Given the fact that inflation is high in the United States, the precious metal is in a great situation. In reality, every single central bank is concerned about inflation. This is why the Fed's aggressive monetary policy isn't driving gold prices off a cliff. In general, the dollar index rises in response to the Fed's hawkish posture, which is bad news for gold prices. Yesterday's inflation data brought more bids to the market then many expected, and this pattern is likely to continue if inflation situation continues to go out of control.

The gold price is now trading above the 1,800 support level, which is actively monitored by traders and is also seen as a key support level. In the following days, the gold price is anticipated to reach the 1850 handle.

Gold

Bitcoin 

Bitcoin, which is naturally recognized as an inflation hedge, has seen some bids over the last few days. There is, however, more to the tale than that. According to exchange statistics, whales are tampering with the bitcoin supply. This indicates a large increase in bitcoin outflow from crypto exchanges to personal wallets. This is causing a lack of bitcoin supply, which is pushing the bitcoin price upward.

In terms of price action, the greatest and most crucial figure for bitcoin is the support of 40K, and as long as this remains intact, which is unlikely, we may expect bigger moves for the Bitcoin price.

Bitcoin

The information is purely for education purposes only and cannot be perceived as an advise.

Recommended Content


Recommended Content

Editors’ Picks

EUR/USD trades sideways below 1.0900 amid cautious optimism

EUR/USD trades sideways below 1.0900 amid cautious optimism

EUR/USD trades sideways below 1.0900 in the early European session on Tuesday. The US Dollar looks to stabilize amid cautious optimism, as uncertainty over the US presidential election outcome lingers. US ISM Services PMI is also in focus, as Americans head to the polls. 

EUR/USD News
GBP/USD keeps range above 1.2950 as traders await US election result

GBP/USD keeps range above 1.2950 as traders await US election result

GBP/USD keeps its range above 1.2950 in European trading on Tuesday, drawing support from a subdued US Dollar. Traders eagerly await the outcome of the US presidential election, refraining from placing fresh bets on the major. 

GBP/USD News
Gold price recovers early lost ground to over one-week low amid US election concerns

Gold price recovers early lost ground to over one-week low amid US election concerns

Gold price slides to a one-week low amid some repositioning trades ahead of the US election. Fed rate cut bets, falling US bond yields and subdued USD demand help limit the downside. Middle East tensions also offer support to the XAU/USD and contribute to the modest bounce. 

Gold News
Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections

Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections

MAGA trades slightly down to around $3.4 on Tuesday after rallying more than 20% since Sunday. The former President Donald Trump-based memecoin is poised for further gains as daily active addresses and network growth metrics rise, signaling increased network usage and adoption.

Read more
US presidential election outcome: What could it mean for the US Dollar?

US presidential election outcome: What could it mean for the US Dollar? Premium

The US Dollar has regained lost momentum against its six major rivals at the beginning of the final quarter of 2024, as tensions mount ahead of the highly anticipated United States Presidential election due on November 5.

Read more
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

Majors

Cryptocurrencies

Signatures