Gold
In the commodity market, gold has started to lose its mojo, and the main reason behind it is its strength is the dollar index. The commodity report by CompareBroker indicates that demand has softened to a large extent. This week’s US GDP number could bring some buyers back into the market as traders would consider hedging their bets if the data shows more than expected weakness.
The $2000 price level remains important for traders and investors. This is because when the price trades above this level, it raises hopes for a new record high. However, when the price trades below the price point, traders believe the precious metal could experience a significant correction.
Bitcoin
Bitcoin had another terrible weekend as the price slipped further away from the $30K price level. The momentum that was there a few weeks ago is no longer there, and traders are confused about why the price has stalled at the 30K price level, which isn’t even a meaningful resistance. Most believe that the current sell-off in the price is due to the Fed adopting a more hawkish monetary policy stance, which has taken the wind out of the crypto king.
The main price point that everyone will be paying close attention to will be the 25K support level, and any lower than that will bring more disappointment.