Gold marched higher in early trading on Thursday, rising above the 200-period simple moving average (SMA) – an important line in the sand between bulls and bears in the market. The yellow metal surged and the US dollar wilted on Wednesday, following accommodative comments from U.S. Federal Reserve Chair Jerome Powell.
Bitcoin entered the week on the back foot, following a slew of negative headlines. Most significantly, China’s crackdown on bitcoin mining expanded to the province of Sichuan, a major mining center.
The British pound entered a sixth consecutive day of losses against its US counterpart in early trading on Friday. A disappointing retail sales report, dampened optimism over recovery from the Covid-19 pandemic and broad strength in the US dollar after the Federal Reserve policy shift combined to pressure sterling to it’s lowest levels since May 6th.
Bitcoin fell sharply in early Friday trading after Elon Musk posted a tweet suggesting a split with the cryptocurrency. The eccentric billionaire tweeted a picture of a couple breaking up, using the hashtag #bitcoin and a broken heart.
Gold inched to fresh highs in early trading on Tuesday, reaching the highest levels since January 8th. The yellow metal has been boosted by the unwillingness of the Federal Reserve to change its loose monetary policy despite inflation pressures. Fed officials have stated that they expect price pressures to be transitory and monetary stimulus to … Read more
USD/CAD slumped to its lowest levels since February of 2018 in early trading on Thursday. The US dollar weakened against its Canadian counterpart amid diverging central bank policies, firmer oil prices and better than expected Canadian retail sales figures.
Etherium extended its gains on Wednesday to reach fresh record highs above $2,700. The world’s second largest cryptocurrency by market cap was boosted by news that the European Investment Bank (EIB) plans to launch an inaugural “digital bond” sale on the Ethereum blockchain network.
Copper prices continued to soar on Monday, reaching the highest levels since August of 2011 and nearing the record highs from earlier the same year. Copper is often used as a gauge for global economic health, giving rise to its moniker ‘Dr. Copper’. The industrial metal has been lifted by hopes of a global economic … Read more
Bitcoin entered the week on the front foot, after slipping to its lowest levels since early March during the Asian trading session. The world’s largest cryptocurrency by market cap reached a record high of $64,870 on April 14th, having received a boost from the Coinbase IPO the same day. Analysts at JPMorgan Chase struck a … Read more