Forex Signals Brief for Aug 24: Gold Surges Back
US Wrap
Markets are once again climbing higher after last week’s short and sharp sell-off, while it was Gold that looked strongest on Monday.
The yellow metal shot back above the $1800 level as the belief that the Fed will begin to taper looks increasingly doubtful. We are all waiting to hear from Jerome Powell on Friday, but given the reliance on money printing and the narratives that are getting pushed by the US Government, it appears less likely by the day.
For that reason, we saw another sell-off in the USD and this was a significant factor in the rise of the precious metals and a rebound in the majors.
While in the crypto space we are looking at the $50,000 for Bitcoin and once again, price has not been able to hold it just yet.
The Data Agenda
An updated German GDP will be worth watching early on, in what is an otherwise light session of data out of Europe.
In the US we get the latest new home sales, which have been roaring ahead, thanks to record-low interest rates and ever-growing inflation.
Forex Signal Update
The FX Leaders Team hit 3 winners from 4 trades, as many markets reversed their recent moves.
XRP – Active Signal
XRP attempted to retest that $1.30 level but didn’t really fire a shot. We are long, although price is now pulling back.
Gold – Watching
As mentioned, we’ve seen a bit of a correction to the upside in GOLD and we are watching this one with interest.
Cryptocurrency Update
BTC has failed at the $50,000, and price is now red across the board in Asian trade.
It is very important to note that the big run in crypto has been heavily induced by a large printing surge from Tether. Whenever we billions of new USDT minted, invariably prices rise. This should be a huge red flag for all of us as it represents massive asymmetrical risk.
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