Weekly Market Reports

Bitcoin Poised for Four-Week Winning Streak

  • Gold higher after dovish policy announcement from Bank of Japan.
  • Brexit problems move Gold markets closer to rally.
  • Bitcoin aims at four-week winning streak.

The price of Bitcoin moved up Friday morning, raising the potential for a four-week winning streak. If Bitcoin closes the week above $3,930, it would be the most consecutive weekly gains since early 2018. While Bitcoin prices have stayed mostly steady, there remains evidence of some resistance to breaking above $4,000. Cryptocurrency analyst Mati Greenspan told MarketWatch, “The crypto rally may have lost some of its momentum, as volumes across exchanges do seem to be tapering off from their recent highs but remain elevated just under $30 billion per day.”

Demand for Safe-Haven Assets Drives Gold Price Upward

After declining Thursday, Gold prices once again moved upward during early trading Friday. This traction seems driven by U.S. dollar weakness and renewed concerns over a worldwide economic slowdown. FX Empire reports both factors have put a new sheen on the safe-haven appeal of Gold bullion, as investors grow concerned current Asian and European slowdowns will move to the U.S.

As of 10:20 a.m. (ET) Friday, the spot price of Gold reached $1308.55 per troy ounce, up from $1,297.10 at the same time Thursday.  

Some Gold traders have drawn support from low U.S. Treasury yields and dovish behavior from the Bank of Japan. The Japanese central bank announced this week monetary policy would go unchanged, with short-term interest rates at minus 0.1 percent. New reports of suspended nuclear talks between North Korea and the U.S. are also driving many toward low-risk Precious Metals. The new policy statement from the BOJ showed a weak outlook, forecasting it will “continue its moderate expansion, despite being affected by the slowdown in overseas economies for the time being,” as cited FX Empire.

Brexit Woes a Short-Term Boost for Gold

As Britain’s parliament once again rejected leaving the European Union with “no deal,” ongoing uncertainty seems to be boosting short-term prospects for Gold. Seeking Alpha reports the new Brexit setbacks supported the euro toward a rally, further driving interest in U.S. dollar-denominated Gold bullion. Lawmakers in the U.K. later agreed to delay the Brexit process, admitting extra time is needed to sort out the country’s exit from the EU. Many see this as evidence Brexit may not happen at all. 

Paired with declines for the U.S. dollar, the stronger euro “will make it easier for the metal to rally in the immediate term,” analyst Clif Droke writes on Seeking Alpha. “What’s more, a renewed immediate-term buy signal is within reach before the week is over.” Droke believes these factors will likely keep the price of Gold “buoyant” and any further declines for the U.S. dollar would make the rally even easier.

At 11:45 a.m. (ET), the APMEX Gold and Silver spot prices were:

  • Gold, $1,306.00 Up $8.20
  • Silver, $15.39 Up $0.15
  • Platinum, $833.30 Up $3.20
  • Palladium, $1,558.10 Up $1.50

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APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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