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November felt like a month scripted by a mischievous market god, the kind who enjoys jolting traders out of their convictions before handing them a warm cup of liquidity and whispering “Relax, child… don’t fight the Fed, and for heaven’s sake don’t fight the machines.”
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In-Depth Analysis
In the major advanced economies, public deficits remain high, particularly in the United States, the United Kingdom and France, where fiscal consolidation is expected to continue.
The silver market is on track for its fifth straight structural market deficit. The recent silver squeeze that pushed the silver price to a record high was partly due to a displacement of metal.
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Cryptocurrencies
Ripple is trading in a narrow range, with support at $2.15 and resistance at $2.30 at the time of writing on Friday. For four consecutive days, the cross-border remittance token has remained in this narrow range, suggesting a battle for control between the bulls and the bears.
Bitcoin, Ethereum and Ripple are struggling to sustain their recovery on Friday, reflecting a sticky bearish sentiment. Since the October 10 flash crash, which liquidated over $19 billion in crypto assets in a single day, retail interest in crypto assets has been significantly suppressed.
Monero recovers nearly 2% on Friday, with bulls aiming to surpass the $419 resistance level. Steady interest from large-wallet investors keeps the XMR futures market warm. Monero targets its highest close since May 2021, led by a surge in XMR futures Open Interest and bullish bets.
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Stocks
Weekly Forecast
The EUR/USD pair held within familiar levels in the last trading day of November, settling below the 1.1600 mark. The pair had made little progress throughout the month and even clinched a fresh three-month low of 1.1468, despite broad US Dollar (USD) weakness.
The Pound Sterling (GBP) staged an impressive recovery against the US Dollar (USD), as GBP/USD clinched fresh monthly highs above the 1.3250 psychological level.
Bitcoin (BTC) hovers around $91,000 at the time of writing on Friday, extending its recovery by 5% so far this week. On the institutional front, a modest outflow from US-listed spot Bitcoin Exchange Traded Funds (ETFs) marks a slowdown from previous weeks and signals a reduction in selling pressure, further supporting BTC’s recovery.
This week, the US Dollar has faced significant challenges. It spent every session on the defensive, pulling the Dollar Index (DXY) back from last week’s gains and putting the focus firmly on the downside for now.
