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The SPDR Gold Shares (GLD) ETF has broken its uptrend and distribution days have piled up since October 31. GLD has almost cycled into oversold territory and is approaching a cluster of support near $235. This comes from a 50% retracement of the rally since June as well as approaching trendline support off those same lows. A small layer of chart support as well as a 61.8% give-back targets $230. The iShares Silver Trust (SLV) traced out a bearish and false breakout in October and the last weekly price high was not confirmed by momentum. While the COT data remains bearish for GLD and SLV, it has trended slightly better. Sentiment for the metals is now quite bearish. Moving to crypto, Bitcoin reached almost $93,500 intraday on Wednesday despite the continued rally in the U.S. Dollar Index (USD). So much for the consistent negative correlation between the two assets. We wrote about Bitcoin recently and the mysterious asset broke out to all-time highs (ATHs) on November 6, completing a bullish base back to March 2024 between $54,000 and $74,000. Based on the depth of the base, we said Bitcoin could see a measured move to the $90,000-$100,000 region. That said, we think we'll get a pullback before the next move higher. Perhaps we'll see a bull flag over the next week or two before the bullish juices have a chance to start flowing again. There are a few pieces of shorter-term support in the $80,000-$84,000 region, including several moving averages, trendline support from the top of a bull channel, and some key Fibonacci retracement levels. (Mark Arbeter, CMT)

ASML is the leader in photolithography systems used in the manufacturing of semiconductors. Photolithography is the process in which a light source is used to expose circuit patterns from a photo mask onto a semiconductor wafer. The latest technological advances in this segment allow chipmakers to continually increase the number of transistors on the same area of silicon, with lithography historically representing a high portion of the cost of making cutting-edge chips. ASML outsources the manufacturing of most of its parts, acting like an assembler. ASML’s main clients are TSMC, Samsung, and Intel.

U.S. stocks fell as investors digested Fed Chair Powell's remarks. He noted that the central bank does not need to be 'in a hurry' to lower interest rates. The S&P 500 closed down 0.6%, the Dow fell 0.5% and the Nasdaq lost 0.6%.

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