Bulls and Bears Fight for Gold and Crypto

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:

Monday:

  • US Bank Holiday due to Juneteenth. Expect lower liquidity in USD pairs.

Tuesday:

  • 04:30, Australia Monetary Policy Meeting Minutes

Wednesday:

  • 09:00, UK CPI
  • 15:30, Canada Retail Sales
  • 17:00, Fed Chair Powel Testifies

Thursday:

  • 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)

Friday:

  • 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.  

 XAUUSD.pH4.png

Happy trading!

TRY YOUR SKILLS HERE!

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