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Jackson Hole Meeting Sends Gold Prices Lower, Bitcoin Stalls After Impressive 3-Day Rally & Oil Prices Rebound for 3rd Consecutive Session

Gold drops drop ahead of Jackson Hole

Gold prices fell during Wednesday’s trading session, as markets continued to anticipate tomorrow’s Jackson Hole meeting.

The Federal Reserve will begin its 3-day Jackson Hole virtual conference on Thursday, with chair Jerome Powell set to give a policy update.

Prices of XAUUSD fell to an intraday low of $1,782.54, after trading at a high of $1,803.11 earlier in the session.

This comes as many believe that Powell will provide a timeline for the Fed’s asset tapering during his speech on August 27th.

As Gold traded lower, the S&P 500 and NASDAQ climbed to further highs.

Bitcoin stalls as bullish sentiment wears off

After a recent 3-day rally, Bitcoin prices began to stall in today’s trading session, sending prices below $50,000.

Earlier this week, the world’s largest Cryptocurrency climbed above $50,000 for the first time since May. However, this run looks to have run out of steam.

BTCUSD dropped to an intraday low of $47,115 on Wednesday, as the resistance level seems to have been held.

Bitcoin prices rallied in response to the news that PayPal was set to launch a new service that accepted the trading of Bitcoin on its platform.

Markets now look as if they could be consolidating, after gaining as much as $10,000 in the last few days.

Crude inventories decline, sending oil higher

Oil prices continued to rebound strongly for the third consecutive session, as it was reported that crude inventories had fallen.

Data from the Energy Information Administration showed that crude stockpiles fell by  2.979 million barrels last week.

This was a bigger drop than expected, in comparison to markets expectations for a drawback of 2.683 million barrels.

WTI crude rallied to a high of $68.69 in today’s session, with Brent climbing to as much as $72.42.

Energy prices have risen over 10% this week so far. 

Quote of the day -“The trend is your friend until the end when it bends.”

– Ed Seykota

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