Gold runs lower – Bitcoin above USD 80.000 for the first time

Frank Walbaum

Important news this week

Wed, 13th, 14:30 CET US Consumer price index.
Thu, 14th, 01:30 CET AU Employment change.
Fri, 15th, 14:30 CET US Core retail sales.

BTC strength

After the election in the US crypto prices continue to strengthen. Bitcoin had broken the psychological barrier of USD 80.000 for the first time. Fueled by the prospects of a potential cryptocurrency in the US the market might continue with upside momentum. Regulatory headwinds might also be eased paving the way to higher levels. BTC climbed more than 6% on Sunday alone, which also helped the sentiment for other tokens to rise.

Market talk

This week will only offer limited news in the economic calendar. Still the US election aftermath might cause some impact in markets for now. The strength of the Dollar causes metals to weaken and oil prices to run lower. The current trends could continue, particularly on the oil market, as geopolitical tensions also appear to be easing. As Gold runs lower, based on the positive risk appetite, Silver prices might trade sideways moving forward.

Tendencies in the markets

Equities positive, USD strong, cryptos stronger, oil weak, metals weaker, JPY weak.

Author

Frank Walbaum

AUD/USD consolidates above 0.7200 after hot Chinese CPI data

AUD/USD is extending its consolidative price action above 0.7200 during the Asian session on Wednesday, uninspired by hot Chinese CPI and PPI data. Meanwhile, rising RBA rate-hike bets act as a tailwind for the Aussie amid Yen-inspired US Dollar weakness. Traders await the release of US inflation figures later in the week for fresh impetus.

USD/JPY rises above 153.50 on renewed USD strength

USD/JPY shakes off the bearish pressure and trades above 153.50 in the American session on Wednesday. The US Dollar (USD) stages a rebound following the US Treasury buyback announcement and helps the pair gain traction. Nevertheless, solid Japanese data reinforce expectations that the BoJ will continue normalising monetary policy, lending further support to the Yen and capping the pair's upside for now.

Gold regains balance above $4,400

Gold rebounds on Wednesday, snapping a three-day losing streak and reclaiming the are beyond the key $4,400 mark per troy ounce. The precious metal’s bounce comes amid further selling pressure on the US Dollar and steady uncertainty on the geopolitical front.

XRP extends recovery as ETF inflows, futures interest stabilize

Ripple (XRP) ticks higher, trading at $1.42 on Wednesday while building on a recently confirmed support range between $1.30 and $1.35. The token also sits above major moving averages, reinforcing the bullish outlook. However, upside could remain capped unless the psychological barriers at $1.50 and $1.70 are cleared, paving the way for an extended recovery above $2.00.

Venezuela’s 65-billion-barrel Oil deal could reshape America’s inflation fight

The United States (US) has secured unprecedented access to part of Venezuela’s vast Oil reserves. The timing is particularly significant as the war with Iran is disrupting Middle Eastern supplies, keeping energy prices elevated and reviving concerns about inflation.