|Day's range||1,796.50 - 1,817.00|
Demand and Supply in 2019 were records
Analysts expect bitcoin’s positive correlation to traditional markets to continue and strengthen.
Stock markets rallied during the week, with the S&P; 500 being no exception. We broke above the top of a couple of shooting stars which is a bullish sign.
Crude oil markets had a bouncy week, but at the end of the session on Friday it looks as if we have stabilized. That is a good sign.
S&P; 500 initially pulled back on Friday again, but then turned around to show signs of life again. This is a market that continues to show extreme resiliency.
Crude oil markets initially dipped on Friday but turned around to show signs of resiliency yet again. They have more of an upward bias than anything else.
Silver markets had an extraordinarily bullish week, finally break above the $19 level. I fully anticipate that we continue to go much higher.
Natural gas markets had a strong week, as we continue to see a recovery. Helped by a heat wave in the U.S. and a slew of bankruptcies on the supply side.
Gold markets broke above the $1800 level this week, which can only be thought of as a major victory for the buyers.
Silver markets have continued to hover at a major level, in the form of the $19 level during the trading session on Friday.
Gold markets struggled to follow through during the trading session on Friday after pulling back on Thursday.
British pound has had a very bullish week, as we continue to see a rally. Every time it looks as if it is going to fall, buyer step in to pick up yet again.
The Euro initially rally during the week, pulled back from the 200 week EMA, and then rallied again to close out a choppy week. This is normal for this pair.
Silver did not manage to get above $19.00 but maintains solid upside momentum.
The British pound initially fell a bit on Friday but continues to find support as we broke back above the 200 day EMA by the time New York got online.
The Australian dollar initially sold off on Friday but found buyers two show signs of resiliency yet again. We have a massive amount of resistance just above.
Gold bulls kept the yellow metal up on Friday as global investors turned their attention to safe-haven assets after a surge in daily COVID-19 cases in U.S.
Physical gold sold at a premium in India this week for the first time this year, driven by plunging imports and a near halt in smuggling that offset the impact of high unemployment and a rise in domestic prices across Asia that could deter buyers. India's gold imports dived 86% year-on-year in June because of record high prices and as international air travel was banned in response to the COVID-19 pandemic. "Demand is very weak, but dealers are still charging a premium due to lower imports and as smuggling has nearly stopped," said Harshad Ajmera, a gold wholesaler in Kolkata.
The direction of the August WTI crude oil market on Friday is likely to be determined by trader reaction to the 50% level at $39.08.
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Based on the early price action, the direction on Friday is likely to be determined by trader reaction to the 50% level at $1798.10.
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