Bitcoin seems to reverse up from the local dips. Are there enough reasons to buy it now?
Market updates on September 5
The British pound keeps gaining on the Brexit updates. The Parliament passed the legislation both to block a hard no-deal Brexit and a general election.
GBPUSD has crossed the resistance at 1.2290. 50-day MA may become an additional barrier. If 50-day MA is broken, consider 1.2367 as the next target.
If the pair rebounds, look at 1.2216 and 1.2170.
Gold turned down on the risk-on sentiment.
After newly imposed bilateral tariffs and the series of failed attempts to agree on the September talks, any positive sign in the Sino-American trade war improves the market sentiment. Parties announced a fresh round of talks in October. Moreover, China confirmed its willingness to achieve progress in the negotiations. As a result, risky assets surged while safe havens moved down.
Currently, XAUUSD is at highs of 2013. Thus, a small correction is obvious. However, it doesn’t mean that the fall will prolong for a long time. Supports are placed at 1536 and 1519-1525.
Unlike gold, WTI is pushed by the risk-on sentiment. Nevertheless, risks of the decline exist. Downward pressure will pull WTI to supports at 55.30 and54.25.
Crude oil inventories data is published today at 18:00 MT time. If the release shows a decline in the number of barrels, WTI will move towards the range of 56.80-57.50.
The US inflation will come out today at 15:30 GMT+3. Traders can’t wait to see the numbers as they will impact all the pairs with the USD!
The greatest sale of Bitcoin continues! It has approached the psychological mark of $30,000. The traders’ focus remains on Thursday’s report on US inflation.
The United States will release retail sales and producer inflation (PPI index) numbers at 15:30 MT time on June 15.
Gold has plunged amid the stronger US dollar as investors await the Fed’s meeting this week.
All eyes are turning to the Federal Reserve and the US dollar. How to trade XAU/USD, EUR/USD, and GBP/USD?