US Pre Market Open: New setup for GBP/CAD and palladium, live charting of gold, bitcoin, Ethereum

Following the U-turn in the US Dollar, EUR/USD rose to the 1.1550 region on Monday, where a decent resistance seems to have emerged so far. In the meantime, the Greenback continues to suffer the dovish message from FOMC’s Bowman, while geopolitical concerns continue to limit the downside.

As the Israel-Iran conflict reaches new heights, an old threat is coming back to haunt the markets: that of the closure of the Strait of Hormuz. This narrow arm of the sea in the Persian Gulf, wedged between Iran to the north and the United Arab Emirates and Oman to the south, is much more than a simple sea passage.

Gold begins the week on a downward trend, trading below the key $3,400 mark per troy ounce. In the meantime, the precious metal has managed to limit its losses amid the stronger US Dollar (USD) and rising geopolitical tensions in the Middle East.

Geopolitical tensions in the Middle East caused a liquidation havoc of over $1 billion in the cryptocurrency market over the weekend, following US President Donald Trump’s direct involvement in the conflict between Israel and Iran.

After bottoming out in multi-week lows near 1.3370, GBP/USD now picks up pace and gains around a cent to hit new daily peaks around 1.3480 in response to fresh selling pressure hitting the Greenback. The knee-jerk in the US Dollar comes despite steady fears on the Iran-Israel-US front and firm results from preliminary US PMIs for the month of June. On the UK docket, all the attention remains on upcoming flash Manufacturing and Services PMIs.

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