Gold and silver both poised to resume uptrend after last week’s correction Saxo’s Larsson

Gold and silver both poised to resume uptrend after last week’s correction – Saxo’s Larsson

Precious metals saw a sharp bearish correction last week, but prices are rebounding this week with silver leading the pack, according to Kim Cramer Larsson, Technical Analyst at Saxo Bank.

“Gold (XAUUSD) seems to be bouncing from the cloud (shaded area—the Ichimoku Cloud) between the 0.618 and the 0.786 retracement, and the minor support at around 2,326,” Larsson wrote. “A dip down to the 0.786 retracement at 2,314 could still occur before rebounding.

Larsson said that if the gold price breaks above $2,385 per ounce, the prior uptrend is likely back on track with potential to target $2,500. “The 55-day moving average will add to the bullish support,” he said, whereas “A close below 2,277 confirms a downtrend.”

He added that the RSI is indicating a divergence, which suggests that the uptrend could be in exhaustion mode. “However, a close back above the 60 threshold and above the upper falling trendline would be a strong indication of another bullish push in gold,” he said.

Turning to silver, Larsson noted that spot silver (XAGUSD) has bounced from the 0.382 Fibonacci retracement at $30 per ounce, and he believes the gray metal is likely to resume its uptrend.

“Daily RSI is still showing positive sentiment with no divergence, indicating silver could push to levels above 32.52,” he wrote.

Looking at the weekly chart, Larsson said that “If it takes out 32.52, there is no strong resistance until around 34.40–35.40.”

“A break below 30 could continue the correction down to the 0.618 retracement at 28.50,” he concluded.

Gold prices are continuing to hold their earlier gains, with spot gold last trading at $2,351.37 per ounce for a gain of 0.74% on the session.


 

Silver, meanwhile, continues to lead the metals complex on Monday, with spot silver last trading at $31.522 per ounce, up nearly 4 full percentage points on the daily chart.

Kitco Media

Ernest Hoffman

Time to Buy Gold and Silver

Tim Moseley

Link Building Providers: Enhancing Visibility and Success for Online Businesses

Link Building Providers

Link Building Providers: Enhancing Visibility and Success for Online Businesses

Link building is an essential strategy in the realm of search engine optimization (SEO), playing a crucial role in enhancing a website's visibility and credibility on the internet. It involves the process of acquiring hyperlinks from external websites that point back to your own site. A proficient link building strategy can significantly contribute to a higher ranking on search engines, which is an instrumental factor in driving organic traffic, broadening brand exposure, and ultimately contributing to the growth and success of an online business.

A computer screen displaying a website with various backlinks leading to it, surrounded by icons representing different link building services

Choosing the right link building services is pivotal for ensuring that the links established are of high quality and relevance. Services that specialize in link building understand the intricacies of creating a network of valuable links, which not only improves SEO performance but also funnels a more targeted audience to a business's website. Engaging with reputable link building agencies allows businesses to leverage expert knowledge and specific strategies that align with their niche and business goals.

KEY TAKEAWAYS

  • Link building is vital for SEO and increasing online visibility.
  • High-quality link building services can direct targeted traffic to websites.
  • Employing expert strategies ensures effective link development.

FUNDAMENTALS OF LINK BUILDING FOR ONLINE BUSINESSES

Link building serves as a critical mechanism in enhancing the online visibility and authority of a business. By leveraging strategic connections, companies can solidify their reputation and positioning on search engine result pages.

UNDERSTANDING LINK BUILDING AND ITS IMPACT ON SEO

Link building is the process of acquiring hyperlinks from other websites to your own. These hyperlinks, commonly known as backlinks, are pivotal in Search Engine Optimization (SEO). They function as a vote of confidence from one site to another; the more substantial and high-quality these votes are, the more they benefit a site's ranking on search engines like Google. It is a significant ranking factor that search engines use to gauge the authority and relevance of a website. Sites with a plethora of quality backlinks typically display higher domain authority and are perceived as more credible and informative by search engines, thus improving their search engine rankings.

EXPLORING THE IMPORTANCE OF QUALITY BACKLINKS

Not all backlinks are created equal, and the importance of quality backlinks cannot be overstressed. High-quality backlinks come from reputable websites with substantial domain authority themselves. These sites are recognized as trustworthy and influential within their respective niches. When such reputable sites link to a business's website, they pass on a portion of their authority, improving the receiving site's credibility in the eyes of Google. Consequently, a focus on obtaining quality backlinks should be paramount in any link building strategy, as they are more efficacious than a larger number of low-quality links. Effective link building with an emphasis on link quality from reputable websites can greatly enhance a site's authority and its potential to climb the ranking ladder in search engine optimization efforts.

STRATEGIC IMPLEMENTATION AND BEST PRACTICES

In the realm of online business, the strategic implementation of link building and adherence to best practices can markedly enhance a website's domain authority and search rankings. These efforts contribute directly to increasing visibility, driving organic traffic, and establishing a reputable online presence.

DEVELOPING EFFECTIVE LINK BUILDING STRATEGIES

Developing effective link building strategies requires a blend of research, planning, and clear goal-setting. Companies should first conduct a backlink audit to understand their current link profile and identify opportunities for improvement. Focusing on quality over quantity, the strategy should prioritize securing links from reputable websites that add credibility to the business. Identifying linkable assets, such as high-quality content, infographics, or insightful research, provides a solid foundation for outreach campaigns.

CHOOSING THE RIGHT LINK BUILDING PROVIDERS

When selecting a link building provider, transparency and a proven track record are crucial. Website owners should look for SEO agencies with an extensive portfolio that showcases successful campaigns and positive ROI. Providers like The HothPage One Power, and Siege Media specialize in customized strategies that align with SEO best practices. Assessing the provider’s ability to build strategic links that yield referral traffic and enhanced search engine optimization is key to a fruitful partnership.

LEVERAGING CONTENT MARKETING AND OUTREACH FOR LINK ACQUISITION

Effective content marketing paired with strategic outreach lays the groundwork for acquiring high-quality editorial links. Companies can harness the power of guest blogging, producing guest posts for authoritative sources in their industry. Additionally, initiatives such as digital PR and email outreach to influencers can extend brand awareness and build robust relationships that result in valuable backlinks. By optimizing the user experience and engaging in content promotion, businesses can attract targeted traffic and ultimately drive sales and revenue.

Through these subsections, the integral role of strategic implementation and adherence to best practices in the pursuit of successful link building is evident, contributing to the overarching goals of enhanced domain authority, search rankings, and a solid online presence for businesses in the digital space.

FREQUENTLY ASKED QUESTIONS

This section addresses common inquiries on how link building can drive visibility and growth for online businesses. It examines effective strategies and considerations for selecting link building services.

HOW DOES LINK BUILDING ENHANCE ONLINE BUSINESS VISIBILITY?

Link building supports online business visibility by establishing a network of relevant links that drive traffic and build authority. A website with a robust backlink profile can see increased exposure on search engine results pages.

WHAT ARE THE CHARACTERISTICS OF AN EFFECTIVE LINK BUILDING STRATEGY? LINK BUILDING PROVIDERS

An effective link building strategy emphasizes quality over quantity, focuses on building relationships, and targets reputable websites within the business's niche. A diverse mix of backlinks and customization to the business goals are fundamental.

CAN LINK BUILDING SIGNIFICANTLY IMPROVE SEARCH ENGINE RANKINGS FOR BUSINESSES?

Yes, link building can significantly improve search engine rankings for businesses. Search engines use backlinks as indicators of content quality, so high-quality, relevant links can lead to higher rankings.

WHAT SHOULD ONE CONSIDER WHEN CHOOSING A LINK BUILDING PROVIDER?LINK BUILDING PROVIDERS

When selecting a link building provider, one should consider the provider's track record, transparency in their methods, the quality of their existing links, and whether they offer a strategy tailored to the business’s specific needs.

HOW FREQUENTLY SHOULD A BUSINESS ANALYZE ITS LINK BUILDING EFFORTS TO ENSURE EFFECTIVENESS?

A business should review its link building efforts regularly, optimally every quarter. This allows the business to adapt to changes in search engine algorithms, refresh old links, and pursue new opportunities.

IN WHAT WAYS CAN A TAILORED LINK BUILDING APPROACH BENEFIT INDUSTRY-SPECIFIC BUSINESSES?

tailored link building approach benefits industry-specific businesses by targeting industry-relevant platforms and audiences. This aligns link acquisition with the specific customer base and competitive landscape, leading to more effective results.

https://rtateblogspot.com/2024/05/18/how-allsolutionsnetwork-com-works/

Tim Moseley

A higher for longer monetary policy is spooking gold prices see the biggest drop in eight months

A higher for longer monetary policy is spooking gold; prices see the biggest drop in eight months

A higher for longer monetary policy is spooking gold; prices see the biggest drop in eight months teaser image

While central bank purchases and robust Asian demand have created a long-term uptrend in gold, uncertainty surrounding the Federal Reserve's monetary policy continues to generate significant short-term volatility.

At the start of the week, gold prices rallied to a record high above $2,450 an ounce as markets started to solidify expectations that the Federal Reserve was on track to cut rates two times this year.

However, the new breakout rally proved short-lived as gold prepares to end the week more than $100 lower. June gold futures last traded at $2,334.90 an ounce, down nearly 5% from its record highs; prices are down 3.4% from last Friday, its worst selloff in eight months.

The Federal Reserve's minutes from the April/May Federal Open Market Committee meeting show a hawkish sentiment, with the central bank reluctant to cut interest rates as inflation pressures remain elevated.

"Participants noted disappointing readings on inflation over the first quarter and indicators pointing to strong economic momentum and assessed that it would take longer than previously anticipated for them to gain greater confidence that inflation was moving sustainably toward 2 percent," the minutes said.

The minutes also noted that some committee members are willing to raise interest rates if inflation continues to creep higher.

"This revelation pushed back rate cut expectations, with November replacing September as the likely timing for the first cut," said Ricardo Evangelista, Senior Analyst at ActivTrades. "This shift drove an increase in Treasury yields and a stronger dollar, punishing the price of the non-yielding precious metal."

Lukman Otunuga, Manager Of Market Analysis at FXTM, said that gold's selloff ahead of the U.S. Memorial Day long weekend could create more downside pressure for the yellow metal in the near term.

"With traders now only pricing one Fed rate cut in 2024, the scales of power could be shifting in favor of bears," he said.

Otunuga added that in the current environment, the gold market will be sensitive to next week's inflation data. The core Personal Consumption Expenditures Index (PCE), the Federal Reserve's preferred inflation gauge, will be released on Friday.

"Signs of cooling price pressures have the potential to rekindle Fed cut hopes, boosting gold prices. If the PCE report prints above market forecasts, this may deal another blow to Fed cut expectations – dimming gold prices even further," he said. "Talking technicals, the downside momentum could take prices toward the $2300 support level and lower. For bulls to jump back into the game, a move back above $2385 may be required."

Despite the broader bullish sentiment in the marketplace, some analysts note that near-term momentum is turning for gold .

"It certainly wouldn't be much of a stretch to see [gold] retest $2,300. This level, and the area just below, acted as support earlier this month, and it feels as if it wouldn't take much selling to push it back down there. But as ever, strong rallies can appear out of nowhere, particularly after significant pullbacks," said David Morrison, Senior Market Analyst at Trade Nation, in a note Friday.

Alex Kuptsikevich, Senior Market Analyst at FxPro, said he also sees signs of shifting near-term momentum in the marketplace; however, he added that the precious metal could be bought on dips.

"There is a divergence between the RSI and the price dynamics on daily timeframes, where a higher local price high corresponds to a lower peak in the Relative Strength Index. This is seen as a depletion of buying strength and often precedes a major decline or reversal," he said. "However, the latest decline may be a short-term correction, effectively letting off steam and clearing the way to the upside. Still, gold is above its 50 and 200-day moving averages."

Looking at gold's technical picture, analysts have said that investors and traders need to watch initial support between $2,300 and $2,285 an ounce.

In a recent interview with Kitco News, Nitesh Shah, Director of Research at WisdomTree, said that he expects official sector demand to support higher prices.

Shah explained that while central banks aren't focused on gold's price as they look to diversify their reserves, they will still be opportunistic and buy at a discount when they can.

"I suspect, every price dip we see, central banks will be buying. They know that if they want a cheaper price, they had better load up now because the price is only going higher," he said.

With central bank demand providing solid support in the marketplace, Shah said it is only a matter of time before Western Investors jump in.

While Friday's inflation numbers will be the main focus in the shorted trading week, economists will pay close attention to updated GDP numbers and consumer confidence data.

Economic data to watch next week:

 

Tuesday: US Conference Board Consumer Confidence,

Thursday: Preliminary U.S. Q1 GDP, weekly jobless claims, pending home sales

Friday: US PCE and personal income and spending

Kitco Media

Neils Christensen

Time to Buy Gold and Silver

Tim Moseley

How To Add Hivecoin To Three Non-Custodial Software Wallets

How To Add Hivecoin To Three Non-Custodial Software Wallets 

Understanding the Role of a Crypto Software Wallet

A software or digital wallet is a powerful tool that simplifies and empowers your cryptocurrency experience. It's a handy app or site that securely stores your cryptocurrency keys, always at your fingertips, ready to be accessed anytime, anywhere with an internet connection.

This convenience puts you in the driver's seat of your digital assets, allowing you to manage them with ease and confidence. Importantly, non-custodial means you have complete control over your keys and funds, unlike custodial wallets, where a third party holds your keys.

Software wallets play a vital role in your cryptocurrency journey. They don't store your crypto; your coins are stored on the blockchain. Instead, they provide you with access to your passkeys, enabling you to transact with your digital currencies. This accessibility allows you to buy, sell, trade, or transfer crypto from your computer or mobile device without needing a physical device. Moreover, these software wallets are fortified with robust security measures, providing protection surpassing centralized exchanges. 

Today, we’ll explore three non-custodial software wallets that allow you to list and transact with Hivecoin. Hivecoin is a crypto asset that is part of the Markethive community. It is instrumental in creating transactional activity within the community as we prepare to list Hivecoin (HVC) on crypto exchanges, where it will be available for free market trading. 

Upon setup, each wallet prompts you to save a secret recovery phrase, a unique combination of 12 words. This phrase, best stored on paper and kept secure, not on your computer, serves as your key to access your wallet from any device. This feature ensures that even if you lose your mobile phone or access to your computer, your digital assets remain secure.

Solflare Wallet

The Solflare wallet is a comprehensive crypto wallet offering various features. It allows you to send, receive, and securely store tokens on the Solana blockchain. It also grants access to decentralized applications (dApps) on Solana, including decentralized finance (DeFi) platforms, decentralized exchanges (DEXs), and decentralized social media platforms. (DeSo) Additionally, Solflare offers a swap function that allows you to swap between tokens within your wallet.

Key Features

  • Send, receive, and store tokens on the Solana blockchain
  • Access to decentralized applications (dApps) on Solana
  • Support for staking Solana to a validator of your choice
  • Swap function for swapping between tokens within the wallet
  • Compatible with hardware wallets like Ledger
  • Available as a desktop and mobile browser app, as well as a mobile app on the App Store and Google Play
  • User-friendly interface with easy onboarding and advanced features for experienced users

Key Benefits

  • Secure and robust crypto wallet for Solana users
  • Easy to use, with a user-friendly interface and advanced features for experienced users
  • Supports multiple platforms, including desktop and mobile devices
  • Compatible with hardware wallets like Ledger for added security
  • Offers a swap function for swapping between tokens within the wallet

How to Add the Hivecoin Token to the Solflare Wallet

Once you’ve downloaded the Solflare wallet onto your device, which is comprehensively explained in this video, you can add the Hivecoin token (HVC) to your wallet. Adding a new asset to your wallet is a simple process. 

On your Portfolio homepage, you'll find an option to "Add new asset," as shown in the image below. Clicking on this will prompt you to enter the details of the new asset, including its token address and number of decimals. Once listed, you can send and receive Hivecoin to the Markethive Wallets and associated wallets where the HVC token is listed. 

The Hivecoin mint address is APRXuct2fy7yXeSPcS5r4pTdh6P34xhqj1Pio1dyc1j6
The token's representation has nine decimal places. Below is an image of Hivecoin’s mint token address and decimal places on Solana Explorer. 


Source: Solana FM Explorer

Exodus Wallet

The Exodus wallet is a popular cryptocurrency wallet with a user-friendly interface and a wide range of features for managing and securing digital assets. Here are some key points about Exodus Wallet:

Key Features

  • Exodus is a non-custodial wallet, meaning users have complete control over their private keys and funds. To protect user assets, the wallet uses advanced security measures, including multi-sig technology and cold storage.
  • Exodus supports over 319 cryptocurrencies and offers features like in-app swaps, staking, and NFT marketplaces. It also supports Trezor Model T and Trezor One hardware wallets for offline cryptocurrency storage.
  • Exodus's user interface is designed to be easy to use, even for beginners. The wallet offers a clean and intuitive design, making navigating and managing digital assets simple.
  • Exodus is available on multiple platforms, including desktop (Windows, macOS, and Linux), mobile (iOS and Android), and browser extensions (Chrome and Brave).
  • Exodus has received positive reviews from users and critics alike, with many praising its ease of use, security, and feature set.

Key Benefits

  • Easy to Use: Exodus is designed to be user-friendly, making it easy for beginners to get started with cryptocurrency.
  • Security: Exodus uses advanced security measures to protect user assets, including multi-sig technology and cold storage.
  • Comprehensive Support: Exodus supports over 319 cryptocurrencies, making it an excellent option for users who want to manage various digital assets.
  • In-App Swaps: Exodus allows users to swap between cryptocurrencies within the wallet, making managing and diversifying their portfolios easy.

This short video explains how to download the Exodus wallet on your mobile phone, and here is a brief tutorial illustrating the desktop download. You can then synchronize both wallets.   

How to Add the Hivecoin Token to the Exodus Wallet

Once downloaded, you can add The Hivecoin token by scrolling down on your Portfolio page and clicking “+ Add More,” as shown above. 

That will take you to the Assets page. Click on the three dots next to ‘show all, ' and select “Add Custom Token,” as shown below. 

First, select the Solana Network, click Search, and paste the HVC mint token address. The Hivecoin mint address is APRXuct2fy7yXeSPcS5r4pTdh6P34xhqj1Pio1dyc1j6

Click on the Hivecoin display banner. A pop-up will appear asking to Add Hivecoin?  Click on ADD TOKEN. A message appears: “You’ll be able to send and receive this token.” 

Trust wallet

The Trust Wallet is a multi-chain self-custody cryptocurrency wallet and secure gateway to thousands of Web3 decentralized applications (dApps). With over 100 million users, Trust Wallet is one of the market's most popular and trusted cryptocurrency wallets.

Key Features

  • Trust Wallet supports over 100 blockchains, including Bitcoin, Ethereum, Solana, Cosmos, Optimism, and many more.
  • Trust Wallet allows users complete control over their digital assets, ensuring the security and ownership of their cryptocurrencies.
  • Trust Wallet provides a built-in browser for accessing and interacting with decentralized applications (dApps) on the Web3 ecosystem.
  • Trust Wallet lets users store, send, and receive non-fungible tokens (NFTs).
  • Trust Wallet supports various decentralized finance (DeFi) and game finance (GameFi) protocols, enabling users to participate in DeFi lending, borrowing, and gaming.

Key Benefits

  • Ease of use: Trust Wallet is designed to be user-friendly, making it easy for new users to get started with cryptocurrency and Web3.
  • Security: Trust Wallet prioritizes security, providing a secure gateway to the Web3 ecosystem and protecting users’ digital assets.
  • Community-driven: Trust Wallet has a large and active community that strongly emphasizes user support and collaboration.

Here is a step-by-step tutorial on downloading the Trust wallet on your mobile phone and using it as an extension in your browser. 

How to Add the Hivecoin Token to the Trust Wallet

Again, it’s simple to access by clicking “Manage Crypto” at the bottom of your app extension on your browser. Enter the Hivecoin mint address, which is APRXuct2fy7yXeSPcS5r4pTdh6P34xhqj1Pio1dyc1j6. It’s also known as the contract address. It will then appear as shown in the image below. 

A Message To All Markethivers

To transact using any wallet, including the Markethive wallet, you must have a small balance of Solana’s Token, SOL, for transaction fees. These fees are minuscule, so a little bit of SOL goes a long way.  

Take the first step towards energizing our blockchain by acquiring one or more of these wallets, and let's work together to galvanize our Hivecoin network through frequent transactions. Every exchange of Hivecoin serves as a catalyst, stimulating community interaction and fortifying the connections that unite us.

The frequent exchange of Hivecoin within and beyond the Markethive network has a profound impact. Doing so fosters a thriving and dynamic blockchain ecosystem, bolstering its strength and adaptability. Additionally, it demonstrates Hivecoin’s real-world value and appeal among our community members, highlighting its practical uses and popularity.

This intensified participation significantly increases the token's worth and is crucial in furthering Markethive's vision. As it stimulates more activity on the blockchain, it strengthens Markethive's efforts to list Hivecoin on leading exchanges, ultimately expanding its presence and capabilities beyond the Markethive ecosystem.

Become a valued member of the Markethive Community Group and play a pivotal role in influencing Hivecoin's development within the dynamic Markethive network. Once in the group, you can send Hivecoin back and forth to other members. Enter your Hivecoin wallet address on the post with an active thread, and other members will send HVC to your wallet. You can then reciprocate by returning the HVC to the specific members. When interacting with members, quoting your HVC wallet address each time is advisable. 

Additionally, To increase your Hivecoin holdings, make a habit of visiting our faucet every day at https://gotco.in. Simply input your wallet address and complete the captcha to receive a reward of 0.00001 HVC. This wallet address can belong to your Markethive wallet or any other one you own. This faucet is just one of the many that Markethive plans to introduce to support our operations and make it convenient for everyone to access.


 

Editor and Chief Markethive: Deb Williams. (Australia) I thrive on progress and champion freedom of speech.  I embrace "Change" with a passion, and my purpose in life is to enlighten people to accept and move forward with enthusiasm. Find me at my Markethive Profile Page | My Twitter Account | and my LinkedIn Profile.

 

 

 

 

 

Tim Moseley

Historical Cycle Data Suggests Bitcoin Is Out Of The Danger Zone

Historical Cycle Data Suggests Bitcoin Is Out Of The Danger Zone — Is Return To $73,000 Imminent?

By Brenda Ngari – May 25, 2024

Bitcoin has officially left the post-halving “danger zone” where there is a possibility of a drop below its range low, and is now headed for reaccumulation, according to a popular crypto strategist citing historical data.

The Bitcoin price recently experienced a retracement and currently hovers around $69,000 despite the U.S. Securities and Exchange Commission’s (SEC) eventual approval of several spot Ethereum exchange-traded funds (ETFs). With Bitcoin escaping the danger zone, will the preeminent crypto resume its upward movement soon, or is a deeper correction still likely?

Bitcoin’s Sideways Trading To Continue For Several More Weeks: Analyst

On May 24, crypto trader and analyst Rekt Capital posted an update on X, noting that the classic Bitcoin “danger zone” when the asset corrects after the quadrennial halving event is now behind us.

The post-halving danger zone has happened in prior market cycles when the asset corrects after a block subsidy halving, as per Rekt Capital. After the danger zone is over, Bitcoin historically enters a reaccumulation phase when it moves sideways within a tight range. This suggests that further pullbacks during the period of sideways chop that often follows the halving could still be on the cards.

“Since the Bitcoin post-halving ‘danger zone’ ended, Bitcoin broke out to $71,500. However, ~$71,500 is where the range high resistance of the macro re-accumulation range is and this is where Bitcoin rejected from,” Rekt Capital wrote. “The consolidation continues and history suggests it will continue for several more weeks between $60,000 and $70,000.”

Rekt Capital further observed that based on historical behavior, Bitcoin is likely to remain range-bound below $70,000 until September.

“Historically, Bitcoin has always rejected from the range high on the first attempt at a breakout after the halving. Moreover, history suggests this re-accumulation should last much longer. Bitcoin tends to break out from these re-accumulation ranges only up to 160 days after the halving. That would translate to a Bitcoin breakout from the re-accumulation range only in September 2024.”

Bitcoin Price At A Glance

In this cycle, Bitcoin dipped by over 20% from its $73,737 all-time high in mid-March to around $56,780 on May 1, marking the potential bottom of the post-halving danger zone period.

On May 21, Bitcoin’s price briefly topped the psychologically important $70K mark; however, it swiftly dropped to around $67,000. BTC has now recovered and is trading back to $69,176 at press time, bolstering the return to the reaccumulation zone analysis.

Although the flagship crypto appears stuck in sideways price action, industry pundits remain uber-bullish. For instance, veteran crypto market commentator Tom Lee said his base case for Bitcoin by the end of the year is $150,000.

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.

The original article written by Brenda Ngari and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Wall Street sees gold price declines or consolidation next week Main Street is more optimistic about gains

Wall Street sees gold price declines or consolidation next week, Main Street is more optimistic about gains


 

Kitco NEWS has a diverse team of journalists reporting on the economy, stock markets, commodities, cryptocurrencies, mining and metals with accuracy and objectivity. Our goal is to help people make informed market decisions through in-depth reporting, daily market roundups, interviews with prominent industry figures, comprehensive coverage (often exclusive) of important industry events and analyses of market-affecting developments.

Wall Street sees gold price declines or consolidation next week, Main Street is more optimistic about gains teaser image

This past week was thin on economic data, so gold prices began the week coasting along at their newly elevated levels coming out of last week's fresh all-time highs.

After opening the week on Sunday evening trading at $2,421.20 per ounce, spot gold stayed comfortably above the 2400 level until shortly after 10:00 am EDT Wednesday morning, when it broke decisively through support and began its steady descent. The release of the minutes from the April/May FOMC meeting later Wednesday afternoon did the yellow medal no favors, as markets digested the news that some voting members were open to hiking rates further if warranted.

Spot gold hit its weekly low of $2,325.46 shortly after 8:30 p.m. EDT Thursday, and as of Friday afternoon, it was trading less than $10 off that level for a loss of over 3.30% on the weekly chart.

The latest Kitco News Weekly Gold Survey has over three-quarters of industry experts believing gold prices have plateaued or will decline in the near term, while half of retail traders still believe the precious metal could climb higher in the coming days.

“Down,” said Darin Newsom, Senior Market Analyst at Barchart.com. “June Gold has more room to the downside to finish its 3-wave downtrend next week. This means the contract would be expected to take out Friday’s low (so far) of $2,326.30. Daily stochastics (a short-term momentum study) are above the oversold level of 20%, also indicating the contract has time and space to move lower.”

“I am neutral on Gold for the coming week,” said Colin Cieszynski, Chief Market Strategist at SIA Wealth Management. “Between the US holiday and the lack of major events heading into month end, it think it may be a quiet week.”

James Stanley, senior market strategist at Forex.com, believes this week’s price decline was more bump-in-the-road than roadblock.

“This week was a strong pullback but there remains quite a bit of support structure around the $2,300 area in both spot and futures,” Stanley said. “If bears can chew through that next week, there could be scope for a larger reversal, but given how the move priced in after a fresh high on Sunday night, this week seems more like a pullback in a bullish trend, at this point.”

“Up,” said Adrian Day, President of Adrian Day Asset Management. “We would expect a recovery rally from the big sell-off the last couple of days, and another attempt to break $2,400 convincingly. Whether gold will break above that level is not certain, but for next week, we expect a good rally.”

“Gold’s resilience to any pullbacks the last three months has been astonishing,” Day added.

Daniel Pavilonis, Senior Commodities Broker at RJO Futures, was looking at the factors weighing on the precious metal Friday. “I think a couple of things are pushing gold down,” he said.

First off, Pavilonis said, a pullback was to be expected after the precious metal made such a strong move higher last week.

“And I think this is just a near-term correction in rates to the upside,” he added, “ten-year yields moving back up to four and a half now, 4.46%. The high today was 4.499. We, we made a move from 4.3 up to around 4.5%, and I think that's really putting some pressure on the metals.”

That said, Pavilonis believes the pullback will be short-lived. “We may go a little bit higher than 4.5%, but I think it's also given an opportunity to buy metals,” he said. “And maybe not so much gold but some of the other metals that haven't caught up with gold, for instance silver. It started to make a move up to $32, $33 [per ounce]. We come back down to $30, if we can stabilize over there, I think we get another run up to $36, $38, somewhere around there.”

Pavilonis said gold might be a different story, however. “I think it'll grind higher up towards $3,000,” he said. “I don't think it's going to be as easy, but if the rate cuts are still in the mix, I think there is a high probability that we continue to move higher.”

“I think you're still going to see a lot of central banks buying, a lot of movement away from the dollar away from U.S. treasuries and into precious metals,” he added. “But in the near term, I think it's had a nice run-up and I'm looking for a little bit of a pullback here.”

“I still believe it’s got some downside, and I think it's appropriate, even on the longer-term move to the upside,” he concluded. “I would say until maybe the tail end of the first week of June, it starts to bottom out, and then maybe the beginning of the second week we can start buying again.”

This week, 14 Wall Street analysts participated in the Kitco News Gold Survey, and sentiment on the precious metal has largely soured for the near term. Only three experts, representing 21%, expected to see gold prices climb higher next week, while eight analysts, fully 57%, predicted a price decline. Another three experts, representing 21% of the total, see gold trending sideways during the coming week.

Meanwhile, 195 votes were cast in Kitco’s online poll, with Main Street investors decidedly sunnier in their outlook for the yellow metal. 94 retail traders, or 48%, looked for gold prices to rise next week. Another 50, or 26%, predicted they would be lower, while 51 respondents, representing the remaining 21%, expect prices to remain rangebound during the week ahead.

Next week will be another slow one for economic news releases, with U.S. markets also closed on Monday for the Memorial Day long weekend. Highlights will include the U.S. Conference Board’s Consumer Confidence report on Tuesday, the release of preliminary U.S. Q1 GDP, weekly jobless claims, and pending home sales on Thursday, and Friday’s U.S. PCE and personal income and spending report.

“Best guess is more of a pullback after the holiday, but holding long positions,” said Mark Leibovit, publisher of the VR Metals/Resource Letter.

Marc Chandler, managing director at Bannockburn Global Forex, also sees further downside risks for gold in the near term.

“Gold set a new record high to start the week, reaching $2450, perhaps in reaction to the crash that took the life of the Iranian president,” he said. “However, a stronger dollar and higher rates saw gold sell off hard and reach nearly $2325.”

“The new highs in the spot market were not confirmed by the momentum indicators, which are still headed lower,” Chandler observed. “We note some reports suggesting China’s demand has slackened. The week ahead sees lighter data, and this could facilitate some consolidation. The US two-year yield extended its recovery from 4.70% recently to nearly 5%. The light calendar suggests that the 5% area may hold.”

“A bounce in gold may be challenged initially in front to $2375,” he said. “Support is seen in the $2275-$2300 area.”

Michael Moor, Founder of Moor Analytics, was looking at both the short- and longer-term technical picture for gold on Friday.

“Technically speaking, we are likely in a higher-timeframe bearish correction against the move up from $1,876.60,” he said. “The trade below $2,434.30 got this bearish, and we've seen 108 points from that, and then the trade below $2,421.60 also projected this downward $60 an ounce-plus, and we've seen 95.3 of that. On 5/22, we got the minor bearish reversal above, and then yesterday left another bearish reversal above.”


 

“We are currently holding exhaustion, final exhaustion is at $2,330 to $2,321.40,” Moor said. “Now, if we take that out and settle below there, then this is going to head down to $2,285.20 and it will confirm that we're in a larger correction as well. Then those next levels of possible exhaustion are going to be down at $2,239.60, to $2,235, and then lower.”

“Right now, I think that we're in a lower-timeframe bearish correction, and likely in a higher-timeframe bearish correction,” he explained. “So what does that mean? The lower-timeframe bearish correction means we're correcting against the most recent move up from $2,285.20. The higher-timeframe correction means we're also likely correcting against the move up from $1,876.60.”

“I think we're in both at the same time,” he said. “It's just that we could always run up and make another higher high and then correct from there. But right now, it looks like we're in a bearish direction in both time frames. And if we're in the higher-timeframe bearish correction, the ideal time for one of these lower exhaustion levels to hold is not until after the 21st of June. So we may see this coming off and consolidating and chopping around with big swings until that point.”

“If it's a new bear trend, it's a bear trend and it's going to blow through all of them,” he added. “But if it's going to hold one of them and start a new bullish structure, the likely timeframe for one of these exhaustion levels to hold more than temporarily is probably not until after the 21st of June.”

And Kitco Senior Analyst Jim Wyckoff sees gold prices declining further next week. “Steady-lower as serious near-term chart damage inflicted this week, including bearish double-top reversal on daily chart,” he said.

Kitco Media

Ernest Hoffman

Time to Buy Gold and Silver

Tim Moseley

Solana XRP ETFs Next?

Solana, XRP ETFs Next? Standard Chartered Sees Possibility After Ethereum Approval

By Brenda Ngari – May 24, 2024

Now that the Securities and Exchange Commission (SEC) has finally given the go-ahead to spot Ethereum exchange-traded funds (ETFs), the regulator might also greenlight other crypto ETFs.

According to British multi-national bank Standard Chartered, Ripple’s XRP and Solana (SOL) could emerge as the next crypto ETF frontiers after ether.

SOL, XRP ETFs “Likely A 2025 Story”

Standard Chartered thinks Solana or XRP could be the next contenders after the U.S. Securities and Exchange Commission approved key forms 19b-4 filed by prospective issuers. However, the British banking giant said they don’t believe these SOL and XRP products will happen in 2024.

“For other coins (eg. SOL, XRP), markets will look ahead to their eventual ETF status as well, albeit this is likely a 2025 story, not a 2024 one,” Geoffrey Kendrick, head of forex and digital assets research at Standard Chartered noted. “For now, bitcoin and ether dominance will rise, with selective “next in line” winners as well.”

The SEC yesterday gave the regulatory blessing to eight spot Ethereum ETFs. The move follows the approval of similar spot Bitcoin exchange-traded funds back in January. The shocking and historic move means that Ethereum is not categorized as a security by the SEC, thus indicating that other ether-like tokens, which were previously under the regulator’s scrutiny, may not be deemed securities, as per Kendrick.

“In several cases the core technology is so similar to ETH it would be difficult for the SEC to claim they were securities given the ETH position,” Kendrick posited. “The crypto industry now seems to have political backing on both sides of the aisle.”

The SEC chairman Gary Gensler has long maintained that all coins and tokens on the crypto market, besides Bitcoin, are securities, and are thus breaking the law by offering them to US investors. SOL and XRP have previously been named as unregistered securities in different SEC lawsuits.

Gensler had also hinted that Ether’s monumental shift to a proof-of-stake consensus model could transform the second-largest crypto into a security. In fact, one high-profile lawsuit against the SEC even alleged that the SEC was seriously considering designating Ethereum as a security, and not a commodity.

Standard Chartered described the Thursday approval as a “true watershed moment”, adding that the next question is not whether but when the crypto industry will witness more regulatory changes.

Lofty Price Targets

Standard Chartered reiterated its previous prediction of Ether hitting $8,000 per coin by the end of the year. Analyst Kendrick anticipates the trading of the spot ETH ETFs to start trading next month and sees such funds attracting $15-$45 billion within the first 12 months.

Notably, the ether ETFs will only start trading after the approval of S-1 registration statements — which have so far only been submitted by a few would-be issuers.

Standard Chartered previously said it sees a $150,000 Bitcoin price tag by year-end. The bank said today that this price was still possible with the continuing massive inflows for spot Bitcoin exchange-traded funds. “A portfolio containing both BTC and ETH ETFs is likely attractive and the industry has been further validated by the SEC’s decision on ETH,” the bank’s researcher summarized.

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.

The original article written by Brenda Ngari and posted on Zycrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Gold still on track to hit 3000 as US debt burden grows – Maison Placements Canada’s John Ing

Gold still on track to hit $3,000 as U.S. debt burden grows – Maison Placements Canada’s John Ing

Gold still on track to hit $3,000 as U.S. debt burden grows – Maison Placements Canada’s John Ing teaser image

After hitting record highs above $2,450, the gold market is again struggling as hawkish sentiment from the Federal Reserve spooks markets; however, according to one market analyst, gold’s rally is far from over.

In his latest gold commentary, John Ing, President and Chief Executive Officer of Maison Placements Canada Inc., reaffirmed his price target, expecting the precious metal to rise to $3,000 an ounce within the next 18 months.

Although the Federal Reserve’s aggressive monetary policy has increased gold’s opportunity costs as a non-yielding asset, Ing said that the government’s burgeoning debt is overshadowing current monetary policy.
 

“More than anything, gold’s push through $2,400/oz was due to rising U.S. debt, which caused money to flow into gold for defensive purposes,” he said in the report published last week. “Since March, gold has been up $500 an ounce, setting numerous all-time highs as the monetization of debt became an instrument of public policy. Americans can carry a lot of debt, but as the burden grows, the sustainability of their monetary and fiscal policies leaves little margin for error.”

Ing Warned investors that rising protectionist sentiment, led by the U.S., could exacerbate growing debt concerns, making the U.S. dollar “the weak link” in global financial markets, which would benefit gold.

“Gold is universally fungible and finite. Gold can be bought and sold in US dollars and thus is an alternative to fiat money for both central banks and investors, particularly since gold is also outside the Western-based system,” Ing said. “The Saudis are selling oil for yuan, and China has grown to be their biggest consumer. This signals a fundamental shift in power from the West to the East, with the petroyuan taking the place of the petrodollar.”

Ing explained that China’s growing appetite for gold will further pressure the U.S. government’s fiscal situation. He noted that China’s U.S. Treasury holdings have dropped to a 14-year low at $775 billion. As it sells U.S. bonds, the central bank has been buying gold, increasing its reserves for the last 18 consecutive months.

“China’s diversification moves gives them more options which could further affect its huge holdings of U.S. Treasury bonds at a critical time since America needs others like China to help finance its whopping national debt at $34 trillion that is bigger than the combined economies of China, Germany, Japan, India and the UK,” he wrote in the report.

“Dollars are being utilized less and less as bullion gains a greater percentage of the reserves held by central banks worldwide. For China, gold is the new critical mineral,” Ing added.

At the same time, Chinese retail investors are also significantly impacting gold demand. Ing noted that Asia has become a leader in the gold market as the Shanghai Gold Exchange has emerged as the largest physical dealer in the world.

“We believe fiscal, monetary and geopolitical uncertainties have driven investors into gold as an alternative currency, or the classic store of value,” he said.

 

Along with his bullish outlook on gold, Ing said he sees potential and value within the mining sector, even as costs increase.

“The group is undervalued on multiple fundamentals (market cap/reserves, earnings, cash flow and balance sheets) particularly against the overvalued S&P 500,” he said. “We continue to like the senior producers like Barrick, and Agnico-Eagle. Developers are the next group, bringing on mines over the next couple years like B2Gold, Endeavour Mining, McEwen Mining and Eldorado. There are many explorers that are very cheap. But instead, we have focused on those players with advanced PEAs or FS which are likely to get financed in this current bull market.”

Kitco Media

Neils Christensen

Time to Buy Gold and Silver

Tim Moseley

Pundit Predicts A Spot Solana ETF Approval After Ethereum

Pundit Predicts A Spot Solana ETF Approval After Ethereum

By Newton Gitonga – May 23, 2024

As the cryptocurrency community eagerly anticipates the potential approval of Spot Ethereum exchange-traded funds(ETFs), Matrixport co-founder Daniel Yang has ignited speculation about Solana (SOL) being the next in line for such investment products.

Yang’s remarks come amid heightened interest in cryptocurrency ETFs following recent regulatory developments.

On Tuesday, May 21, Yang highlighted the significant impact of reports suggesting that the Securities and Exchange Commission (SEC) has requested issuers to update Form 19b-4 in their product applications. Notably, following these reports, he pointed out the surge in the Ethereum to Bitcoin (ETH/BTC) pair, indicating market optimism surrounding ETF approvals and expressing hope of seeing a SOL ETF soon after Ether’s.

“What’s the trade, if ETH ETF really get approved in two days?…. A better trade I will argue for is: “BUY SOL/ETH.” This may sound absurd and definitely unpopular. Reasons are: 1) SOL will be the No.1 next in line if ETH ETF get approved.” Wrote Yang.

Elsewhere, analysts, including one identified as ‘Gumshoe,’ also view the approval of Ethereum-based instruments as potentially more advantageous for Solana than for Ethereum itself. Earlier this week, the pundit argued that a rejection could make Ethereum less appealing while enhancing Solana’s attractiveness as an investment option.

Nevertheless, the cryptocurrency community is concerned about the broader implications of ETF approval processes. Should any ETF applications be rejected, it could deliver a significant blow to the sector, prompting what one observer likened to a “nuclear strike” on market sentiment.

Industry experts have outlined bullish scenarios for Solana’s price trajectory. Ryan McMillin, investment director at Merkle Tree Capital, predicts a rise in Solana’s value to $400 by November 2024, citing a potential catalyst in meme coins related to the upcoming US election campaign.

Echoing this sentiment, Daniel Chung, co-founder of Syncracy Capital, anticipates Solana will revisit $200 by the end of May. These projections reflect a positive outlook on Solana’s fundamentals and positioning within the broader cryptocurrency landscape.

Moreover, Solana’s technological prowess has not gone unnoticed, with CoinGecko analysts recognizing its network as the fastest among major blockchains. Notably, on April 6, the Solana network achieved a record-high average daily transaction throughput of 1,504, further solidifying its status as a leading blockchain platform. Analysts from The Digital Asset Fund Manager Survey also highlighted how institutional demand for the crypto asset had soared in the same month, underscoring their bullish outlook.

That said, as anticipation builds around the potential approval of Ethereum ETFs, all eyes are now turning to Solana, poised to capitalize on the momentum generated by its predecessor. Whether Solana will follow in Ethereum’s footsteps remains to be seen, but market sentiment suggests that the cryptocurrency’s future is brimming with potential.

At press time, Solana was trading at $171, reflecting a 4.28% drop over the past 24 hours. However, the coin surged nearly 9% over the past week, with a market capitalization of $77 billion, according to CoinMarketCap data.

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.

The original article written by Newton Gitonga and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Get secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

Trump Taps Into Crypto Craze

Trump Taps Into Crypto Craze By Accepting Bitcoin, Ether, Solana, Shiba Inu, Dogecoin Donations

By Newton Gitonga – May 22, 2024

Former U.S. President Donald Trump has announced that he will begin accepting donations in cryptocurrency for his presidential campaign, making him the first major party presidential nominee to do so.

On Tuesday, May 21, his campaign team launched a fundraising page that allows donors to contribute using various cryptocurrencies, including Bitcoin, Ether, Solana, SHIB, and DOGE.

The page, hosted on the Coinbase platform, allows donors to contribute using any cryptocurrency accepted by the exchange.

“Today, President Trump’s campaign has launched a fundraising page that provides any federally permissible donor the ability to give – through its joint fundraising committees – using any cryptocurrency accepted through the Coinbase Commerce product.” An announcement on Trump’s official campaign website read.

The decision to accept cryptocurrency donations is seen as a move to appeal to a younger demographic increasingly interested in digital assets. Interestingly, the campaign’s announcement quoted a representative from Coinbase, Julia Krieger, as saying, “Crypto is nonpartisan and moves money forward because it’s cheaper and faster.”

It is also seen as a way to promote the president’s message of reducing government control over financial decisions.

“As our President, Donald J. Trump has reduced regulations and championed innovation in financial technology, while Democrats, like Biden and his official surrogate Elizabeth Warren, continue to believe only government has the answers to how our nation leads the world.” The announcement further read.

That said, Trump’s decision to accept cryptocurrency donations for his campaign is not without controversy. Concerns about the anonymity of cryptocurrency transactions have been raised, which could pose challenges in verifying donors’ identities. Nevertheless, the campaign team assured compliance with Federal Election Commission regulations, committing to transparent disclosure of donation sources.

Notably, Trump’s campaign announcement resonates with a message of empowerment, rallying supporters under the banner of a “crypto army” poised to secure victory in the upcoming election. The decision to accept crypto comes just days after Trump poked fun at President Joe Biden for seemingly not understanding cryptocurrencies like himself.

In response to Trump’s initiative, Biden’s supporters allegedly swiftly issued a call for donations, highlighting concerns about being “outraised” by “crypto executives” backing Trump, as seen via a widely circulated screenshot.

That said, Trump is not alone in recognizing the allure of cryptocurrencies in the political arena. Rival candidate Robert F. Kennedy Jr. has embraced Bitcoin, citing its symbolic significance as a beacon of democracy and freedom. Additionally, candidates in smaller races, such as pro-Ripple lawyer John Deaton in Massachusetts, leverage cryptocurrency donations to challenge incumbent opponents like Senator Elizabeth Warren, who has espoused anti-crypto legislation.

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.

The original article written by Newton Gitonga and posted on ZyCrypto.com.

Article reposted on Markethive by Jeffrey Sloe

** Loans, secure funding for business projects in the USA and around the world. Learn more about USA & International Financing at Commercial Funding International. **

Tim Moseley

The Artist that came out of the Winter