Eliman Dambell
Tradeview Markets
Gold prices were mostly consolidating in today’s session, as markets prepared for the latest FOMC minutes report.
The Federal Open Market Committee will release minutes for its latest meeting, where the bank moved to hike rates by 25 basis points.
After initially announcing a disinflationary cycle, many now believe that the Fed will review its stance, and possibly increase rates for longer.
This comes as both retail sales and producer prices continue to climb, with inflation slowing by less than expected in January.
XAUUSD climbed to a high of $1,855.00 in today’s session.
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GBP/USD loses traction, retreats below 1.2700
After climbing to its highest level in over two weeks at 1.2750, GBP/USD reverses direction and declines to the 1.2700 area on Friday. In the absence of fundamental drivers, investors refrain from taking large positions. Nevertheless, the pair looks to snap an eight-week losing streak.
Gold pulls away from daily highs, holds near $2,650
Gold retreats from the daily high it set above $2,660 but manages to stay afloat in positive territory at around $2,650, with the benchmark 10-year US Treasury bond yield losing more than 1% on the day. Despite Friday's rebound, XAU/USD is set to register losses for the week.
Bitcoin attempts for the $100K mark
Bitcoin (BTC) price extends its recovery and nears the $100K mark on Friday after facing a healthy correction this week. Ethereum (ETH) and Ripple (XRP) closed above their key resistance levels, indicating a rally in the upcoming days.
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