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Week In Review: Aug 1st – Aug 5th

BITCOIN REBOUNDED

As for last week, BTC is at $22K and the new number as for today showed at $23K. Another hope at the beginning of the week and the new month. This might bring investors to reconsider BTC.BTC rebounded and predicted will be pushed forward.

But still, it doesn’t rule out the possibility that BTC might pause at this level depending on the inflation movement.

GOLD SHOWS POSITIVE MOVEMENT

We all know that the GOLD movement is affected by the USD. However, last week after FOMC, the FED raised the interest rate to 0.75% bps and turns out the GOLD movement seems to start to rise again. GOLD has increased by 0.76% to 1764 per ounce.

As an inflation hedge asset, GOLD is always expected to have a high value even during this highest inflation.

Since Gold has shown a positive movement, let’s see how XAUUSD moves in the upcoming weeks.

OPEC+ MEETING THIS WEEK

Updated prices for US CRUDE OIL – 3.5%HIGHER at $99.83 and for BRENT OIL, higher at 3.5% to $105.37 compared to last week.

The next OPEC+ meeting will be scheduled for this week on the 3rd of August. We are expecting to see the end of the record production cuts that the extended cartel agreed to in 2020 amid the destruction of government intends during pandemic lockdowns throughout the world for the oil industry.

According to Energy Intelligence analysts, his opinion stated that a significant increase in oil production from the OPEC+ group following next week’s meeting was unlikely to happen due to the lack of spare capacity among its members.

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