Bitcoin Price Outlook: Bitcoin settles as high as $10,000 with further upside expected
Bitcoin Outlook: 18th September 2020 Bitcoin rose above the $11,000 resistance level during yesterday’s trading,…
Gold prices retreated in the European market on Friday to give up its highest level in a week recorded earlier in yesterday’s trading, due to the activity of corrections and profit-taking, but the decline remains limited so far due to the fall of the US dollar against a basket of global currencies.
Gold prices fell by 0.4% to $ 1,937.34, from today’s opening level of $ 1,945.31, and reached the highest level at $ 1,949.48.
The precious metal “gold” ended yesterday’s trading steadily on CFD platforms such as Plus500, after earlier in trading, it hit its highest level in a week at $ 1,966.53 an ounce.
And pressure on the metal on Thursday, comments by European Central Bank President Christine Lagarde, during which he reduced the risks of the euro’s rise and its negative impact on the economic recovery in Europe.
The dollar index fell on Friday by 0.2%, to resume the decline that stopped yesterday, reflecting the decline in the US currency against a basket of major and minor currencies, which is in the interest of the prices of gold and other metals denominated in the US dollar.
The current decline in dollar levels comes in light of slowing demand for the currency as the best alternative investment, especially after better than expected data on producer prices in the United States, which reduced concerns about inflation levels in the largest economy in the world.
The gold holdings of the SPDR Gold Trust, the largest global index fund backed by gold, remained unchanged yesterday, with the total continuing at 1,252.96 metric tons, which is the highest level since August 11th.
Professional Trader and Analyst, economist in Financial and Forex market since 2004.holds an MBA from the American University in Egypt. Mohammed works as an economic writer and technical & fundamental analyst for many international Forex and financial trading companies in both English and Arabic on a daily basis.
Ad / Affiliate Disclosure
At BrokerTrending, we go the extra mile to help global investors make informed decisions – investing an obscene amount of time daily in testing and researching online brokers. But how do we keep running? Our partners show their appreciation by rewarding us with paid advertising, So, we have advertising relationships with some of the firms and products mentioned on this website, and may be compensated though a commission if consumers choose to click these links in our content, with no additional cost to you. However, BrokerTrending provides comprehensive material and information tailored to the best interests of customers, compiled through our specialized professional rank method that ensures unbiased results regardless of partner remunerations.