Bitcoin May Be the Main Culprit Behind Setbacks
of Gold Prices
In a cautious market environment, the price
of gold continued to be under pressure below US$1,700. It is currently hovering
near US$1,685 and failed to break through 1700 again. As of 08:27 Hong Kong
time, the price of gold had fallen by 0.06% to US$1,685. The optimistic data
from the United States, the hope of a new stimulus bill and the increase in
global vaccination support the dollar’s upward trend and pressure the
prospects of gold recovery. In addition, although the geopolitical war between
China and the United States has increased risks, gold is no longer a refuge for
investors. Instead, investors tend to invest in Bitcoin, which has allowed
Bitcoin to continue to gain momentum and create a record-breaking upward trend.
So Bitcoin may be the main culprit causing the setback in gold prices. With the
obvious downward breakthrough of the 21-day moving average of $1,720, the price
of gold is likely to break through the monthly low of $1,676.
API Announced that Crude Oil Inventories Increased
More than Market Expectations
The American Petroleum Institute (API)
announced that crude oil inventories unexpectedly increased by 3.9 million
barrels last week. The market had originally expected an increase of 100,000
barrels. Gasoline inventories have dropped by 6 million barrels, and the market
is expected to increase by 700,000 barrels. As for distilled oil inventories,
an increase of 2.6 million barrels, the market originally expected an increase
of 200,000 barrels. The rise in US crude oil inventories, coupled with the
rebound of the new crown epidemic in Europe, has increased the uncertainty in
the outlook for crude oil demand, and the market is watching the results of the
oil group meeting.
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