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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Will USD Stop Falling Today? Market Wrap
Will USD Stop Falling Today? Market Wrap

The US dollar is heading to close the seventh day in the red as it remains under selling pressure. The US data at 15:30 GMT+3 (jobless claims and Philly Fed Manufacturing Index) may support the greenback if it's strong. 

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