Gold
Today will see further volatility in the precious metal. The price activity over the last two days has been poor, but keep in mind that the price is already flirting with its all-time high. As a result, it is very logical for traders to take some profit following such a spectacular gain.
For the time being, everything is reliant on how the Fed plays its monetary cards. A hawkish position by them is expected to strengthen the dollar index, which might spark a sell-off as the dollar index gains traction. But, after the first jerk response, the gold price may rise since traders do not want to hear the Fed being aggressive with its monetary policies. This is because it introduces more danger into the system, which everyone is attempting to avoid.
A dovish Fed might boost gold prices if the dollar index continues to suffer. Overall, we feel that the path of least resistance for gold prices is more skewed to the upside than to the downside, given the momentum in gold prices.
Bitcoin
The ancient crypto king has received a lot of attention this month as a result of the US and European financial crises. It has reclaimed its status as a safe haven asset while simultaneously demonstrating the very essence of its existence, which is that controlled money via centralised monetary policy is a formula for catastrophe in the contemporary day. This is because banks invent them out of thin air and rely on them to restore trust. This aspect, confidence, has become a scarce commodity, and traders and investors are doubting every legislative action.
Technically, the price is still hesitant to test the 30K price level, but if this level is broken, we are likely to enter a true bullish phase, and talk will begin that the bottom has been reached, Bitcoin's price has doubled in a matter of minutes, and it is time for FOMO.
The information is purely for education purposes only and cannot be perceived as an advise.
Recommended Content
Editors’ Picks
USD/JPY holds positive ground around 151.50 following Japanese CPI data
The USD/JPY pair holds positive ground for the second consecutive day near 151.45 on Friday during the early Asian trading hours. The cautious approach from the Bank of Japan to keep monetary conditions accommodative exerts some selling pressure on the Japanese Yen.
AUD/USD holds above 0.6500 in thin trading
The Australian Dollar managed to recover ground against its American rival after AUD/USD fell to 0.6484. The upbeat tone of Wall Street underpinned the Aussie despite broad US Dollar strength and tepid Australian data.
Gold price finishes Thursday’s session set to reach new all-time highs
Gold price rallied during the North American session on Thursday and hit a new all-time high of $2,225 in the mid-North American session. Precious metal prices are trending higher even though US Treasury yields are advancing, underpinning the Greenback.
Top 3 Price Prediction BTC, ETH, XRP: Retail watches from the sidelines with a bias for shorts
Bitcoin is showing strength as markets head into the Easter holidays. As it rises, altcoins are following suit, with Ethereum and Ripple posting almost similar gains. Meanwhile, there remains an unfilled CME Gap, with a lot of liquidity also resting above and below BTC price.
Bears have been standing before a steamroller so far this year
Despite a pushback on rate cuts from Christopher Waller, and what was supposed to be cautious trading sentiment ahead of critical US inflation data released later on Friday, the S&P 500 rose on Thursday, marking its best first-quarter performance in five years.