Market News 24/10/23 – Silver, Israel and GBP/USD Fundamentals!

Bitcoin Price Update
The 2023 bull surge in the price of Bitcoin (BTC) has been maintained with a fourth higher peak. BTC is now trading around $34,152 after this bullish move propelled it beyond the psychological barrier of $30,000.

The next barrier for Bitcoin price is $36,294, where a potential top could develop, particularly if the conditions surrounding the approval of the spot ETF remain the same. On the other hand, if a spot ETF receives formal approval, it might trigger a sharp bullish rise that could push BTC to the psychological milestone of $40,000. 

All Things USD!

The decline in retail sales is a reflection of how hard it is for consumers to make ends meet due to high inflation and rising borrowing prices. Consumer inflation expectations are likely to be significantly impacted by the sharp decline in consumer spending. In light of the worsening spending dynamics, there is speculation that the Bank of England (BoE) would tilt towards holding the existing interest rates at 5.25% during the policy meeting in November.

Geopolitical tensions between Israel and Hamas may have presented challenges for the GBP/USD pair. The Pound Sterling (GBP) is being supported by the improving risk profile, nonetheless. Israel-Hamas diplomatic efforts to defuse tensions in the Gaza Strip have reduced market risk aversion, boosting investors’ risk appetite.


In the most recent European session, the price of silver (XAG/USD) continued to decline below the important support level of $23.00. As the US Dollar and bond rates rapidly increase ahead of critical US economic indicators, the white metal declines to close to $22.80.

S&P + Israel Conflict

The London session saw S&P500 futures post impressive gains, signalling a recovery in market players’ appetite for risk. As investors begin to process the Middle East tensions, the appeal of risk-perceived assets increases. The risk-averse attitude lessens as Israel’s plan to launch a ground invasion of Gaza drags out. The US encouraged Israel to postpone the ground assault while the hostage-release operation goes on and to send relief to Gaza’s residents.

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