US Stock Market Continues to Rally After Trump’s Election Win; Bitcoin Surges to a Record High of $80,000

US Stock Market Overview (November 8):

At the close of trading, all three major US indices reached all-time highs. The Dow Jones rose by 0.59% to 43,988.99 points. The S&P 500 climbed 0.38% to 5,995.54 points, while the Nasdaq Composite edged up 0.09% to 19,286.78 points.

Global News:

Across the Pacific, China's National Congress approved a massive aid package worth up to 10 trillion yuan, equivalent to nearly $1.4 trillion.

US Treasury Bonds:

The yield on the US 10-year Treasury bond dropped significantly from last week’s peak of 4.48%. The support level is currently at 4.2%, and a break below this level could drive yields below 4% in the near term.

Dollar Index:

The US Dollar Index (DXY) rose 0.6%, marking a strong week following Donald Trump’s victory. The index, which measures the dollar against six major currencies, currently stands at 104.95.

Gold Market:

Spot gold prices fell by 0.8% to $2,684.03 per ounce, with a weekly decline of 1.8%. Gold futures also slipped by 0.4% to $2,694.80 per ounce.

Commodities Market:

Crude Oil: On November 8, WTI crude oil prices dropped by 2.74% to $70.38 per barrel, while Brent crude decreased by 2.33% to $73.87 per barrel.

Precious Metals: December silver contracts closed the week at $31.449 per troy ounce, down 1.3%. January 2025 platinum futures ended at $978.5 per troy ounce, a 2% decline. December copper futures plunged to $4.306 per pound, down 3%.

Technical Analysis

Platinum Contracts (January 2025): The chart indicates that platinum futures are moving within an ascending channel with clear support and resistance lines. After peaking at around $1,064.6 in late October, prices have corrected but continue to hold the lower trendline support of this channel.

• A rebound from the channel support zone (around $976.7) suggests a strong support level, indicating potential for further gains as long as the channel remains intact.

• After retracing to the 78.6% Fibonacci level, prices have bounced slightly, signaling the importance of this support zone. Holding above this level may see a retest of higher levels, particularly around $1,008.8 and $1,022.0.

  
  

Silver Market Analysis: The silver chart shows that prices are moving within an upward channel. From June to late October, prices consistently rose but are currently undergoing a correction after hitting a peak at $35.070.

• Prices have slightly breached the lower trendline of the upward channel, which could be a warning sign of a potential trend change if not quickly reversed.

• Currently, prices are hovering near the 38.2% Fibonacci retracement level. A sustained hold above this level may prompt a short-term recovery. However, a break below could see prices testing support at $30.980 or even $30.010.

  
  

Source: SFVN (Compilation)