Bitcoin Is Down Almost 30%, Is it Time To Buy?

Since July 10 the price of Bitcoin (BTC) has fallen from $13161.86 to $9229.91 with major cryptocurrency exchanges recording a 29.89% drop within a period of seven days. The recent pullback of Bitcoin is widely believed to be a technical factor that was pushed by sellers who took control of the market once the dominant crypto asset went below key support levels at $10600 (double top neckline)Criticism of Bitcoin by United States President Donald Trump and Treasury Secretary Steve Mnuchin could have contributed to the fall [read more]

British Pound Fell To 2017 Low On No Deal Brexit

Sterling has extended losses as fears grow that the next U.K. prime minister will accept a nodeal Brexit.Versus the dollar it dipped to $1.2418 on Tuesday its lowest level since Apr 11 2017.The pound also weakened to a sixmonth low versus the euro.The pound plunged to new lows Tuesday after lackluster U.K. data compounded growing fears of a haphazard Brexit outcome at the end of October.Sterling versus the U.S. dollar weakened 0.7% Tuesday reaching $1.23976 by latemorning London trade. It hit a 27month low against the greenback and a new sixmonth [read more]

Fundamental Is Supporting The Gold, But This Bearish Scenario Is Worth Taking Note

The fundamentals currently influencing gold prices remain solidly bullish. The two primary factors are the extremely dovish monetary policy recently adopted by the Federal Reserve and other global Central Banks and the unresolved trade war between the United States and China.Accommodative monetary policy is a strong and bearish influence on the U.S. dollar. Since gold is paired against the U.S. dollar a weaker dollar results in higher gold prices. Although the dollar index was higher today it was weaker last week in response to a looser monetary policy.The [read more]

Wall Street Strategists See Increasing Chance Of Trump Taking Actioin To Weaken The Dollar

Wall Street firms see increased chance that Trump takes action to weaken the dollarSpeculation is rising that the U.S. could carry out an operation to sell dollars and buy other currencies to keep the dollar from rising.Wall Street strategists see the odds as low that the Trump administration would do do such an intervention but it has become widely discussed because of an increase in dollarrelated comments by the president.The Trump administration also seems less interested in maintaining the strong dollar policy followed by the last four administrations strategists said. [read more]

Alibaba Shareholders Overwhelmingly Approve 1 to 8 Stock Split

Alibaba shareholders approve onetoeight stock split which could ease potential Hong Kong secondary listingShare split would give Alibaba greater flexibility for raising capitalEcommerce company reportedly considering US$20 billion secondary offering in Hong KongAlibaba Group Holdings shareholders overwhelmingly approved a 1to8 split of the companys USlisted stock a move the company has said would give it greater flexibility for raising capital including issuing new shares according to a US securities filing late on Monday.The approval comes as the company is reportedly considering a secondary listing of its shares in Hong Kong. [read more]

Bitcoin Fell 16.50% or $1,950 Over The Weekend

The cryptocurrency markets fell $808 this Monday in Asia after bitcoin endured an $1503 selloff over the weekend denying the bulls a chance to revisit 2019 highs. BTCUSD closed Friday at $11767.76 from a bounce from the 20EMA line but selloff beginning in late US trading. Early trading in AsiaPacific push prices to day low of $9800 which is the 50SMA level and the Fibonacci 38.2% level and is now trading back above the $10200.The move down was also accompanied by a small surge in total trading [read more]

Q2 Earning Reports, Facebook Face Congress And Amazon Prime Day

After last week Fed trigger rally sending U.S. stocks to record highs. This week will be on Q2 corporate earnings results will pose the next test for equity investors.Beside the start to Q2 earnings season hearings on Facebooks  Libra cryptocurrency project and Amazons Prime Day extravaganza.Earnings season kicks offCitigroup (C) together with other big banks including JP Morgan Chase (JPM) Goldman Sachs (GS) Morgan Stanley (MS) and Bank of America (BAC) along with several major tech names Netflix (NFLX) and Microsoft (MSFT) deliver quarterly results [read more]

Trump Ask To Find Way To Lower The Dollar

KEY POINTSThe U.S. president has reportedly asked aides to find a way to weaken the dollar in an effort to boost the economy ahead of the 2020 election.The strength of the greenback has proven a headache for Trump whos made reducing the U.S. trade deficit a priority.Last week the president said in a tweet that the U.S. should match China and Europes currency manipulation game.President Donald Trump has reportedly asked aides to find a way to weaken the U.S. dollar in an effort to boost the economy ahead of the [read more]

Gold & Silver On Profits Taking Mode

Gold prices went from high of $1426.95 to low of $1400.98 in U.S. trading Thursday some profit taking by the shorterterm futures traders drag down the spot gold price as well. A warmer but by no means hot U.S. inflation report also gave the gold market bulls a brief pause. August gold futures were last down $0.70 an ounce at 1411.80. US economic dataGold prices backed well down from their session highs after the release of the U.S. consumer price index report that showed inflation was a bit [read more]

Gold Back Above $1,420 On Prospect Of Aggressive Rate Cut, The USD Fell

Gold prices scaled a more than oneweek peak on Thursday as the dollar slipped after dovish remarks from the U.S. Federal Reserve Chairman Jerome Powell boosted the case for an interest rate cut later this month.Spot gold still going up after 24 hours now at $1424.50 per ounce. Last nights move from the Fed is pretty convincing that they are going towards more of a risk management overview policy which is dovish and also dollar trading lower is a huge support for gold. Fed not only focused on concerns within [read more]