GLD gold price is set for its first weekly gain after three weeks of losses. This is despite the global sell-off that has cut across the major asset classes. While the US government reopening will lead to the release of crucial economic data, the market doubts of a Fed rate cut before the end of the year.

Nonetheless, a weaker US dollar and persistent economic uncertainties have held gold price above the support zone of $4,100 an ounce. At the time of writing, the bullion was trading at $4,179. 

Global sell-off stalls gold price uptrend

On Wednesday, President Trump signed the funding bill into law; ending the longest US government shutdown on record. Market participants now expect a flow of the delayed economic data, while some figures may not see the light of day. 

The messy economic calendar, doubts over the Fed’s interest rate cuts, and the global sell-off has curbed gold price rallying. These factors are also weighing on cryptocurrencies, the US dollar, and US stock market. Indeed, the market’s reaction to the US government reopening is a classic case of “buy the rumour, sell the news”. 

During the 42-day US government shutdown, investors bet that the economic figures released after the reopening would show a slowing job market. This would in turn push the US central bank to announce at least one more rate cut before the end of the year. However, financial markets are now doubting that the Fed will approve a rate cut during its next meeting in December.   

In the last Fed interest rate decision, Jerome Powell indicated that further rate cuts this year are not guaranteed. In addition to the absence of crucial economic data, woes over inflation have some Fed officials hesitant about further monetary policy easing.

Ordinarily, gold price thrives in an environment of lower interest rates. However, a weaker US dollar and persistent economic uncertainties are supporting the precious metal’s uptrend. 

GLD gold price technical analysis

The GLD gold ETF hit a fresh three-week high earlier on Friday before easing slightly to $382.87 as at the time of writing. The derivative looks set for a weekly gain after three consecutive weeks in the red. 

A look at its daily price chart shows the asset still trading above the 25 and 50-day EMAs. In the ensuing sessions, GLD gold price will likely be range-bound as the bulls strive to retest the all-time high hit about three weeks ago. 

More specifically, the range between the support level of $376 and $396 will be worth watching. In fact, this range matches the zone between the middle and upper Bollinger bands. On the flip side, a pullback past that range will likely activate the support along the 25-day EMA at $370. 

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The copper price outlook for the medium to long-term remains upbeat amid signs of a supply deficit and heightened demand from decarbonization, urbanization, and modernization. Nonetheless, its upside potential in the short term has been curbed by the persistent economic uncertainties. Indeed, Dr Copper’s current price action mirrors the jitters in the broader market amid the global selloff. 

Copper price action highlights the pressure on the global economy   

A day after President Trump signed the funding bill into law, Dr copper has pulled back from the two-week high hit in the previous session at $5.1655. However, it has held steady above the crucial support at $5.0000 since rebounding above it at the beginning of the week. 

Notably, the investor sentiment has shifted from optimism over the return of US government spending to a global sell-off amid jitters over the Fed rate cut outlook. As an industrial metal with various uses, copper is often used as a barometer for the global economic health. 

From the AI stocks bubble to concerns over the Fed interest rate decision and Chinese economy, a risk-off mood has engulfed financial markets. In fact, the fear & greed index has dropped to an extreme greed level of 24; signaling immense economic uncertainties. 

Data released earlier on Friday indicated that China’s economic activity cooled beyond analysts’ expectations at the onset of Q4’25. Sluggish consumption, a plunge in investment, and slower industrial output growth are all exerting pressure on the world’s second largest economy. 

For instance, according to the country’s National Bureau of Statistics, fixed asset investment dropped by 1.7% in the year’s first 10 months. Notably, this figure marks a record decline for that timeframe. At the same time, the industrial output’s 4.9% surge recorded in October YoY is the least gain year-to-date. With this, the leading importer and consumer of copper has entered the year’s last quarter on a lower note after the expansion recorded in the past six months.    

Comex copper price technical analysis

Copper price chart | Source: TradingView

Comex copper price is set for a weekly gain after being in the red in the previous two weeks. However, it remains range-bound as has been the case since early October. Indeed, at its current level, it is hovering along the middle Bollinger band. Besides, its RSI of 52 points to a sideways trade, at least in the near term.

Based on these technical indicators, copper price may continue to hover around $5.06 as $5.24 curbs its upside movements. On the lower side, a pullback past $4.90 will invalidate this thesis. The copper price outlook for the medium to long-term remains upbeat amid signs of a supply deficit and heightened demand from decarbonization, urbanization, and modernization. Nonetheless, its upside potential in the short term has been curbed by the persistent economic uncertainties. Indeed, Dr Copper’s current price action mirrors the jitters in the broader market amid the global selloff. 

Copper price action highlights the pressure on the global economy   

A day after President Trump signed the funding bill into law, Dr copper has pulled back from the two-week high hit in the previous session at $5.1655. However, it has held steady above the crucial support at $5.0000 since rebounding above it at the beginning of the week. 

Notably, the investor sentiment has shifted from optimism over the return of US government spending to a global sell-off amid jitters over the Fed rate cut outlook. As an industrial metal with various uses, copper is often used as a barometer for the global economic health. 

From the AI stocks bubble to concerns over the Fed interest rate decision and Chinese economy, a risk-off mood has engulfed financial markets. In fact, the fear & greed index has dropped to an extreme greed level of 24; signaling immense economic uncertainties. 

Data released earlier on Friday indicated that China’s economic activity cooled beyond analysts’ expectations at the onset of Q4’25. Sluggish consumption, a plunge in investment, and slower industrial output growth are all exerting pressure on the world’s second largest economy. 

For instance, according to the country’s National Bureau of Statistics, fixed asset investment dropped by 1.7% in the year’s first 10 months. Notably, this figure marks a record decline for that timeframe. At the same time, the industrial output’s 4.9% surge recorded in October YoY is the least gain year-to-date. With this, the leading importer and consumer of copper has entered the year’s last quarter on a lower note after the expansion recorded in the past six months.    

Comex copper price technical analysis

Comex copper price is set for a weekly gain after being in the red in the previous two weeks. However, it remains range-bound as has been the case since early October. Indeed, at its current level, it is hovering along the middle Bollinger band. Besides, its RSI of 52 points to a sideways trade, at least in the near term.

Based on these technical indicators, copper price may continue to hover around $5.06 as $5.24 curbs its upside movements. On the lower side, a pullback past $4.90 will invalidate this thesis. 

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The recent crypto market crash continued today, Nov. 16, with Bitcoin moving below $95,000. Other top coins like Ethereum, XRP, Solana, and Tron also continued their strong plunge. The market cap of all tokens dropped to $3.28 trillion.

Crypto market crash continues as stimulus check odds fall

One potential catalyst for the ongoing crypto market crash is that the odds of Donald Trump’s $2,000 stumulus check crashed on Polymarket. Data shows that odds of the tariff stimulus happening this year dropped to just 5%.

This probability accelerated after Donald Trump confirmed that he hopes that the checks will start going out in 2026. In another statement, Scott Bessent, Treasury Secretary, said that the stimulus checks will need congressional support. 

Odds of the bill passing in the House of Representatives and the Senate are almost zero. For one, Republicans have a thin majority in the House, while such a bill will need Democrats in the Senate. 

Legislators will likely reject the bill for three main reasons. First, a $2,000 check sent to all taxpayers will cost about $600 billion, much higher than the estimated $300 billion in tariff revenue.

Second, history shows that substantial stimulus packages help to fuel inflation. Indeed, one reason why inflation has remained at an elevated level is that Trump and Joe Biden sent billions of dollars to Americans during the pandemic. 

Third, some legislators believe that Trump’s tariff revenue should go towards reducing the ballooning $38 billion public debt. Independent agencies believe that the tariff revenue will help to reduce the debt growth by about $4 trillion in a decade. 

Meanwhile, it is also worth noting that past promises of stimulus checks by Trump have not worked out well. For example, he promised DOGE dividend checks earlier this year. These funds would come from the savings championed by Elon Musk, who was the head of the Department of Government Efficiency (DOGE).

Stimulus checks would be bullish for the crypto market

We believe that stimulus checks would be bullish for the crypto market as they would lead to more money supply in the economy. While most of these funds would go to the stock market, others would flow to cryptocurrencies like Bitcoin and Ethereum. 

The stimulus check would come at a time when the Federal Reserve is cutting interest rates. While there are doubts about a cut in the next meeting, the expectation is that the Fed will deliver more cuts in 2026 as Trump replaces Jerome Powell as the Chair. 

A combination of cuts and growing money supply would lead to a stock and crypto market rally. 

Bitcoin price forms death cross as Fear and Greed Index falls

Meanwhile, the crypto market crash happened as the Fear and Greed Index dropped to the extreme fear zone of 18. It is common for crypto tokens to plunge when the index drops to the fear zone, as this leads to panic selling.

Meanwhile, the Bitcoin price has formed a death cross pattern for the first time in over a year. This pattern is characterized by a 50-day moving average crossing the 200-day EMA. in most cases, it normally leads to more downside, and investors anticipate more pain in the crypto market.

There are other reasons for the ongoing crypto market crash, including the falling open interest, flatlined funding rate, and the ongoing outflows of stablecoins from exchanges. The latter is a sign that there is no new money coming to the industry, which is normally a bullish aspect. 

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Top crypto stocks will be under pressure on Monday as Bitcoin and most altcoins continue their downtrend. The Bitcoin price has crashed to $95,000, down by about 25% from its highest point this year. 

Ethereum price has retreated to $3,200, down by about 35% from the year-to-date high, while XRP has slumped by nearly 40% from the same period. 

Worse, there is a likelihood that the Bitcoin price crash will continue as it has formed a death cross pattern on the daily chart. This pattern happens when the 50-day and 200-day Exponential Moving Averages (EMA) cross each other. A death cross is one of the most bearish chart patterns. 

MSTR stock bear market to continue

Strategy, the biggest holder of Bitcoin, has been in a strong downtrend in the past few months. MSTR has already plunged by over 63% from its highest level in 2024. It has slipped from a high of $540 to $200 today. 

Strategy stock has plunged because of the recent Bitcoin performance and the lack of demand for digital asset treasury (DAT) stocks. Indeed, a closer look at companies like Metaplanet, Semler Scientific, and MicroCloud Hologram have all been in a freefall this year.

Technical analysis suggests that the Strategy stock price has been in a strong downtrend. The daily chart shows that the MSTR stock price has already moved below the key support at $231, its lowest level in February and April this year.

Strategy also formed a death cross pattern in October. The Average Directional Index (ADX) has soared to 40, a sign that the trend is strengthening. 

Therefore, the most likely scenario is where the Strategy stock continue falling as sellers target the next key support at $113, its lowest level in September last year.

READ MORE: Ethereum price prediction as ETH ETFs shed $1.2 billion

Coinbase stock price forecast

The daily timeframe chart shows that the Coinbase stock price has been in a strong downtrend in the past few months. It has plummeted from the year-to-date high of $445 in July to the current 284. 

The stock has moved below the 50-day and 200-day Exponential Moving Averages. It recently moved below the key support at $292, its lowest level in August and September this year.

COIN stock has also moved below the 50% Fibonacci Retracement level at $295. It also moved below the Weak, Stop & Reversal point of the Murrey Math Lines at $280. 

Therefore, the most likely Coinbase stock price forecast is bearish, with the next target being at $250. This target is along the ultimate support level of the Murrey Math Lines.

Robinhood stock price analysis 

Robinhood is also considered a crypto stock because of its recent investments in the industry. For example, it recently acquired Bitstamp, a mid-size crypto company. The most recent results showed that crypto was one of its fastest-growing segments. 

The daily timeframe chart shows that the HOOD stock has formed a double-top pattern at $153 and a neckline at $120, its lowest level in October. A double-top is one of the most bearish patterns in technical analysis.

Robinhood stock has moved below the 50-day moving average and the Major S/R pivot point of the Murrey Math Lines. Therefore, the most likely HOOD stock price forecast is bearish, with the next point to watch being at $100, the ultimate support. On the flip side, a move above the Major S/R pivot point at $125 will invalidate the bearish outlook.

Other top crypto stocks will be on pressure on Monday. The most notable ones will be Bitcoin treasury companies like Semler and MicroCloud. Others are Bitcoin mining stocks are MARA and Riot Platforms. 

READ MORE: Solana price forms death cross as SOL ETF inflows near $400m

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Bitcoin price has remained under pressure in the past few months, moving from a high of $126,300 in October to the current $95,785. This crash has mirrored the ongoing performance of other cryptocurrencies. So, how low can the top blue-chip get?

Bitcoin price technical analysis on the daily chart

The daily timeframe chart shows that the BTC price has crashed in the past few months. It has moved into a bear market as it crashed by over 20% from its all-time high. 

Bitcoin has formed a double-top pattern at $124,350 and a neckline at $107,440. The distance between the upper part and the neckline is about 14%. Measuring the same distance from the neckline gives it a target of about $92,000, which is much lower than the current level. 

Bitcoin has also formed other bearish signs. For example, it has moved below the Supertrend indicator. It is also about to form a death cross pattern as the spread between the 50-day and 200-day Exponential Moving Averages (EMA) narrows. 

Bitcoin has moved below the 38.2% Fibonacci Retracement level. Therefore, the daily pattern points to more downside, potentially to the psychological point at $90,000. A move below that level will point to more downside, potentially to the 61.8% retracement level at $78,830. 

BTC price forecast on the weekly chart

The weekly chart points to more Bitcoin price weakness now that it has been forming the risky rising wedge pattern. This is a unique pattern formed by two rising and converging trendlines. A bearish breakout normally happens when the two lines are about to converge. 

The distance between the widest part of this pattern is about 46%. Measuring the same one from the breakout point means that it may soon crash to the psychological point at $56,000. 

Why Bitcoin is in a bear market

There are a few reasons why Bitcoin is in a strong bear market. First, there is a sign of fatigue among BTC holders now that it has underperformed other assets. It has jumped by less than 3% this year, while gold is up by 55%. 

The S&P 500 and the Nasdaq 100 rose by 14% and 18%, respectively. As such, there are signs that investors are dumping Bitcoin for these assets.

Second, Bitcoin has dropped as many large investors sold their coins. Recent data show that long-term holders have dumped over $45 billion worth of coins in the past few months. 

Third, demand for Bitcoin ETFs has waned, with these funds shedding $1.1 billion worth of coins in the last week. They lost $1.2 billion and $798 million in the previous two weeks. As a result, the cumulative inflows of Bitcoin funds stand at about $58.8 billion, down from $65 billion earlier this year. 

Additionally, the Bitcoin price has plunged because of the ongoing decline in futures open interest. Data shows that the interest has retreated to $66 billion, down from the year-to-date high of $94 billion. Falling open interest is a sign of low demand for the coin in the futures market. 

There are other top reasons why Bitcoin price has crashed in the past few months, including the falling Fear and Greed Index, and the falling odds that the Federal Reserve will cut interest rates. 

Additionally, there is limited new money entering Bitcoin, with the stablecoin exchange inflow remaining steady at $87 billion. Also, Bitcoin treasury companies have continued struggling. 

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The crypto market remained under pressure last week, with Bitcoin, Ethereum, and Ripple (XRP) dropping by double digits. This decline happened as the total open interest pulled back and as the fear and greed index slipped. 

This article explores some of the top cryptocurrencies to watch this week, including Avalanche (AVAX), Cronos (CRO), and LayerZero (ZRO). 

Avalanche in the spotlight ahead of the Granite upgrade

Avalanche price has been in a strong downtrend in the past few months. AVAX token has dropped from a high of $36.43 in September to a low of $15.25. 

Avalanche price will be in the spotlight this week as the developers launch the Granite upgrade. This is an important upgrade that introduces three key features: Cross-Chain messaging enhancement, biometric authentication, and dynamic block times.

The Granite upgrade comes as the Avalanche network is doing well. Data compiled by Nansen shows that the number of transactions jumped by 96% to 63.3 million in the last 30 days, making it the fastest-growing chains.

Avalanche has also become one of the top players in the Real World Asset (RWA) industry, where its total value locked has jumped by over 65% in the last 30 days. Avalanche’s number of users has continued rising, growing by 8.8% in the last 30 days to 730,000.

Additionally, Avalanche has continued to burn tokens in the past few months, reducing the number of tokens in circulation.

Cronos (CRO)  price drops ahead of a major token unlock 

The other notable crypto to watch this week is Cronos, the token associated with Crypto.com. CRO price has plunged by over 70% from the year-to-date high despite its relationship with Trump Media.

Cronos ecosystem growth has largely stalled, with the total value locked (TVL) in the network dropping by 22% in the last 30 days to $650 million. Its stablecoin market cap has also been in a strong downward trend in the past few months.

Cronos will be in the spotlight this week as the network unlocks 1.17 billion tokens valued at over $135 million. A token unlock often puts more pressure on a cryptocurrency as it introduces more coins in the market.

LayerZero price in focus ahead of a major unlock 

LayerZero is one of the biggest players in the crypto industry, where it provides cross-chain communication solutions that enable secure data transfer between different blockchains.

Data compiled by DeFi Llama shows that the total bridged volume jumped to a record high of $15.9 billion in October from $13.9 billion a month later. Its bridged volume this month stands at $6.35 billion.

LayerZero will be in the spotlight this week because of the upcoming token unlock, which will unlock about 32.61 million worth $48 million on 20th November. The network has unlocked about 38% of all its tokens.

The other top cryptocurrencies to have unlocks this week will be Merlin Chain, Plume, OG, Lombard, and Aster.

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Ethereum price remained under pressure on Sunday as sentiment in the crypto industry worsened. ETH token was trading at $3,187, down by over 36% from its all-time high, meaning that it is in a deep bear market. The coin may be about to drop further as a risky pattern nears.

Ethereum price is about to form a risky pattern 

The daily timeframe chart shows that the Ethereum price has remained under pressure in the past few months, moving from the all-time high of $4,950 to the current $3,185.

ETH has continued to form a series of lower lows and lower highs, a sign that any attempt to rebound is funding strong resistance.

The Relative Strength Index (RSI) has moved from the overbought level of 87 in July to the current 35. This crash happened as the RSI formed a double-top pattern m

Meanwhile, the Average Directional Index (ADX) has jumped to 37, a sign that the ongoing downtrend is gaining momentum in the past few days.

The coin has also lost key support levels like $4,100, its highest level in December last year. It also moved below the important support level at $4,000, while the 50-day and 200-day Exponential Moving Averages (EMA) are about to cross each other, forming a death cross pattern, one of the riskiest signs in technical analysis.

Therefore, the most likely Ethereum price forecast is bearish, with the next key support level to watch being at $2,877, the highest level in June this year. On the flip side, a move above the resistance at $3,500 will invalidate the bearish outlook.

ETH price has numerous bearish catalysts

The potential Ethereum price crash has some notable bearish catalysts that may push it lower in the near term.

First, data compiled by SoSoValue shows that American investors have continued to dump their ETH ETFs. These funds shed over $728 million assets last week, higher than the $507 million they lost in the previous week. 

Spot Ethereum ETFs have shed over $1.24 billion this month, erasing the gains made in the past two consecutive weeks. The cumulative inflow has moved from almost $15 billion in the year to $13.1 billion today. They now have $20 billion in assets.

Second, the Ethereum price may continue crashing because of deteriorating network activity that is likely caused by the waning participation in the market. 

Data shows that the number of transactions in the network dropped by 25% in the last 30 days to 45.7 million, while active addresses fell slightly to 8.19 million. Network fees plunged by 44% to 26.9 million.

Third, Ethereum’s futures open interest has plunged to $37.4 billion by almost $70 billion in August. One reason for this is the huge liquidation event that happened on October 11. Ethereum’s funding rate has remained in a consolidation in the past few weeks.

Therefore, the token will likely continue falling in the near term as its weak fundamentals and technicals align.

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Solana price continued its strong downward trend, moving from the September high of $253 in September to the current $142. It is now hovering near its lowest level since June 27 this year. So, will the token continue falling as the death cross pattern forms?

Solana price technical analysis as a death cross pattern forms

The daily timeframe chart shows that the Solana price has plunged in the past few months, plunging from a high of $253, its lowest level in months.

SOL price has moved below the ascending channel, confirming the bearish trend. Also, the 50-day and 200-day Exponential Moving Averages (EMA) have crossed each other, forming a death cross pattern.

The Relative Strength Index (RSI) indicator has dropped to 32 and is nearing the oversold level. Also, the Average Directional Index (ADX) has jumped to 41, its highest level since November last year. 

Solana price has moved below the Supertrend and the Ichimoku cloud indicators, a sign that bears remain in control for now. Therefore, the token will likely continue falling as sellers target the key support level at $125, its lowest level in June 22. 

A move below that support level will point to more downside, potentially to $100. On the flip side a move above the resistance level at $171 will invalidate the bearish outlook, potentially to the psychological level at $200.

SOL price drops despite strong fundamentals 

Solana price could continue falling in the near term despite its strong fundamentals. Data compiled by Nansen shows that the number of Solana transactions rose by almost 10% in the last 30 days to over 1.8 billion. Active addresses jumped by 19% in the same period to 63.4 million.

Still, Solana’s activity has been falling since June this year, moving from over 7 million in June to about 3.15 million today. This performance is likely because of the falling Solana meme coins.

Another positive catalyst for Solana price is that ETF inflows jumped to over $382 million since October 28 this year. Its inflows have soared in each market today since the launch.

The Bitwise Solana ETF has over $357 million, while the Grayscale fund has $24 million. Bitwise has net assets of over $446 million.

Still, Solana has had some notable bearish catalysts. For example, the total stablecoin supply has dropped to $12.9 billion from the year-to-date high of $15.4 billion. Also, the DEX volume in its protocol will be lower this month than in October. It stood at about $64 billion, down from last month’s high of $148 billion.

The other bearish catalyst for the SOL is that traders have reduced their leverage following the recent liquidation event in October. The futures open interest has dropped to about $7.2 billion, down from the September high of $17 billion.

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The MSTR stock price has collapsed this year, moving from the year-to-date high of $456 to $208 today. That crash has led to a $60 billion wipeout, with its market capitalization moving from over $128 billion to $60 billion today.

Strategy mNAV crashes below 1

Strategy stock price continued its strong downward trend this month and is now hovering at its lowest level since October last year. It has plunged by 61% from its all-time high, even as the S&P 500 and Nasdaq 100 indices have jumped to their all-time highs.

Most importantly, the company’s premium that has always existed, has now evaporated. The market NAV multiple has also plunged below 1 as its Bitcoin holdings have become more valuable than its market capitalization. 

In this, its Bitcoin market capitalization stands at $62 billion, while its market capitalization is at $60 billion. If the crash continues, it means that the mNAV based on the enterprise value, will also move from the current 1.194 to below 1.

Strategy, which pioneered the Bitcoin accumulation strategy, joins many other companies that are now trading below their NAV multiples. 

For example, Metaplanet’s NAV has dropped to 0.917, while Vivek Ramaswamy’s multiple moved to 0.985. Other companies like GD Culture, KindlyMD, and Semler Scientific have seen their premiums dive.

The crashing NAV multiple is important for Bitcoin treasury companies because it is what has endeared them as they became more valuable than Bitcoin and ETFs. 

Most importantly, it helped them to raise money easily, a situation that may worsen now that the NAV premium has plunged. Indeed, Strategy has made some key actions to raise money recently. It has raised $715 million by issuing 3.5 million euro-preferred shares.

The company also plans to raise money backed by its Bitcoin holdings. This is a good approach for the company if Bitcoin price bounces back from the current slump.

Meanwhile, more investors are continuing to short the company as they expect the shares to keep falling. The short interest has now jumped from the year-to-date low of 7% to 10%.

MSTR stock price technical analysis suggests more downside to go 

Strategy stock price chart | Source: TradingView 

Technicals suggest that the MSTR stock price has more downside to go in the near term. One of these technicals is that the stock has just crashed below the important support level at $243, its lowest level in April this year. 

This was an important level as it was the lower side of the inverse cup-and-handle pattern, a popular continuation sign in technical analysis. 

Measuring the distance from the cup’s upper side and the lower side, then measuring the same one from the cup’s lower side points to more downside, potentially to $120. This price is also notable as it coincided with the lowest level in May, July, and September last year.

On top of this, the stock has formed a death cross pattern as the 50-day and 200-day Exponential Moving Averages (EMA) have crossed each other. This pattern normally leads to more downside.

Therefore, the most likely scenario is where the Strategy stock price crash continues as sentiment in the company worsens and as the Bitcoin price crash accelerates.

The only way that the MSTR stock rebounds is for Bitcoin price to rebound, and possibly move above the psychological level at $110,000

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Nvidia stock price has pulled back from its all-time high, costing investors over $300 billion as the market capitalization has dropped from over $5 trillion to the current $4.7 trillion. So, is the stock a good buy ahead of its earnings report?

Nvidia stock price technical analysis 

The daily timeframe chart shows that the NVDA stock price has been in a downtrend in the past few months. It has dropped from the year-to-date high of $212 in October to the current $193. 

Nvidia shares have dropped as investors remain concerned about the AI bubble and its valuation metrics. Most importantly, market participants are waiting for the upcoming earnings, which will be published on November 19th. 

A closer look at the daily chart shows that the NVDA stock has remained at the weak, stop & reverse point of the Murrey Math Lines. This is notable as it moved to the extreme overshoot level of this tool last month.

On the positive side, the stock remains above the 50-day and 100-day Exponential Moving Averages (EMA). This is notable as it means that bulls are in control for now. 

Therefore, the most likely Nvidia stock price forecast is bullish, with the next point to watch being at $212, the highest point this year. A move above that level will point to more gains, potentially to the psychological level at $250. 

On the flip side, a move below the Major S/R pivot point at $175 will invalidate the bullish outlook and point to more downside, potentially to $150. 

NVDA stock faces major risks

Nvidia, the biggest company in the world, has potential risks and opportunities ahead of its earnings report. The first main risk is that of circular investments, where capital is moving between AI companies it has a stake in. 

For example, CoreWeave, a major data center operator, is partially owned by Nvidia. It has become one of the biggest buyers of Nvidia products in the past few years. 

Nvidia has also revealed plans to invest $100 billion in OpenAI. OpenAI will then spend these funds to buy Nvidia chips. 

The other major risk is that the company relies on a handful of hyperscalers for its business. It relies on companies like Microsoft, Google, and Meta Platforms, which are now under pressure from their investors to show results for their data center investments. 

A decision by one of these companies to cut AI investments will have a significant impact on its business.

Also, there are signs that the company’s industry is becoming highly competitive, with AMD gaining market share. Chinese companies like Alibaba are also doing well.

Nvidia has major tailwinds ahead

Nvidia stock price has some major tailwinds. One of them is that there are signs that AI investments are going. A good example of this is Anthropic, which has pledged to invest $50 billion in the US in the near term. Most of these investments will go to Nvidia chips. 

The other major tailwind is that investors anticipate its business to continue doing well. Analysts estimate its revenue will come in at $54 billion, up 56% from the same period last year. 

Analysts also expect that its annual revenue will be $207 billion, up by 58% from last year. It is expected to make $287 billion next year and cross the $500 billion milestone by 2030. 

Additionally, there are signs that Nvidia is an undervalued company despite its nearly $5 trillion market cap. The company has a forward price-to-earnings ratio of 44, much lower than the five-year average of 58. Its non-GAAP multiple is 42, also lower than the five-year average of 46.

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