Global Market Snapshot 18th March 2024

Let’s start with the best this week. Silver, it may not be the talking point in town but this layout brings some serious potential when it comes to market outliers. 

Markets sometimes create EPIC anomalies that are just waiting to be exploited by traders with their eye on the ball. Here’s a quick hint to go and check out a silver chart on a weekly candle (W1), throw a Bollinger band on and see if you can spot a potential move coming soon.

Key Takeaways

Positive Swap Short, meaning the broker pays you for holding a short position each day.

Almost touched the upper Bollinger band.

Since 2022, this is the 5th major time this price was reached before a sizable drop in the market.

Crypto was rampant of late, however the digital assets have softened in growth for now. After a long period of losses, many crypto holders will be happy to exit around here and get out at break even to avoid the fear of losing money again, and buyers are soaking it up for the moment.  While there are likely many happy crypto sellers that rode the downward train throughout 2022 and 2023, they may feel the pain if the market begins to soar and diamond hands ride the whole wave up. 

EURCHF reaches the highs of a downward channel, breaking through a trendline on a weekly chart, however it is approaching the upper bollinger band. Could this be a turning point for the EURCHF in terms of long term direction? 

For those looking to go long on the EURCHF but want a hedge, perhaps the GBPCHF could offer some solace. This forex currency pair has reached the upper bollinger band on a weekly chart and may see some rejection off this upper level. Last time this happened this forex pair fell for weeks.

Market Highs 

The Nikkei (JP225) hit 40,000 for the first time ever, while gold also reached an all time high, getting close to 2200. The US30, S&P500 and DAX (DE30) are also hovering around all time highs.

A good time for both global indices and metals, so which will prevail throughout the remainder of 2024? One, a risk on asset targeting global growth and prosperity, the other often considered a place to squirrel away money to keep it safe in times of global unrest, being indices and gold respectively. Perhaps this price shift is a revaluation of true values in respect to the cost of living, inflation and global economy.