After five weeks of almost uninterrupted strength, the dollar rally is showing its first honest signs of fatigue. EUR/USD has based around 1.1386 after touching 1.1325 last week, refusing to make new lows despite repeated tests. USD/JPY has stalled at 161.8, unable to extend beyond the mid-June highs. GBP/USD found buyers at 1.3143 and has […]
4,363. Gold hit that number on Wednesday — its lowest price since October — before rebounding sharply to close at 4,499. A 3% intraday round trip of that size, on rising volume, is what capitulation often looks like in its first act. The case that the low is in Capitulation selloffs share a fingerprint: a […]
Here’s a puzzle worth sitting with: the S&P 500 closed at 7,445 on Wednesday, up more than 9% from its April low, while gold — the classic fear asset — sits at 4,543, down 9% from its April peak. Stocks at records and gold in a correction is an unusual combination. What is the market […]