Pre Market 07:30 Gold below 200 MA, USD Weak, Copper New Highs

• UK Futures suggest an open down over 1.2% to open around 6340 suggesting a pullback into month end with a potential check of the 6300 level and even the 6231 if 6300 support fails
• Asia closed mixed even as China printed beats on PMI data though these have likely boosted copper prices to fresh multi year highs
• In commodities, gold has slipped to the 1774 below its 200 MA for the first time since March 2020 despite USD being at 2 1/2 year lows .Oil has retreated from recent highs but remains bullish and above all MAs at $47.5
• Sentiment is showing extreme greed with the F&G at 92 while the VIX has fallen to near 20. Extreme greed does not tend to be sustainable so a reversion to mean is likely with some selling

End of the month rebalancing and profit-booking may results in some selling today especially as the US comes back from a  holiday weekend

Bitcoin Bullish and Reasserting Uptrend

Bitcoin's price action suggests a resumption of its upward trend after a brief but sharp pull back from the 19300 to 16300.  Having slipped briefly below its 21 EMA, it has found support and rallied back to the 18600 level at pixel. Typically if no more than two closes occur below the 21 EMA then price tends to resume its upward trajectory. This reflects the net accumulation occurring as buyers seek to enter on the dips