EXCEEDING $50,000 ONCE MORE, WILL BITCOIN REACH THE $70,000 MARK?

Bitcoin, the world's first and most valuable cryptocurrency, continues to attract global investors and traders due to its uniqueness, growth potential, and its ability to influence other cryptocurrencies.

The total amount invested in bitcoins surpassed $1tn this week for the first time since November 2021, fueled by inflows into U.S. ETF funds directly trading bitcoins, which continue to support prices.

The cryptocurrency reached a record high of $69,000 in November 2021. Will it surpass this milestone in 2024?

As of February 14, 2024, the price of the leading cryptocurrency has already exceeded $52,000! Most analysts believe that the bullish trend for BTC will persist in 2024. We previously highlighted this in our news article "The Way to Unlimited Cryptocurrency Growth is Open" on January 12.

Many traders are wondering if they missed the opportunity to buy Bitcoin. Crypto market experts assert that Bitcoin remains a profitable purchase, predicting an upcoming remarkable bull rally.

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Gold Hits Historical Record!

Gold is a precious metal classified as a protective asset. Traders commonly use gold for portfolio diversification and as a "safe haven" during economic downturns. In the long term, gold exhibits a steady upward trend and is suitable for investments with a horizon of 5-7 years or more. Simultaneously, due to its relatively high volatility, gold is also suitable for successful intraday speculative trading.

In January, global central banks doubled their gold purchases for their reserves. The Central Bank of Turkey and the People's Bank of China emerged as leading buyers. The demand for this precious metal from central banks may be a decisive factor in supporting prices in 2024.

On Wednesday, March 6, the XAUUSD price reached a new historical maximum of $2,149 per ounce. In just the last five trading sessions, gold has risen by over $100! The current forecast indicates a price movement towards $2,255 and beyond. Similar to Bitcoin, we predicted this growth in the news article "FreshForex Gold Alert" from November 21, 2023.

The increase in gold prices is also attributed to the interest of private investors and institutional funds in gold as a safe-haven asset for risk hedging. It is expected that this trend will continue in the coming years, making gold a very reliable investment.

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JAPAN'S NIKKEI INDEX HITS HISTORIC HIGH!

The Nikkei 225 - Japan's key stock index comprising 225 companies from the Land of the Rising Sun listed on the Tokyo Stock Exchange. It is calculated as the arithmetic mean of their values. The index was introduced in 1950 and named after the newspaper that first applied such a calculation methodology to the Japanese stock market.

The Tokyo Stock Exchange (TSE) is one of the largest in the world, with over 2,000 companies represented, including brands known to everyone - Toyota, Sony, Mitsubishi, Nintendo, SoftBank, and many others. In terms of market capitalization, TSE is second only to the New York Stock Exchange.

The historic peak of #NIKKEI was reached on December 29, 1989, when the index rose to 38,957 points during the day's trading. And now, for the first time in 34 years, in our days, #NIKKEI has exceeded the 40,000-point mark.

FreshForex analysts point to the following factors driving the growth of the Japanese stock market in 2024:

• Strengthening of technology company stocks and reports of high corporate earnings,
  Investor optimism amid billionaire Warren Buffett's investment in major Japanese companies (Berkshire Hathaway holding),
  Exporter stocks supported by a weakening yen, increasing their profits in the national currency,
  Rising inflation to 2.8% - a radical change compared to the deflation of previous years when constant price declines negatively affected company profits.

Thanks to these factors, traders worldwide see increasing opportunities in the Japanese market.

In 2023, the Nikkei 225 gained 29%, marking the highest annual growth in a decade. And since the beginning of the current year, it has added another 22%, making the contract extremely attractive for investment.

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GOLD HAS ALREADY HIT RECORDS, NOW IT'S COPPER'S TIME

According to the CME Group, demand for copper futures contracts continues to grow steadily, and institutional funds continue to increase their volumes.

As a result, since the beginning of the year, copper has risen by almost 10%, and the price of the CUCUSD contract confidently reached a 14-month high.

Key growth factors include:

- Increased demand for the metal due to the transition to "green" energy. Solar or wind power stations, electric vehicles, any form of renewable energy - they all require copper because if you need to electrify something, conduct electricity, you need copper.
- Supply reduction risk. On April 3, Canadian mining company Ivanhoe Mines reported a quarterly production decrease of 6.5% at the Kamoa-Kakula mining complex in the Democratic Republic of Congo. In addition, drought in Zambia threatens the planned expansion of the country's mining industry. This leads to supply shortages and further price increases. Goldman Sachs predicts a copper deficit of over 500,000 tons in 2024.
- Expected reduction in the Fed rate. The rise in CUCUSD increased after statements by Federal Reserve Chairman Jerome Powell regarding the key rate. He stated that despite higher-than-expected inflation data, the overall situation remains unchanged and a rate cut will be necessary "at some point this year."

According to CNBC analysts' forecasts, by 2025, copper prices could rise by more than 75% and reach new historical highs. FreshForex analysts make more modest forecasts but also expect an upward trend in CUCUSD as a more likely scenario, especially in the case of an improvement in the global economy.

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BRIGHT SHINE OF GOLD ABOVE NEW PEAKS

On April 12, gold once again set a record, surpassing the $2400 per ounce mark. Since the beginning of the year, XAUUSD has already risen by +15%, which currently outpaces the US stock market nearly threefold (Nasdaq 100 and S&P 500 are currently showing growth of around 6%).

Against the backdrop of this historical surge, experts predict further price hikes for the precious metal, confidently stating the possibility of reaching $3000 per ounce.

FreshForex analysts have repeatedly forecasted such growth since November 2023. We believe that gold continues to be a profitable investment, supported by several factors:

• Geopolitical risk and economic uncertainty. Last year, gold prices increased by more than 19%, and according to analysts, there is still room for growth in this rally. Conflicts in the Middle East and other hotspots around the world increase the premium for geopolitical risk, maintaining interest in gold.

• Forecasts from major financial institutions' analysts. Bank of America and Citigroup are optimistic about gold's future, predicting its rise to $3000 per ounce in the coming years. Goldman Sachs has raised its gold price forecast to $2700 per ounce, and UBS expects it to reach $2500 by the end of 2024. Analysts believe that increased investor inflows, expectations of US Federal Reserve interest rate cuts, and active purchases by major central banks and consumers in China will support this growth.

• Investors view gold as a hedge against inflation and economic uncertainty.Demand for the precious metal strengthens during periods of declining confidence in risky assets such as currency, stocks, and bonds, and it is forecasted that this trend will continue, pushing gold prices to new heights.

Thus, confidence in gold remains unshaken, giving the green light for new investment flows and trading ideas. Our traders have assessed market sentiment and actively use the XAUUSD trading pair in their strategies.

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#GameStop is not going to STOP!

GameStop Corp (#GameStop) video game store chain shares soared by 46% during Monday's trading on the New York Stock Exchange (NYSE), reaching $25.

The surge didn't stop there, as on Tuesday the price reached up to $60 per share! Wednesday opened with a sudden downward gap, but by the end of the session, the price confidently recovered to $40. What will happen today?

The rollercoaster ride repeats itself with this stock after the sudden return to social media by YouTube streamer Keith Gill, known as Roaring Kitty. He posted a mysterious message on the X service (formerly Twitter), showing that he's always in the know. Gill's post garnered over 8 million views within hours of its late Sunday posting, marking his first post on the account since June 2021.

The surge in stock prices led to a so-called "short squeeze" - a situation where investors betting against the stock and opening short positions are forced to buy stocks as their prices unexpectedly rise, contrary to their expectations. This situation further fueled the rise in shares, which appreciated by hundreds of percent. As a result, funds betting against the company's stocks lost billions of dollars. Giacomo Pierantoni, Head of Data at Vanda Research, stated that the overwhelming majority of demand for shares now comes from retail investors. It seems that, as in January 2021, investors are betting against those shorting GameStop Corp (#GameStop) shares, notes MarketWatch.

Just recently, on May 2nd, FreshForex analysts drew attention to the US stock market, after which the price of Snapchat (#Snapchat) shares increased by 10%! Our analysts' forecasts for gold not only came true but the asset also surpassed its historical maximum twice!

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ETHEREUM REACHES NEW HEIGHTS

Ethereum (ETHUSD) is once again at the peak of interest in the crypto community, and it's no coincidence. Here are some key events:

1. ETF Breakthrough: The U.S. Securities and Exchange Commission (SEC) has finally approved 8 applications to launch Ethereum ETFs from giants like BlackRock and Fidelity. This SEC decision is primarily political and opens the doors to new investments from the masses. It is expected that the Ethereum ETF will attract between $5 and $8 billion.

2. Successful Network Upgrade: The recent Ethereum network upgrade, known as Dencun, brought significant improvements in scalability and security. These changes, including new smart contract capabilities, will make the Ethereum network even more attractive to developers and users, driving further growth.

3. Analysts’ Forecasts Fuel Interest: Analysts agree that the approval of the ETF and the successful network upgrade can significantly impact the value of the second-largest cryptocurrency and may even trigger a new "altcoin season," similar to how Bitcoin ETF approval previously led to substantial price increases across various crypto pairs.

All these factors create optimistic prospects for the cryptocurrency as a whole, attracting the attention of investors and developers. So, if you haven't tried it yet, now is the perfect time to consider investing in the world of cryptocurrencies.

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What are FreshForex traders profiting from?

This week, the financial news market is buzzing with mixed events. Oil prices continue to fall, while American stocks are delighting investors with unexpected rises.

FreshForex traders have quickly capitalized on these events to make profits. Let's take a closer look at what’s happening and why.

Black gold is getting cheaper

At the beginning of this week, oil prices fell again, causing concern among investors. Market volatility is increasing due to fears about future demand and a possible easing of production restrictions by OPEC+ by the end of the year. Brent crude oil fell below $77 per barrel on Tuesday!

Oil prices declined following decisions made by OPEC+ at their June 2 meeting. The organization announced a gradual lifting of oil production restrictions, affecting market sentiment. Moreover, disappointing figures from the US manufacturing PMI (ISM) also played a role: at the end of May, the index dropped below 50 points to 48.7, indicating a decline in the sector. The rise in borrowing costs, limited investments, and increased raw material costs are challenging American industry.

Experts are divided: Goldman Sachs sees potentially negative consequences for the market from OPEC+'s decision, while UBS and RBC analysts believe that the cartel will manage the market flexibly, gradually easing restrictions.

Rises in the US stock market

Meanwhile, optimism reigns in the US stock market. The price of tech giant Apple (#Apple) exceeded a 5-month high, surprising Wall Street once again. The company’s profits surpassed expectations, causing a buzz among investors that continues to this day.

Microsoft (#Microsoft) shares continue to rise. Microsoft is developing and training its own AI model, MAI-1, which could compete with models from Google, Anthropic, and even OpenAI, according to a Yahoo report. The company's first-quarter revenues were supported by high demand for AI products.

Micron (#Micron) shares are soaring. The company is poised to become one of the largest beneficiaries of AI demand in the chip industry. Micron announced strong quarterly results and an optimistic earnings forecast for the current quarter.

Once again, GameStop Corp (#GameStop) became sensational news. As we mentioned earlier, the company’s shares soared following new content from popular YouTube streamer Keith Gill, known as Roaring Kitty. In a recent Reddit post, Gill shared a screenshot of his investment portfolio, which included a significant holding of GameStop shares and call options. This information sparked another explosive interest in the stock, doubling its price to $47 on the New York Stock Exchange (NYSE) on Monday, June 3. We already mentioned GameStop in May, so for our regular readers and active traders, the latest surge was no surprise.

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WHAT DRIVES FRESHFOREX CLIENTS' PROFITS?

Specialists at Goldman Sachs Group have revised their year-end forecast for the S&P 500 index (#SP500) upward to 5,600 points. This adjustment is based on the assumption that negative earnings will be below average and that the price-to-earnings ratio is now considered fair.

Yesterday, the S&P 500 reached a new all-time high of 5,488 points! The index has already grown by 15.8% since the beginning of the year, and the upward trend is expected to continue.

We previously discussed the rise of the S&P 500 in April. Our traders closely monitor the market and engage in active trading, so this new surge was not a surprise to them.

The growth of leading American companies strengthens the resilience of the U.S. economy

The stock price of Applied Materials (#AppliedMat) has increased by 56% since the beginning of the year. Applied Materials is an American corporation that provides equipment, services, and software for the production of semiconductor chips used in electronics, flat panel displays, smartphones, televisions, and solar products. The rising demand for electronic chips fuels investor interest in this company.

Motorola Solutions (#Motorola), the successor of one of the oldest U.S. corporations, has transformed into a leading manufacturer of specialized communication devices and holds a monopoly in certain niches. The company's stock has grown by 22.6% since the start of the year. Motorola Solutions focuses on the highly profitable public sector procurement, leading to steady revenue growth for MSI.

Procter & Gamble (#PG) is a global leader in the consumer goods market, well-established in the U.S. and abroad. The stock of this defensive goods group (covering beauty and grooming, healthcare, fabric and home care, and baby, feminine, and family care products) has been growing steadily and reliably. Over the year, their value has increased by 15.6%.

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