We recently noticed that some third-party companies and individuals impersonated the TOPONE Markets brand and illegally misappropriated our trademarks.

We Hereby Reiterate Our Statement:

  • TOPONE Markets does not provide discretionary account operation trading services, nor does it cooperate with other third-party vendors and/ or agents to provide such services.
  • TOPONE Markets staff will not promise to our customer the definite profit, please do not trust any kind of the profit promise or profit related picture, such as screenshot/ chat history, etc, all investment profit can be only viewed on our official website and application.
  • TOPONE Markets is a professional online trading platform with low spreads and zero handling fees. Be wary of any behavior that asks you for any fees directly and privately. TOPONE Markets does not charge a fee at any stage of its trading process or other fee.

If you have any questions or concerns, please feel free to reach us by clicking the "Online Customer Support" or send an email to our customer care team cs@top1markets.com. We will answer your questions and assist you promptly.

Understood
We use cookies to learn more about how you use our website and what we can improve. Continue to use our website by clicking "Accept". Details
Market News 【TOP1 Evening】Gold gains as softer U.S. dollar; Oil drops below $62

【TOP1 Evening】Gold gains as softer U.S. dollar; Oil drops below $62

It's a bad sign if Bitcoin doesn't return to $60K soon, JPMorgan says; Chip shortage could drag on for a year, says CEO of largest car-dealer chain in U.S.

TOPONE Markets Analyst
2021-04-21
678

晚间新闻.jpg


Gold


Gold prices rose on Wednesday, hovering near a seven-week high hit earlier this week, as a soggy dollar and a retreat in U.S. Treasury yields lifted demand for the safe-haven metal.


Spot gold rose 0.02% to $1778.75 per ounce, silver rose 0.28% to $25.889 per ounce by 18:00 (GMT+8).


"The U.S. dollar had edged lower this morning, supporting prices, with gold's upward momentum from overnight continuing in Asia," OANDA senior market analyst Jeffrey Halley said.


"Providing that U.S. 10-year yields remain softer, gold appears to be gathering strength for a test of the 100-day moving average at $1,802 an ounce in the days ahead."


Market participants now await the European Central Bank meeting on Thursday for further clarity about stimulus plans for the bloc. The U.S. Federal Reserve policy meeting is due next week.


Bitcoin fell 0.22% to $55565.0 by 18:00 (GMT+8).


The last few times Nikolaos Panigirtzoglou witnessed such negative price action in Bitcoin, buyers returned in time to prevent deeper slumps. This time, the JPMorgan Chase & Co. strategist is worried.


If the largest cryptocurrency isn't able to break back above $60,000 soon, momentum signals will collapse, strategists led by Panigirtzoglou wrote in a note Tuesday. It's likely traders including Commodity Trading Advisers (CTAs) and crypto funds were at least partly behind the buildup of long Bitcoin futures in recent weeks, as well as the unwind in past days, they said.


In those three previous instances, the overall flow impulse was strong enough to allow Bitcoin to quickly break out above the key thresholds, yielding further buildups in position by momentum traders, JPMorgan noted.


"Whether we see a repeat of those previous episodes in the current conjuncture remains to be seen," the strategists said. The likelihood it will happen again seems lower because momentum decay seems more advanced and thus more difficult to reverse, they added. Flows into Bitcoin funds also appear weak, they said.


Forex


The dollar languished on Wednesday, hovering just above a seven-week low with subdued U.S. bond yields reducing the currency's yield appeal.


The U.S. dollar index rose 0.22% to 91.36 by 18:00(GMT+8).


The safe-haven greenback got some respite from a pullback in world stocks from record highs as flare ups in coronavirus infections from India to Canada soured the outlook for a quick global recovery.


The safety bid also bolstered the yen, which climbed to a fresh seven-week peak of 107.88 per dollar on Wednesday.


The Canadian dollar traded at C$1.26050 to the greenback in Asia, following its biggest plunge in nearly two months on Tuesday. The Bank of Canada is due to announce a policy decision later Wednesday.


The Australian dollar, a barometer for risk appetite, edged higher to $0.77335 after sliding 0.4% overnight.


Crude Oil


Oil prices fell for a second day on Wednesday on concerns that soaring COVID-19 cases in India will drive down fuel demand in the world's third biggest oil importer.


U.S. West Texas Intermediate (WTI) crude was at $61.795 a barrel, fell 0.83%, Brent was down to $65.149 a barrel, fell 0.79% by 18:00(GMT+8).


India reported 1,761 deaths from COVID-19, its highest daily toll, while Canada and the United States extended a land-border closure for non-essential travelers. India, also the world's third-largest oil user.


"You've seen refiners there (in India) scale back runs because demand has fallen with the spread of lockdowns. That's clearly weighing on the market and sentiment," said Lachlan Shaw, head of commodity research at National Australia Bank .


Further weighing on the market, data from the American Petroleum Institute (API) industry group showed U.S. crude oil and distillate stocks rose in the week ended April 16, according to two market sources, compared with analysts' forecasts for declines in crude and distillate inventories.


The U.S. Energy Information Administration will release its inventory data for last week later on Wednesday.


Stocks


Stocks in Asia-Pacific closed lower on Wednesday.    


Nikkei 225 fell 591.83 points or 2.03%, close at 28,508.55.

S&P/ASX 200 fell 20.30 points or 0.29% to close at 6,997.50.

Hang Seng Index fell 513.81 points or 1.76% to 28,621.92.

South Korea's Kospi fell 49.04 points or 1.52% to 3,171.66.

Taiwan capitalization weighted stock index fell 121.76 points or0.70% to 17,202.11.


Europe stock markets opened higher on Wednesday, At press time: 


FTSE 100 Index rose 23.85 points or 0.35% at 6,883.72.

Germany DAX 30 rose 22.87 points or 0.15% at 15,152.38.

France CAC 40 rose 24.16 points or 0.39% at 6,189.27.


President Xi Jinping will attend a virtual climate change summit hosted by his U.S. counterpart Joe Biden on Thursday, the Chinese foreign ministry has confirmed.


His attendance is a sign of cooperation between the U.S. and China, after years of deteriorating relations on a range of issues, as well as a signal of Beijing's intention to take a leadership position on the issue.


The global semiconductor shortage that's crippling the auto industry could drag on for as long as a year, according to Mike Jackson, chief executive officer of AutoNation Inc., the largest car-dealer chain in the U.S.


"The supply chain is fragile and disrupted because of the chip shortages and still dealing with the pandemic," he said.


Focus Tonight


22:00(GMT+8): Canada BoC Interest Rate Decision, Forecast:0.25%, Previous: 0.25%


22:30(GMT+8): United States EIA Cushing Crude Oil Stocks Change (16/APR), Previous: 0.346M;

Previous
Next

Bonus rebate to help investors grow in the trading world!

Need Assistance?

7×24 H

Download the APP for Free