Friday’s plunge taking gold prices to fresh weekly lows under $3,300 has many worried that a key sentiment shift within the market could be underway. The valuable metal just needs to pierce and claim a daily close below the 21-day Simple Moving Average (SMA) currently at $3,307. Doing so would remove its near-term bullish tendency. This decline is part of an overall retreat in financial markets as investors respond to a faster-than-expected return of inflation and rising interest rates.
During the early trading session on Friday, the GBP/USD cross was still feeling bearish pressure, trading vulnerable below the 1.3250 figure. This vulnerability is particularly topical as the US Dollar continues to surge in strength. The strength has been underpinned by speculative hopes for a US-UK trade agreement and position squaring ahead of today’s resumed US-China trade negotiations. Giant commodity shop analysts are predicting that these developments will continue to shape the currency pair over the near term.
The impact of the US Dollar’s firming position has added more woes for the British Pound. If the market begins to price the new reality, GBP/USD traders are on high alert, very cognizant and watching for key emerging support levels. Geopolitical events and other economic indicators have created the perfect storm for this scenario. Now more than ever, it’s imperative that investors are engaged.
Ripple’s price set up shop in range of its $2.31 profits, posting a minor loss on the day. The achievement comes as the technology behind the cryptocurrency enjoys a tremendous bull run of its own. A recent $50 million settlement with the SEC has reinvigorated speculation around XRP. If things work out perfectly in the market, XRP might stage a successful breakout toward $3.
These wild rides in gold and currency prices represent more than just the economy’s hiccups. Analysts argue it’s key to continue watching these movements, since they could greatly affect trading strategies.
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