US Wrap

We’ve had a very busy start to the trading week, with gold and crypto being the two areas of most interest.

There has been plenty of attention on the infrastructure bill in the US at the moment, which has the ability to severely cripple much of the industry. The change to cryptocurrency reporting rules in the infrastructure bill was blocked in the Senate Monday, however, it appears this is still far from over. For now crypto lives to fight another day, but it’s clear that those suggesting crypto is beyond any Government oversight are not seeing what the reality actually is.

Elsewhere, the big move on Monday was also happening in GOLD. After a stronger than expected jobs report on Friday, a huge sell order smashed Gold lower in the early Asian session. What’s interesting is that this huge order was executed when liquidity was at its absolute lowest which begs the question, why would anyone want to execute an order at that time? That sunk the metals for the session, while the USD continued to rise.

The Data Agenda

The data front is quiet on Tuesday, with really only ZEW Economic Sentiment out of Germany worth watch.

However, with plenty of action in most markets at the moment, there should still be a number of opportunities around for traders.

Forex Signal Update

The FX Leaders Team hit 3 winners from 7 trades, to open the week with plenty of action.

XRP – Active Signal

XRP has rallied along with the sector and is back above $0.80, for the time being.

Gold – Watching

GOLD is very weak at the moment after that big sell order. But if people think inflation is going to suddenly drop and the Fed is going to start tapering any time soon, I suspect they might be in for a shock.

Cryptocurrency Update

BTC has rallied strongly over the past 24 hours and is back above the $45,000 level.

As mentioned, this bill shows just how vulnerable the entire sector can be so we need to proceed with caution. This also comes on the back of SEC boss Gary Gensler suggesting he is very focused on protecting investors in an ominous sign.

For now, the price action is bullish and we are seeing a number of key levels holding up across the major cryptos.