Stock markets in Europe got off to a good start today as traders were handed the bullish baton by their counterparts in Asia.
Stock markets in Europe are largely showing respectable gains as we approach the end of the trading day. This mood in this part of the world was greatly influenced by the robust rally seen in Asia overnight. Last week, stocks in China and Hong Kong, endured large declines due to concerns the Beijing authorities were tightening regulation.
This article aims to explore the fundamental properties of bitcoin, and how they stack up to those of gold.
Gold is facing a support level at $1270 which we expect to bounce higher from it for testing 1278,
Below is a look at the most important data that may have a direct or indirect impact on the readings to be released today:
The start of the week was dramatic for the euro, despite the success of Angela Merkel for a fourth term during the German federal elections on Sunday, September 24, the Christian Democratic Union (CDU) and the Christian Social Union (CSU) win 33% of the vote. The ruling party's current partner the Social Democratic Party (SDP) printed the worst result since the Second World War by getting 20.5%, prompting the leader of the party to describe this day by bitter today, and the shock was in the success of the far right-wing party to enter parliament for the first time in half a century, represented by the Alternative for Germany Party (AFD), which has not been established for 4 years.
Prices fall yesterday after breaking support level at 1300$ which represents a Fibonacci retracement 38.2%, as long prices staying below this level we expect further decline targeting 1280$ then 1263$.
The markets absorbed the Fed's decisions yesterday, US stocks started to fall from historical highs and the US dollar saw some slight declines after rising overnight after the Federal Reserve kept interest rates unchanged at 1.25% and left the door open for a third raise this year.
Prices pulled back since the beginning of trading day reaching an important support at 1295$, we expect with breaking this level prices would be heading to levels of 1280 then 1263. Staying higher than 1300$ would support prices to rise again.
The start of the week's trading was fairly calm, but it saw some notable movements in the US dollar as well as US stocks, which recorded their highest levels historically as market fears about North Korea firing a new missile faded and the focus shifted to the Fed meeting on Wednesday evening.
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