The US economy released at 12:30 GMT its reading for retail sales during April, which fell by 0.2%, worse than economists' forecasts of a rise by 0.2%, and also worse than the previous reading of a rise by 1.7% after it got revised from 1.6%.

the core retail sales (excluding auto sales) for the same month rose by 0.1%, lower than expectations of an increase by 0.7%. while The previous reading recorded a 1.3% gain after it was revised from 1.2%. This statement is considered negative for the US Dollar.

Gold prices rose in European markets on Wednesday, resuming gains, which were temporarily halted yesterday by profit-taking and correction activities, to head for a five-week high on the dollar's slide against a basket of currencies.

Gold prices rose by 0.1% as of 10:45 GMT to trade at $1,298.15 per ounce from the opening level of $1,296.96, with the highest level of $1,299.18 and the lowest at $1,293.05.

Yesterday's gold prices lost 0.25%, the first loss in four days, on correction and profit taking, after recording a five-week high of $1,303.32 an ounce earlier in the session.

The dollar index fell more than 0.1% on Wednesday, reflecting the US currency drop against a basket of currencies after a two days rally, which supports gold prices, which are denominated in US dollars, to also lower the cost for holders of other currencies.

The drop in the dollar comes ahead of the release of important US economic data about US retail sales in April, which provides strong evidence of the pace of growth of the world's largest economy for the second quarter of this year.

Gold prices also drew support from the rising in demand for safe assets during the current period, on investors reluctance to risky assets on worries about the US-China trade war and its potential negative impact on the global economy, as well as a rising in geopolitical tensions in the Gulf region.

The US dollar fluctuated higher in a narrow range during the Asian session to rebound for the third session from its lowest since last February against the Japanese yen, following developments and economic data by the Japanese economy, the third largest economy in the world and on the threshold of an economic data release expected Wednesday By the US economy, the world's largest economy.

As of 06:02 GMT, USD/JPY rose 0.06% at 109.68 from the opening level of 109.61, after reaching a high of 109.69 and a low of 109.52.

We followed the Bank of Japan's release of the annual reading of the M2 lending index, which showed that growth accelerated to 2.6% from 2.4% in March, in contrast to expectations of a 2.3%, to the reading of the Machine Tool Orders index, which showed a decline to 33.4% versus 28.5% in March.

On the other hand, investors are currently waiting for the US economy to reveal the reading of retail sales, which account for about half of consumer spending, which accounts for more than two-thirds of the US GDP, which may reflect a slowdown in growth to 0.2% from 1.6% in March. While the core reading of the same index may show a slowdown in growth to 0.7% from 1.2% in March.

This comes in conjunction with the release of the New York Industrial Index reading, which may reflect the contraction of breadth to 8.2 against 10.1 last April, and before we also witness the release of the Industrial Production Index by the largest industrial country in the world, which may show a stability at zero levels versus a 0.1% in March, while the Energy Utilization Index (EUI) reading may show a slowdown in growth to 78.7% versus 78.8% in March.

To Federal Reserve Vice Chair, Randal Quarles' testimony about the Senate Banking Committee oversight and regulation, ahead of the housing index reading by the National Association of Home Builders, which may reflect a widening to 64 versus 63 in April. In conjunction with the release of the wholesale inventories reading, which may show stability at zero levels versus 0.3% in February.

Bitcoin fell on spot trading during Wednesday for the first time in three days, to fall back from the highest level in ten months recorded earlier in yesterday's trading, on correction and profit taking activity, in addition to the lack of more positive momentum for prices to breach the $8,000 barrier.

As of 08:45 GMT, at Bitstamp, Bitcoin is trading around $7,905, down $86 or 1.1%, from the opening price of $7.991, with the highest at $8,140 and the lowest at $7,838.

Yesterday, Bitcoin gained 2.3%, its second consecutive daily gain, recording a 10-month high of $8,335 per unit, buoyed by the bullish market run that currently dominates the world's largest cryptocurrency.

The dominance of Bitcoin over the crypto trading on Tuesday jumped to 60.1%, the highest level since October 2017, up from 50% in early April, in a strong sign that the bullish market run continues to dominate the largest cryptocurrency in the world.

Some crypto market analysts expect that the current bullish run will lead to market saturation in addition to price deflation for some weeks.

The price of the world's largest cryptocurrency, Bitcoin, currently needs more positive momentum to trade strongly above the psychological barrier of $8,000.

On the other hand, the Securities and Exchange Commission SEC has postponed its decision again on the approval of the inclusion and trading of the Bitwise exchange-traded fund (ETF).

The US Commission revealed on Tuesday, May 14th, that it has postponed its decision on whether or not to approve the Bitwise ETF.

Bitwise initially filed for an ETF in February, and the SEC decision was due in 45 days, as the committee postponed its decision in March to take the decision by May 16, to postpone it again for another 45 Days at least until the final decision is made.

Bitwise's proposed fund is different from the other "not yet approved" funds offered by different companies as the company will derive prices from a variety of international crypto exchanges to better represent the market.