Market Snapshot – Dollar on the Backfoot

Gold Higher

The gold prices moved higher during the course of the day today as the weakness in the dollar pervaded all through the markets and this helped the gold bulls to push the prices higher during this period. The weakness for the dollar came in due to the comments from Trump over the last few days where he has basically said that he plans to extend the tariffs on to other metals and basically refusing to back down to threats from the neighbouring countries and also from the other economic powers like China who have been calling out to him to reverse the move as it tends to affect the global trade balance and could lead to a global trade war if the other countries chose to follow suit. Apart from this, we have also seen the chief economic advisor Cohn resign as well and this has led to even more weakness in the dollar as it marks the departure of one more member of the Trump team and this places into question of how many more would be leaving in the coming months. All these events have pushed back the dollar and helped the gold prices to climb higher.

Cryptos Suffer

The BTC market has been taken over by the bears who have pushed the prices lower as the BTC trades below the $11000 region as of this writing and it looks as though more weakness is around the corner. This is true not only for the BTC market but this is a trend that has been seen all across the crypto markets for now as the investor wait for the right place to enter into buys on this instrument. So far, the bears seem to be in full control and this is expected to continue in the short term as he bulls lie in wait.