Several largest American companies will publish their financial results this week. BTCUSD and XAUUSD are skyrocketing. What's going on in the markets?
Bulls and Bears Fight for Gold and Crypto
There’s nothing better than a cup of fresh news in the morning. We’ll start with the economic calendar:
The time zone is GMT+3. Check yours here:
- US Bank Holiday due to Juneteenth. Expect lower liquidity in USD pairs.
- 04:30, Australia Monetary Policy Meeting Minutes
- 09:00, UK CPI
- 15:30, Canada Retail Sales
- 17:00, Fed Chair Powel Testifies
- 10:30, Swiss Monetary Policy Assessment and Policy Rate
- 11:00, FOMC Member Waller Speaks
- 14:00, UK Bank Rate and Monetary Policy Summary
- 15:30, US Unemployment Claims
- 17:00, Fed Chair Powell Testifies (again)
- 10:30, German Flash Manufacturing and Services PMI
- 11:30, UK Flash Manufacturing and Services PMI
- 16:45, US Flash Manufacturing and Services PMI
News that you need to know
- Bangladesh formally applies to join the BRICS alliance. More and more countries are willing to join the alliance to form a new dominant economic area.
- ECB member Simkus: “There’s no doubt that rates will be raised in July.”
- Bank of England says it has launched the first financial-system-wide stress test. The test aims to improve understanding of how banks and non-banks behave in market stresses.
- Goldman Sachs joins Wall Street banks in cutting China’s growth outlook as post-Covid bounce fades. Still, China’s retail sales are up 12.7% year-over-year.
- Nigeria is said to block Binance in the country. However, “Binance Nigeria Limited” turned out to be a scam company that doesn’t have any connection to the real Binance.
- Following BlackRock’s attempt, another huge financial company, Fidelity, is about to file for a Bitcoin ETF.
- It’s expected that China’s central bank (PBOC) will cut the interest rate for the first time in ten months at tomorrow’s meeting.
- BofA expects Turkey’s central bank to raise the rate to 25% from 8.5% at the June 22 meeting.
Gold is in sight today
According to our analysis from the previous week, the metal collected liquidity beneath the support of $1932 and moved higher. We suppose the chance for another upside movement is high. However, the resistance trendline hadn’t been broken so gold may move lower before one more attempt.
A decline towards $1940-1945 is perfect for all who didn’t enter the last time.
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