Gold Losing Steam
The dollar index’s recent strength has led to further declines for the precious metal, and market participants anticipate that the Fed’s stance will remain unchanged despite the SVB’s effects. Gold’s price is expected to react to the dollar index volatility brought on by the release of US Retail Sales and Empire State Manufacturing data.
Keeping the price above the 1,900 level is a necessary technical condition for new highs to be made in the price. However, failure to do so may lead to traders realising larger profits from their trades, which could further depress the price.
Bitcoin Holding On To Gains
Bitcoin’s price is showing signs of developing a bearish pattern, which could indicate that a temporary top is in place. On the other hand, bulls can breathe a sigh of relief because the price has moved above the key resistance level of 25K and is now poised to re-test the next resistance level at 30K.
