Nvidia
Reflecting the AI boom and Nvidia’s market dominance, Nvidia is set to replace Intel in the Dow Jones Industrial Average on November 8.
Nvidia’s shares have skyrocketed over 170% this year, while Intel has faced declining market share and manufacturing challenges.
Dow Jones reshuffle highlights tech shift with Nvidia joining Apple and other trillion-dollar tech giants in the index.
NVDA (Daily). This stock has established higher-highs and higher-lows, signalling a bullish continuation. Our recommended re-entry buy level is 131.00, identified as a demand zone, with a plan to hold for a long-term investment.
USDJPY
The Bank of Japan kept its benchmark rate at 0.25% but suggested potential rate hikes ahead as inflation and growth targets are on track.
Comments from BOJ Governor Kazuo Ueda temporarily boosted the yen, though it continues to face downward pressure.
Analysts expect a BOJ rate hike by year’s end, dependent on Japan’s November election results and the passage of Prime Minister Ishiba’s proposed supplementary budget.
USDJPY (Weekly). After a two-month decline, the USDJPY pair is quickly recovering its losses. Within just a month, it has rebounded from its yearly low, reaching the 61.8% Fibonacci level at 153.70. Consider buying around 151.10 for a discounted entry.
Gold
Gold fell 0.2% to $2,736 per ounce as a stronger dollar (+0.4%) and rebounding Treasury yields reduced the appeal of non-yielding assets.
Weak job growth in the US has led economists to anticipate a 25-basis-point rate cut next week, providing some support for gold.
With the US election nearing and heightened tensions around Iran, gold continues to attract interest as a safe-haven asset.
XAUUSD (H4). Gold has pulled back from its all-time high in the final two days of October, targeting the previous higher low at 2715.00. Investor optimism suggests the potential for prices to approach $3,000 in November or December.More By This Author:Fed Eyes Rate Pause As Markets Face Currency Drops And Oil Surge July PCE: Fed’s Inflation Progress And Market ImpactOptimism Builds For S&P 500 As Key Events Loom
