Joe Biden’s Powell Decision Increased Sales in Bitcoin and Gold!

In the US, Fed Chairman Jerome Powell was expected to be nominated for a second four-year term as Fed Chairman.

US President Joe Biden has re-nominated Fed Chairman Jerome Powell, the White House announced today. Lael Brainard will be nominated as vice president.

Biden used the following statements in his statement regarding this decision. “I chose Powell for consistent and independent leadership. I have full confidence that President Powell and Dr. Brainard will work to make our economy stronger than ever by focusing on the goal of low inflation, price stability and full employment.”

Although Biden was expected to nominate Powell, we saw a reaction in the markets after this decision became final. The dollar index reached its highest level since September 2020.

While the premiums in the US stock markets reached 1%, we observed that the selling pressure increased in the commodity group. While the losses in gold reach 2%, we observe a similar picture in silver.

Meanwhile, we see that there are pullbacks in Bitcoin, which has risen to $ 59,500 during the day. After the news, it went down to $58,000 levels again. We see that the $58,400 level we quoted in our previous analysis remains important. If we do not see a 4-hour close above this level, the selling pressure may continue.

We will be watching to see if the price can rise above $60,000 again to ease the markets.

*Not Investment Advice.

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