Progress in US Debt Talks, Gold Is Down

Good Tuesday, dear traders! It’s the middle of May, and we are happy to be with you. Let’s consider news important for your trading decisions. 

What moves the market

• US President Joe Biden and House Speaker Kevin McCarthy discussed the debt limit yesterday after another round of talks. The meeting was productive but didn’t lead to a deal. They will keep negotiating to avert a catastrophic US default.
• JPMorgan plans to spend $15.7 billion in 2023 on recruitment, marketing, and technology investing.
• According to Morgan Stanley’s CIO, investors should be careful with US500, as it’s too early to talk about the bullish trend, and multiple risks remain. 
• Britain’s PMI came out lower than in the previous month. Composite PMI reached 53.9, Manufacturing PMI dropped to 46.9, and Services PMI reached 55.1.
• After testing the resistance at 1980, gold fell lower. The support in the focus of sellers lies at 1950. 

BTCUSD Technical Analysis

Bitcoin has reached the upper border of the consolidation range at 27 500 (100-period SMA). Now we can expect a downward movement to the lower border of the rectangle pattern at 26 500. 

Have a great trading session!  

START TRADING NOW

Author: FBS Analyst Team

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