Market Update by Solidecn.com

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Gold

Gold is currently undergoing a test of its support level at $1,970. Interestingly, it's trading below the pivot point in the market. The Relative Strength Index (RSI) is showing signs of divergence, indicating a potential correction in the price of gold. This correction could possibly extend to a level of $1,934.

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MetaMask and Blockaid Unite Against Phishing

MetaMask has partnered with Blockaid to unveil a feature designed to enhance the safety of its users against phishing attacks.


Proactive Defense with New Security Feature

Starting from today, MetaMask's desktop users can enhance their security by opting into an experimental feature that includes the Privacy Preserving Offline Module (PPOM). This module, crafted by MetaMask, functions as an offline safeguard, meticulously checking transactions and signatures before they're executed, without exposing sensitive information to any external servers.

Bárbara Schorchit, a senior figure at MetaMask, highlights the integration of Blockaid's dApp scanning technology as a pivotal element in this new security layer. This technology is capable of emulating user interactions with dApps to identify any potential malicious intent.


Gradual Rollout and Privacy Assurance

Initially, users who enable this feature will receive alerts for potentially harmful transactions. MetaMask is set to expand this feature to its mobile users come November and aims for a full integration for all users by early 2024. This careful rollout strategy is to ensure the accuracy of the feature, avoiding misidentification of safe transactions as threats.

Schorchit reassures users that privacy is a priority; the PPOM negates the need to share transaction details externally, keeping the validation process confined to the user's device.


The Persistent Threat of Phishing in Crypto

Phishing scams continue to be a prevalent danger in the crypto world. Blockaid's data suggests that a concerning percentage of dApps could be harmful, and many potential crypto adopters are deterred by the prevalence of scams.


Reports indicate a surge in crypto-related hacks and the staggering losses incurred in recent times. Bitrace's findings point to fake wallet applications as a significant risk, with their authentic appearance deceiving users into compromising their assets.


This collaboration between MetaMask and Blockaid represents a proactive step towards mitigating these risks and safeguarding the crypto community. (source)

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GBPJPY

The GBPJPY pair has broken through the bearish channel on the daily chart and is currently trading above the pivot point of 182.9. The Relative Strength Index (RSI) indicator is hovering above the 50 level, suggesting that the bulls have regained control.





Looking closer at the GBPJPY 4-hour chart, we can see that the bulls are facing a barrier at 183.7. If the GBPJPY price can break this level, it will clear the path towards R2.





However, if the price fails to breach this resistance, it could result in the GBPJPY price returning to the bearish channel depicted on the daily chart. (source)

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GBPUSD

Let's delve into a more detailed technical analysis of the GBPUSD currency pair, which is currently navigating through a bearish channel. In the latest trading session, there has been a notable shift in momentum as the bulls have successfully pushed the closing price above the pivotal 1.216 mark.



The Relative Strength Index (RSI), a key momentum indicator, is sustaining above the 50 threshold, which traditionally indicates a shift from a bearish to a more neutral or bullish sentiment among traders. This is an encouraging sign for buyers, as the RSI above 50 often precedes upward price movements.

Given the current position of the RSI, coupled with the bullish closure above the pivot point, there is a heightened probability that the GBPUSD pair may continue its ascent towards the upper boundary of the bearish channel. The next key level to watch is the R1 resistance at 1.225. If the price action can maintain its upward trajectory and reach this resistance level, it could signal a potential reversal of the current bearish trend or at least a significant retracement. (source)

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USD/JPY Market Sentiment: Bullish Post-BoJ, Eyes on Fed

Tuesday's trading session saw the USD/JPY currency pair surge, reclaiming territory above the pivotal 150.00 mark. This upswing effectively diminishes the losses witnessed in the preceding two days. The yen displayed a broad weakening, a direct response to the Bank of Japan's reaffirmation of its ultra-easy monetary policy aimed at bolstering the domestic economy. In a notable policy adjustment, the BoJ subtly altered its stance on yield curve control, now referencing the 1% cap on the 10-year Japanese government bond yield as a guiding figure rather than a strict limit.


Inflation Projections and Economic Data Weigh on Yen

The BoJ's upward revision of inflation forecasts for the fiscal years 2024 and 2025 hints at a gradual setup for exiting its loose monetary policy. However, this adjustment has not been enough to rally support for the yen, especially against a backdrop of disappointing Japanese industrial and retail data for September.


US Dollar Demand and Fed Expectations Fuel Rally

On the other side of the pair, the US dollar is finding robust support, spurred by the market's belief in the Federal Reserve's commitment to its tight monetary policy, including the possibility of further rate hikes in 2023. Remarks from Fed Chair Jerome Powell about persistently high inflation and the potential for additional rate increases have kept US bond yields near the 5.0% mark, underpinning the dollar's strength.


Caution Ahead of FOMC Meeting

Despite the bullish momentum, there's caution in the air as speculation about potential Japanese intervention to curb yen depreciation persists. Traders are also adopting a wait-and-see approach in anticipation of the Federal Open Market Committee's (FOMC) meeting. The Fed's decision, due on Wednesday, is expected to hold steady, but any signals on future rate adjustments will be pivotal for the currency pair.


Bullish Indicators and Resistance Challenges

From a technical standpoint, the USD/JPY's resilience below the 200-period Simple Moving Average on the 4-hour chart has set a bullish tone. Daily chart oscillators are gaining positive momentum, suggesting room for further upside. However, traders should watch for resistance near the daily highs around 150.35-150.40, with the year-to-date peak and the 151.00 mark as key levels to breach for continued ascent.


Support Levels to Monitor on Pullbacks

Conversely, a retreat below 150.00 could find solid ground near the 100-period SMA on the 4-hour chart at approximately 149.60-149.55. A decisive drop below this could open the path to 149.00 and potentially challenge the bullish outlook. Should selling pressure intensify, the pair may test the monthly low around 147.30-147.25, recorded on October 3, which would tilt the market sentiment towards the bears.

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EURAUD

The EURAUD pair is currently navigating within a daily bullish channel and is testing the monthly pivot point at 1.6555. If the bulls maintain their position above this pivot point and within the bullish channel, it’s plausible that the EURAUD could ascend to the mid-line of the bullish channel, which is near the R2 support level at 1.712.





However, if the bears manage to close below the pivot point, it would invalidate the bullish scenario. It’s important to note that a closure below the pivot point does not necessarily signal a trend reversal. The support level is at 1.621, and a breach of this level would be required to indicate a trend reversal.

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EURGBP

The EURGBP pair has broken the bearish trendline on the daily chart, indicating a bullish bias. The 4H chart shows it trading above the Ichimoku cloud and weekly pivot, suggesting potential gains.




However, a close below S1 support (0.869) would negate this bullish scenario. (source)

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EURJPY Technical Analysis
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EURJPY is testing the Ichimoku cloud, a key resistance. Our analysis suggests a bullish market, with a strategy to go long. Currently, it’s trading in a bearish channel below the 158.6 pivot. A close above the pivot will confirm bullishness.



If it remains below the pivot, the short-term target is S1 support.

Read the full article here.

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Gold prices hit $2000 as Middle East tension escalates

As tensions rise in the Middle East, gold prices have shot up over $2000 due to increased fighting on the ground.

While all eyes are on the shifting situation, gold has jumped over the crucial $2000 level because of the growing battles. At the same time, oil prices have stabilized above $83, as people investing in the market are on alert for any interruptions in supply from this key oil-producing area. This week is also important because big banks like the Federal Reserve, the Bank of England, and the Bank of Japan will make decisions on interest rates, which could shake up the markets even more. Investors and market experts around the world are paying close attention to these developments as they influence the economy.