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Gold Prices Steady amid Disappointing Global PMI Data and Deteriorating US Economic Outlook; Bitcoin Hovers above $30,000, Await Regulatory Updates

Gold Prices Steady amid Disappointing Global PMI Data and Deteriorating US Economic Outlook; Bitcoin Hovers above $30,000, Await Regulatory Updates
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Table of contents

  1. Gold
    1. Bitcoin

      Gold

      Gold prices are steadying following disappointing global PMI data and on expectations the US economic outlook could start to deteriorate more quickly.  Gold should find a home above the $1900 level on  weaker growth expectations following the headlines on student loan debt, tougher times for small and medium size businesses, and potentially a stop and go Fed rate hiking cycle.

       

      Bitcoin

      Bitcoin hovers above the $30,000 as traders sift through a plethora of fake news and await a meaningful update on the regulatory front.  Over the weekend, false reports circulated that SEC Chair Gensler was going to resign after an internal investigation.  Crypto traders are growing impatient, but it might be a while before we get some meaningful news regarding Grayscale’s lawsuit or further Bitcoin ETF clarity.  Bitcoin appears to be stuck in a range again, trading between $28,000 and $31,500. 

       

       


      Ed Moya

      Ed Moya

      With more than 20 years’ trading experience, Ed Moya is a senior market analyst with OANDA, producing up-to-the-minute intermarket analysis, coverage of geopolitical events, central bank policies and market reaction to corporate news. His particular expertise lies across a wide range of asset classes including FX, commodities, fixed income, stocks and cryptocurrencies. Over the course of his career, Ed has worked with some of the leading forex brokerages, research teams and news departments on Wall Street including Global Forex Trading, FX Solutions and Trading Advantage. Most recently he worked with TradeTheNews.com, where he provided market analysis on economic data and corporate news. Based in New York, Ed is a regular guest on several major financial television networks including CNBC, Bloomberg TV, Yahoo! Finance Live, Fox Business and Sky TV. His views are trusted by the world’s most renowned global newswires including Reuters, Bloomberg and the Associated Press, and he is regularly quoted in leading publications such as MSN, MarketWatch, Forbes, Breitbart, The New York Times and The Wall Street Journal. Ed holds a BA in Economics from Rutgers University.


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