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The marketplace is still buzzing about the turmoil in the crypto currency markets on Tuesday that spilled over into safe-haven buying in gold and silver. The crypto exchange FTX suffered a major liquidity crisis and had to be absorbed by its bigger rival Binance. The cryptos are still shaky Wednesday, in the aftermath of Tuesday's jolt. The cryptos are just like other markets.
The key outside markets today see the U.S. dollar index higher. Nymex crude oil prices are lower and trading around $87.00 a barrel. Oil prices have slipped this week on worries of slowing demand from China, due to rising Covid cases there. The 10-year U.S. Treasury note is yielding 4.107%. Technically, December gold futures prices hit a four-week high today. The gold futures bears have the slight overall near-term technical advantage. However, bulls have momentum as a price downtrend on the daily bar chart has been negated. Prices this week have also seen a bullish upside breakout from a trading range, to suggest still more upside in the near term. Bulls' next upside price objective is to produce a close above solid resistance at $1,800.00.
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Source: KitcoNewsNOW - 🏆 13. / 78 Read more »