Gold is correcting near $2,650 as of early Monday.
Despite positive Chinese stimulus, traders are cautious.
The US Dollar is recovering, influenced by cooling PCE data, which supports expectations for a significant Fed rate cut in November.
Gold has eased from extreme overbought conditions, which may favor buyers in the near term.
OIL STEADY AS MARKETS BRACE FOR OPEC+ SIGNALS AND RISING GEOPOLITICAL TENSIONS Oil prices little changed ahead of OPEC+ meeting and following 6% gains last week. Brent crude down by 0.23%, at $75.00 per barrel. U.S. WTI crude down by 0.32%, at $71.01 per barrel.
NEW US BILL PROPOSES SELLING GOLD TO BUY BITCOIN A new bill has been proposed by US Senator Cynthia Lummis. The bill aims to establish a national strategic reserve of Bitcoin. Lummis suggests selling part of the US Federal Reserve’s gold reserves to finance Bitcoin purchases. The proposal aligns
MICROSTRATEGY BUYS $4.6 BILLION WORTH OF BITCOIN IN HISTORIC DEAL The company bought 51,780 Bitcoin for about $4.6 billion. This is MicroStrategy's biggest Bitcoin acquisition since it began investing in 2020. MicroStrategy now holds more than $29 billion in Bitcoin. The Bitcoin was bought between
US FEDERAL RESERVE PREPARING A STRONG SURPRISE FOR MARKETS Nomura expects the US Federal Reserve to pause rate cuts in December 2024. Nomura anticipates two 25 basis point cuts in 2025 (March and June), leaving the federal funds rate at 4.125% through next year. Goldman Sachs and JPMorgan expect