Oil and Bitcoin Dropped, Gold Recovers

Oil and Bitcoin Dropped, Gold Recovers

Latest news

  • Oil dropped to the lows unseen since late May. The falling has stopped and oil prices have tried to recover some losses.
  • The earnings season is underway! Are you following? After the stock market closed yesterday, IBM revealed better-than-expected earnings and the strongest revenue growth in three years!
  • Today, Philip Morris will reveal its Q2 results at 14:00 GMT+3 and Netflix – after the stock market closes.
  • The GBP has weakened amid the risk-off sentiment caused by rising cases of the Covid-19 Delta variant. Besides, Bank of England’s MPC member Haskel claimed that the bank will stay risk-averse and won’t tighten the policy any time soon. All that pressed the British pound down. Open the charts of GBP/USD and EUR/GBP.
  • Bitcoin has dropped below $30,000, while gold has reversed up from a dip under $1,800.

Tech tips

EUR/USD is moving inside the descending channel. It’s likely to drop to the 1.1750 support soon. If it manages to break below this level, it will fall to the psychological mark of 1.1700. In the opposite scenario, the breakout above the key resistance level of 1.1800 will open the doors to the high of July 15 at 1.1850.

EURUSDDaily.png

XAU/USD has reversed up from the $1810 support level. It’s edging higher to the 200-day moving average of $1825, which it’s unlikely to cross on the first try. However, if it does, the way up to the 50% Fibonacci retracement level of $1833 will be open. Support levels are $1810 and $1800.

XAUUSDDaily.png

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USD Holds the Line
USD Holds the Line

The US dollar index keeps rounding above the 103.60 historical support level. The buyers have already defended this level for three weeks, highlighting their interest in the greenback. Thus, buying USD looks less risky right now. 

US Dollar Prepares for the Pump
US Dollar Prepares for the Pump

On the H4 timeframe, the US dollar index has formed a bullish falling wedge. At the beginning of the trading session, the price is testing the upper border of this wedge. Thus, in case of a higher-than-expected Core PCE Price Index m/m, the US dollar will skyrocket against other currencies. 

Uptrend in Gold Starts Now
Uptrend in Gold Starts Now

Happy Wednesday, traders! We went through the Internet and found the best news for you, take a look!

Latest news

Market Crash Incoming?
Market Crash Incoming?

This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.

What Currency Will Overperform?
What Currency Will Overperform?

S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.

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