategies
With the right email automation tools, businesses can schedule and send emails automatically, nurturing leads without constant oversight. SMS campaigns, on the other hand, offer immediate reach and high open rates. Integrating SMS with a marketing strategy, using services like Twilio, enhances the scope of direct and timely engagement, enriching customer communication channels.
Integrating with Ecommerce Platforms
For ecommerce ventures, integration between marketing automation tools and ecommerce platforms like Shopify and WooCommerce can lead to increased conversion rates. This integration allows for personalized product recommendations and abandoned cart reminders via email and SMS, potentially boosting sales. Moreover, using these tools' APIs can afford deeper customization, syncing seamlessly with the existing tech stack of the business.
Enhancing Customer Engagement
Effective customer engagement is a critical factor in successful marketing. It revolves around the strategic use of data and tools to deliver personalized experiences, manage leads effectively, and create targeted advertising campaigns.
Personalizing Customer Experiences
Personalized marketing stands at the forefront of customer engagement. By leveraging data from CRM systems, companies can segment their audience and tailor the customer journey for each segment. Autoresponders, for instance, can be employed to send customized messages based on specific customer interactions, thereby increasing the relevance and effectiveness of communication.
Utilizing Lead Scoring and Management
Lead scoring enables businesses to rank prospects against a scale that represents the perceived value each lead represents to the organization. Criteria such as demographic information, engagement level, and behavioral data are used. This process, integral to lead management, ensures that sales teams focus their efforts on leads most likely to convert.
Creating Targeted Ads and Campaigns
Data-driven strategies are utilized to create effective Facebook ads and other targeted campaigns. By analyzing campaign performance, businesses can adjust their tactics in real-time, ensuring that the ads reach the appropriate customer segment. Behavioral targeting amplifies this effectiveness by catering to the specific actions and interests of users, thus enhancing the chances of engagement and sales conversion.
Understanding the Business Impact
When it comes to free marketing automation tools, businesses must measure the effectiveness of their campaigns against the costs—both apparent and hidden—associated with scaling operations. Recognizing the true value these tools provide and the potential complexities that arise with growth is essential.
Analyzing Marketing ROI
Return on investment (ROI) is a crucial metric for any marketing strategy. By utilizing analytics, businesses can track the performance of their automation efforts. For instance, the efficacy of a tool can be quantified in terms of lead generation and conversion rates. It's important to leverage detailed reporting and analytics features offered by platforms like Salesforce Pardot to gain insights into marketing performance and make data-driven decisions.
Key ROI Metrics:
Cost per lead
Conversion rate
Customer lifetime value
The insights garnered from these metrics can then be used to refine strategies, targeting those that yield the best returns and reducing or eliminating underperforming tactics.
Considering the Price of Scaling
Price and budget are significant for businesses, especially when determining the long-term viability of an automation solution. While initial costs might be low or even non-existent for some tools, scaling often introduces new expenses. The pricing plan of a tool can evolve from free to a substantial monthly fee as the needs of a business grow. It's particularly important for small businesses with limited budgets to understand the limitations of free plans and the potential costs associated with upgrading to enterprise solutions.
Pricing Concerns:
Number of users
Additional features
Support and training
Companies must consider whether the costs tied to advanced features will continue to align with their ROI as they scale up their operations. They should also assess whether the level of support provided at different pricing tiers fits the needs of their growing business.
Frequently Asked Questions
Choosing the right marketing automation tools can significantly improve the efficiency of business operations. It's crucial for small businesses to understand the tools available to them, how they can implement these tools effectively, and recognize the potential benefits and limitations.
What are the top free marketing automation tools available for small businesses?
Small businesses can leverage a variety of free marketing automation software, with popular choices including HubSpot for its comprehensive platform, and Systeme.io for its integrated sales funnel builder and email marketing capabilities.
How can a small business implement marketing automation without incurring costs?
Businesses can implement marketing automation without costs by utilizing free plans offered by software providers. They can take advantage of tools like Systeme.io which allows saving contacts and sending unlimited emails, thereby facilitating automated marketing with no initial investment.
What features should you look for in a free marketing automation tool?
One should look for essential features like lead capturing, email sequencing, and analytics in a free marketing automation tool. Additionally, the ability to scale with the business without significant cost increases is beneficial.
How does email automation integrate with free marketing automation tools?
Email automation is typically a core component of free marketing automation tools. It allows businesses to send trigger emails, perform email sequencing, and deliver personalized content, as seen in platforms like Systeme.io.
How can free marketing automation tools impact sales and customer engagement?
Free marketing automation tools can enhance customer engagement by delivering personalized experiences and timely responses. They aid in nurturing leads through automated processes which can contribute to increased sales and customer loyalty.
What are the limitations of using free marketing automation tools compared to paid versions?
Free marketing automation tools often come with limitations in features, scalability, and the extent of customer support available. They may also impose restrictions on the number of contacts or emails a business can manage, constraining growth as compared to more robust, paid versions.
Wall Street sees gold prices challenging $2,500 next week, Main Street sentiment is more restrained
The gold market had plenty of significant economic data and in-depth Fed speak to digest this week, and the result was one of the most dramatic moves for precious metals markets this year.
Spot gold kicked off the week trading at $2,361.17 and spent Sunday and Monday treading water while eagerly awaiting the key inflation data to come. Tuesday morning brought a mixed PPI report, but markets took comfort in comments from Fed chair Jerome Powell two hours later when he told the Foreign Bankers’ Association that he was confident the central bank would not need to hike again. Gold prices turned positive on the week early Wednesday morning, and when the April CPI report showed month-over-month improvement, that was all traders needed to begin pushing the yellow metal higher still.
Wednesday evening’s triple top at the $2,400 level stalled momentum in the near term, with spot gold trending steadily downwards through Thursday's session. But by the North American market open on Friday, the bulls had returned in force, and once they propelled gold decisively through $2,400 per ounce around 10:00 am EDT, they never looked back.
The latest Kitco News Weekly Gold Survey has the overwhelming majority of industry experts believing gold prices could reach or surpass their all-time highs, while retail traders are a little more restrained on the precious metal’s prospects.
“I am bullish on Gold for the coming week,” said Colin Cieszynski, Chief Market Strategist at SIA Wealth Management. “The US Dollar appears to be backing off a bit along with treasury yields. Also, if it does break out over $2400 resistance, technically that could open the door to a potential run at the $2,500 big round number.”
James Stanley, senior market strategist at Forex.com, also believes gold has further to fly in the near term.
“Bulls put on a show this week and the move was pretty clean for the most part,” he said. “That continued the breakout from the falling wedge/bull flag in the prior week, and this week was all higher-highs and lows with a really strong move on Friday morning.”
“Chasing fresh highs is always a challenge but the 2400 level has quite a bit of reference given the tests last month, and so far on Friday there’s been indications of acceptance above that price,” Stanley added. “This keeps the door open for a possible run up to $2500.”
“Unchanged,” said Adrian Day, President of Adrian Day Asset Management, who expects gold will have trouble holding Friday’s lofty highs. “We shall likely see another attempt to cross $2,400 and then a small retreat. But gold’s resilience has been impressive, and sooner rather than later it will breach that level.”
“Dip buyers showed up in a big way over the past week, and the buzz around gold is building,” said Adam Button, head of currency strategy at Forexlive.com. “There are signs the US economy is slowing; more of that would bring rate cuts forward.”
Button said that this recent move is a continuation of the broader rally, and it’s being driven by the same source.
“This rally started in China, and China continues to show up,” he said, adding that recent data show Turkey and much of the Middle East are also buying bullion.
Button pointed out that this week’s meeting between Russian President Vladimir Putin and Chinese Premier Xi Jinping is also very bullish for gold prices.
“If you're a gold bull, the picture of Xi and Putin hugging is as good as it gets,” he said. “They're trying to create a multipolar world, and you can't do that if you're relying on the dollar.”
This week, 14 Wall Street analysts participated in the Kitco News Gold Survey, and after Friday’s breakout, the bullish sentiment was as strong as it’s been this year. Eleven experts, representing 79%, expected to see gold prices climb higher still next week, with only two analysts, or 14%, predicting a price decline. One lone expert, representing 7% of the total, saw gold trending sideways during the coming week.
Meanwhile, 144 votes were cast in Kitco’s online poll, with Main Street investors positive but not to the same degree. 83 retail traders, or 58%, looked for gold to rise next week. Another 30, or 21%, predicted it would be lower, while 31 respondents, representing 21%, expect the precious metal to remain rangebound during the week ahead.
After this week’s inflation data drama, markets will get a bit of a break next week. Wednesday will see the release of U.S. existing home sales for April, along with the FOMC minutes from the April/May monetary policy meeting. On Thursday, markets will receive the S&P Flash Manufacturing and Service Sector PMIs, weekly jobless claims, and April new home sales, and Friday will feature the April durable goods report.
Marc Chandler, Managing Director at Bannockburn Global Forex, sees evidence that gold prices are a little too high after this week’s breakout.
“Gold reclaimed the $2400 level ahead of the weekend and is poised to post a record high close (spot market),” he said. “The momentum indicators give the yellow metal scope to challenge the intraday high from April 12 near $2431.50. A note of caution is from the Bollinger Band, set two standard deviations above the 20-day moving average. Gold is trading above it. Also, I suspect that the US rate adjustment (lower with the 2yr yield bottoming near 4.70%) and softer dollar (euro is up for five consecutive weeks) is over or nearly so.”
Darin Newsom, Senior Market Analyst at Barchart.com, thinks gold may give back some of its recent gains.
“Purely a technical read as June looks to be nearing a potential top of its 5-wave short-term uptrend,” he said. “Daily stochastics indicate the contract is sharply overbought. As of early Friday morning, I have a reversal pattern telling me the trend is set to change, but there is a lot of week left today. We’ll see what happens through Friday’s close or possibly early Monday morning.”
Sean Lusk, co-director of commercial hedging at Walsh Trading, was watching the entire commodity complex catch fire on Friday, with precious metals leading the way.
“We're at $2,410, we're back up to high,” he said. “Silver's caught fire here, copper's caught fire as an industrial metal, platinum. It's really been a hell of a ride.”
“You can make an argument that crude's underperformed, still up a little over 10 on the year, nothing crazy,” he added. “But if that gets going that's going to bring everything else up. We’ll probably get a real hot summer here.”
Lusk told Kitco News that the combination of high inflation, massive debt issuance, and runaway central bank currency printing is pushing market participants into precious metals and other commodities.
“We've just printed too much money, and now you see the result of it,” he said. “Where are they putting all the money? Aside from, buying dips in equities, big money is going into metals as an inflation hedge. And not just us, but even economies around the world are doing the same thing. They're increasing their holdings, and nobody knows where to be.”
Lusk said that he can’t imagine a better situation than the current one to drive gold prices higher.
“It's a perfect storm of bullishness,” he said. “You have geopolitical worries. You had the pandemic. And what does our government do right after that? Prints more for all these funding projects that really haven't started yet. Now you're in a campaign year, so all those things, as they relate to gold, just create more uncertainties on the back end, and that's why you continue to run here.”
“It just goes back to the old adage, any time we create more of something, it's worth less,” Lusk said.
“Gold is headed higher, likely to take out $2,448.8 in the days ahead,” said Michael Moor, Founder of Moor Analytics. “We held exhaustion at $2,288.5 with a $2,285.2 low and rallied $138.5. The break back above $2,302 (+1.6 per/hour) has brought in $121.7 of strength. We took out final exhaustion at $2,385.3.”
And Kitco Senior Analyst Jim Wyckoff sees further gains for gold prices next week. “Higher, as charts firmly bullish,” he said.
Popular cryptocurrency analyst and trader Michaël van de Poppe has liquidated his Bitcoin holdings. Van de Poppe, a prominent figure at the Amsterdam Stock Exchange known for his sharp market insights, announced this strategic move to his 718,100 followers on social media platform X on May 16.
Despite Bitcoin’s strong performance and institutional support, Van de Poppe clarified that his decision to liquidate was not due to losing confidence in Bitcoin’s future. Instead, he aims to strategically reallocate his investments into altcoins, where he anticipates greater potential returns later in the year. As such, this move is part of a broader strategy to capitalize on market dynamics and emerging opportunities for Van De Poppe.
Institutional Influx and Evolving Bitcoin Dynamics
Van de Poppe highlighted the increasing involvement of major institutional investors in the Bitcoin market, citing the recent approval of the Spot Bitcoin ETF as a significant milestone.
Institutions such as pension funds, insurance companies, and hedge funds are now heavily investing in Bitcoin, further legitimizing its role as a mature financial asset. Additionally, the potential introduction of spot Bitcoin trading by CME Group has reinforced Bitcoin’s standing in the financial ecosystem.
However, Van de Poppe pointed out that Bitcoin’s traditional four-year cycle, heavily influenced by halving events, is becoming less predictable. He explained, “That automatically means that the simplicity of the four-year cycle is going to diminish over time and that the halving will have a reduction in impact over the cycles, as institutions care more about risk appetite in their portfolio combined with macroeconomic events taking place.”
Van De Poppe Turns to Altcoins, Eyes Big Gains
Van de Poppe is confident that altcoins like Ether, XRP, Solana, Cardano, and Shiba Inu have the potential to higher returns than Bitcoin in the present market environment. Traditionally, there’s a market shift from Bitcoin to altcoins around the halving cycle. However, given Bitcoin’s persistent strength during this cycle, he expects an upcoming transition that could greatly benefit altcoins.
He also discussed the possible impacts of a spot Ethereum ETF getting the green light despite the existing regulatory challenges. Van de Poppe suggests that the market might be undervaluing the chances and timeline of this approval, which could trigger a significant market shift if it comes to fruition.
High Risks for Potential High Rewards
Acknowledging the high risks associated with his strategy, Van de Poppe expressed confidence in achieving substantial returns, ranging from 300-900% in Bitcoin value within the next 6-12 months. Additionally, he projected overall potential returns of 900-4500% over the next 12-24 months, provided Bitcoin stabilizes.
Additionally, Van de Poppe argued that altcoins have faced undue downward pressure recently, making their potential upside significant and undeniable. He emphasized that Decentralized Physical Infrastructure Networks (DePIN) and Real-World Assets (RWA) are poised for substantial growth. As more traditional companies transition into the Web 3.0 ecosystem.
DISCLAIMER: None Of The Information You Read On ZyCrypto Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.
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$2,500 gold is in play this week – Forex.com’s James Stanley
Gold prices have broken out of a near-term bearish technical pattern and the yellow metal is poised once again to surpass its all-time highs, according to James Stanley, Senior Strategist at Forex.com.
“Gold prices broke out of a falling wedge pattern in a very big way last week,” Stanley wrote. “Coming into April Gold prices were flying higher, eventually pushing weekly RSI into deeply overbought territory.”
He said that when gold prices failed to hold above the $2,400 per ounce level, it triggered a strong pullback that drove gold down $100 in relatively short order.
“But, just like Gold bulls failed to gain acceptance above the $2400 level, Gold bears struggled to gain acceptance below $2300,” Stanley said. “There was a single daily close below that price but in the days after, buyers returned to hold support above the level while also building in a backdrop of higher-lows.”
Stanley said this price action is what created the falling wedge pattern on the daily chart “as sellers were showing more aggression at highs or near resistance but suddenly showed passiveness near lows or at support.”
Turning to the price action seen this week, Stanley noted another technical pattern that he gleaned from the pullback: “a Fibonacci retracement that has continued to show inflections.”
“Taking the April high down to the May low produces a 61.8% Fibonacci retracement at $2372.68,” he said. “That’s what helped to hold the highs on Friday before a pullback appeared.”
Stanley said the pullback ran all the way down to the 38.2% retracement level. “That plots at $2336.31, and that price helped to hold the lows on Monday and into Tuesday, at which point bulls came back,” he said. “That then led to a run and a pause at the 61.8% level, followed by extension up to the 76.4% retracement at $2395.18, and that’s so far held the highs for this week.”
He added that the pullback from this level “has so far held support on a re-test of support at prior resistance, at the same 61.8% retracement of 2372.68.”
Moving forward, Stanley said “the big question is whether bulls have the drive to push a weekly close above the $2400 level,” something that XAU/USD has yet to achieve.
“The two instances that we did have of price testing over that level were met with fast pullbacks, with the second test also showing a lower-high,” he noted. “This provides some context should continuation show, and gold bulls holding the bid above the big figure would illustrate a strong response to the pullback that started a month ago.”
Above the 2400 level, Stanley pointed out the prior inflection points at the $2,417 and the $2,431 levels, after which there would be no prior barrier standing in the way of gold’s march to $2,500 per ounce.
“Given that price would be at fresh all-time highs beyond 2431, a degree of projection would be required to set shorter-term resistance levels,” he said. “[T]his could put focus on spots such as 2450 or 2475 before a test of 2500 could come into the picture.”
After forming a triple top pattern just below the $2,400 level shortly after 9 pm EDT Wednesday evening, gold prices have trended lower on Thursday. Spot gold last traded at $2,376.42, down 0.41% on the session at the time of writing.
On May 15, Bitcoin (BTC) recorded its largest single-day gain in nearly two months as weaker U.S. economic data raised the likelihood that the U.S. Federal Reserve will ease monetary policy with interest rate cuts in the coming months.
The price of the benchmark cryptocurrency soared to an intraday high of $66,567.91 during the last 24 hours. And according to prominent Bitcoin analyst Willy Woo, the bull cycle is only starting.
Woo Expects Bullish BTC Price Breakout Before October
Willy Woo, a popular on-chain Bitcoin strategist and managing partner at CMCC Crest, told his 1.1 million followers on the X platform that he envisions a Bitcoin price breakout before October 2024. Woo believes the subsequent Bitcoin rally in 2025 will be “one for the record books”.
The crypto guru says increased global liquidity, which normally bodes well with risk assets like Bitcoin, will spur the stratospheric BTC rally:
“Global liquidity forming a bullish ascending triangle.”
An ascending triangle is typically a bullish indicator that forms when an area of horizontal resistance is continuously tested while higher lows are successively created.
Woo Forecasts When Bitcoin Mining Pressure Will Ease
In a related post, Willy Woo noted that the Bitcoin price advances parabolically roughly two to five months post-halving. Bitcoin underwent its fourth halving event on April 19th.
In Woo’s view, inefficient miners are eliminated from the ecosystem after the halving. According to the analyst, they prefer to dump their Bitcoin holdings before dying. This leaves only the fittest miners to survive, operating “on fatter margins so don’t need to sell.” This dynamic is expected to push miner sell pressure out.
Fellow Bitcoin analyst PlanB agrees with Woo, stating that Bitcoin miner revenue “historically recovers 2-5 months after a halving, and after that bitcoin price goes vertical.”
DISCLAIMER The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.
** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **
Gold, silver see strong gains following cooler U.S. inflation report
Gold and silver prices are sharply higher in midday U.S. trading Wednesday following a U.S. inflation report that came in just a bit cooler than expected. A drop in the U.S. dollar index and in U.S. Treasury yields today also worked in favor of the precious metals market bulls. June gold hit a three-week high and was last up $30.20 at $2,390.10. July silver was last up $0.998 at $29.70 and hit a four-week high today.
This morning’s U.S. consumer price index report for April saw CPI up 0.3% versus the consensus forecast of up 0.4% and compares to the March report showing a rise of 0.4%. The annual CPI April reading was up 3.4% and was forecast at up 3.6% and compares to up 3.8% in the March report. Traders and investors were thinking the CPI report might come in hot today, following the producer price index report for April that was out Tuesday morning and ran hot on inflation. Today’s CPI report falls into the camp of the monetary policy doves, who want to see the Federal Reserve cut interest rates sooner rather than later. That scenario is bullish for the precious metals, from a consumer and commercial demand perspective.
Asian and European stock indexes were mixed overnight. U.S. stock indexes are solidly higher at midday.
Comex copper futures today hit a new record high of $5.1280 a pound. Tighter global supplies, better world economic growth, smelter issues in China, as well as rampant market speculation, are driving the red industrial metal’s price sharply higher. Could copper be the next cocoa? Cocoa futures last year at this time were trading around $3,000 a metric ton. In April, cocoa futures reached a record high of $12,261 a ton.
The key outside markets today see the U.S. dollar index solidly lower. Nymex crude oil prices are near steady and trading around $78.00 a barrel. The yield on the benchmark 10-year U.S. Treasury note is fetching around 4.3% and down after the CPI report.
Technically, June gold futures prices hit a three-week high today. The bulls have the solid overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at the record high of $2,448.80. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,300.00. First resistance is seen at $2,400.00 and then at $2,415.00. First support is seen at $2,365.00 and then at $2,350.00. Wyckoff's Market Rating: 7.4.
July silver futures prices hit a four-month high today. The silver bulls have the solid overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at the contract high of $30.19. The next downside price objective for the bears is closing prices below solid support at $28.00. First resistance is seen at $30.00 and then at $30.19. Next support is seen at $29.00 and then at today’s low of $28.675. Wyckoff's Market Rating: 8.0.
July N.Y. copper closed up 215 points at 491.65 cents today. Prices closed nearer the session low and hit a record high of 512.80 cents early on today. The copper bulls have the strong overall near-term technical advantage. Prices are in a three-month-old uptrend on the daily bar chart. Copper bulls' next upside price objective is pushing and closing prices above solid technical resistance at today’s high of 512.80 cents. The next downside price objective for the bears is closing prices below solid technical support at 460.00 cents. First resistance is seen at 500.00 cents and then at 512.80 cents. First support is seen at today’s low of 481.40 cents and then at 475.00 cents. Wyckoff's Market Rating: 9.0
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The price of Bitcoin (BTC) today soared past the $65,000 mark for the first time since May 6. The climb came after U.S. data showed that the monthly pace of inflation was softer than expected in April. This development could spur the Fed’s willingness to begin rate cuts.
Meanwhile, BitQuant, who correctly called the Bitcoin lifetime high before the April halving event, sees Bitcoin hitting $95,000 “in just one move.”
Bitcoin Price Leaps Over $65K
Bitcoin rebounded strongly immediately after the U.S. Bureau of Labor Statistics released its new Consumer Price Index (CPI). The CPI report comes after a slew of higher-than-expected inflation readings, dampening traders’ hopes about when rate cuts might commence this year.
The BTC price now hovers at $66,034, CoinGecko data shows. That’s a 7.29% increase over the last 24-hour trading period. And Ether (ETH), the industry’s second-biggest crypto asset by market cap, was changing hands for $3,007.94 — a 3.9% gain compared to yesterday’s. Over the same period, Solana (SOL) jumped 7.6% to around $154.91.
Bitcoin set a new all-time high in March, nearing breaching the $74,000 level. This was a widely celebrated Bitcoin bull rally that some said showed unique strength despite coming before the long-awaited April halving. But the premier crypto soon fluttered downward, a trend attributed to headwinds ranging from depressing U.S. economic metrics to growing political unrest in the Middle East.
Was the halving priced in, or is a new all-time high for this cycle on the horizon? Analyst BitQuant believes a new peak is imminent.
Bitcoin’s Looming Explosive Price Move To $95,000
Bitcoin is gearing up to continue upward and should advance to an eye-popping $95,000. As per BitQuant, such sky-high BTC price heights are a matter of time.
“$95K will be achieved in just one move, and that is quite obvious,” he postulated on X. “Will that move start today, tomorrow, or the day after tomorrow? I don’t think anyone knows.”
BitQuant was reacting to commentary from fellow crypto analyst Mikybull Crypto, who noted a “cup and handle” formation on Bitcoin’s weekly chart.
The setup comprises a consolidation phase following a run-up, a correction, and an ensuing move higher. In Mikybull Crypto’s view, this results in an astronomical flight to new highs. “The breakout will be explosive and will send it to a cycle top,” he observed in an X post.
Meanwhile, the nearly a dozen new U.S. spot Bitcoin ETFs have seen billions of dollars in inflows so far, which has not only helped re-legitimize crypto given the involvement of trustworthy Wall Street titans such as BlackRock, Fidelity, and JPMorgan but also put considerable buying pressure on Bitcoin.
DISCLAIMER The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.
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