FX Empire

Coiling Between Key Trendlines Gold continued its short-term coiling price action on Wednesday, reaching a slightly lower daily low of $4,341. That low was a successful test of support at the lower rising trendline that defines the lower boundary of a new channel. Buyers then took back control following that low and drove prices higher, with gold reaching a lower daily high of $4,434. Resistance for the day was found at the downtrend line.

Pullback Tests Dynamic Support Natural gas spiked down to an eight-day low of $2.80 on Wednesday, as it fell through potential support near $2.83. That level is defined by the recent higher swing low and the 20-day moving average. Subsequently, initial signs of support were found near the uptrend line that defines dynamic support for the current short-term advance.

Breakout Attempt Meets Resistance Compass Pathways plc (CMPS), a late-stage psychedelic biotech company, attempted to break out of a three-month basing pattern on Wednesday, with volume spiking to a 23-day high during the advance. The consolidation base followed a constructive advance to a high of $15.40 on June 9. That high was exceeded on Wednesday with CMPS reaching a new trend high of $15.87 before signs of resistance halted the advance.

The Dow Jones broke key support after August’s rare warning, raising correction risks as Elliott Wave analysis points toward the 43,047–47,437 support zone in coming months. In this article: On August 6, we flagged a rare Dow Jones setup: two consecutive daily sessions with both the open and close entirely above the upper 20-day, 2-standard-deviation Bollinger Band, capped by an August 5 shooting star.

SP500 Retreats As Treasury Yields Rise SP500 090926 4h Chart SP500 is losing ground as traders react to Bessent’s decision to boost bond buybacks to $6 billion and focus on the rally in the oil markets. The Treasury will increase bond buybacks to push yields lower. The bond market is not impressed as Treasury yields moved higher in today’s trading session. The yield of 2-year Treasuries climbed above the 4.43% level, while the yield of 10-year Treasuries settled above 4.84%.

Key Points: Spot silver gained $2.16, or 3.29%, as dollar selling outweighed a five-basis-point jump in long-dated Treasury yields. Silver’s main trend remains up above $63.31, while a sustained move over $68.17 puts the $71.18 swing top in play. PPI and CPI are next as a falling dollar fights 60% Fed rate-hike odds, leaving silver buyers in control for now. In this article: Silver Ripped $2.16 on a Falling Dollar Wednesday Spot silver is sharply higher late in the session on Wednesday.

Natural Gas Retreats On Cooler Weather Forecasts Natural Gas 090926 Daily Chart Natural gas remains under pressure as traders stay focused on cooler weather forecasts and bet on weaker demand. From the technical point of view, natural gas settled below the 50 MA at $2.92 and pulled back towards the nearest support, which is located in the $2.75 – $2.80 range. In case natural gas settles below the $2.75 level, it will head towards the next support level at $2.60 – $2.65.

Gold Gains Ground As Traders Focus On U.S. Debt Market Gold 090926 Daily Chart Gold rebounds as traders focus on Bessent’s decision to boost bond buybacks to $6 billion. In the second half of August, buybacks were raised from $2 billion to $4 billion, but this move did not provide support to the debt market. Interestingly, bond traders do not believe that buybacks would break the current trend.

Hyperliquid (HYPE) has jumped by 4% in the past 24 hours, following the listing of a popular memecoin called USELESS, whose trading volumes has exploded recently. This Solana-based memecoin has jumped by 15% following its Hyperliquid listing, while volumes have increased by 30% to $173 million. Such levels account for 56% of the asset’s circulating market cap, reflecting the strength of the buying pressure.

U.S. Dollar Remains Under Pressure As Bessent Raises Bond Buybacks To $6 Billion DXY 090926 4h Chart U.S. Dollar Index is losing some ground as traders focus on Treasury’s decision to boost bond buybacks to $6 billion. Bessent continues his attempts to put pressure on yields, but they are rising amid rally in the oil markets. Worries about long-term sustainability of U.S. finances also push yields higher.