Crypto Industry News:
Some of the best-known organizations in the gold industry have joined forces to launch a new "integrity program" that uses Blockchain technology to manage the supply chain - a move designed to help market participants verify the authenticity of their gold.
The London Bullion Market Association (LBMA) and the World Gold Council (WGC) announced that they are working together to develop an "international gold bar integrity, chain of custody and origin system" based on Blockchain technology from aXedras and Peer Ledger. The ledger will be used to record and track gold bars at every stage of the production and distribution cycle, including mining, storage and purchase by jewelry manufacturers.
The so-called Gold Bar Integrity Program is supported by organizations such as CME Group, Metalor, Barrick Gold, Brinks, Royal Canadian Mint, Newcrest Mining, Hummingbird Resources, Argos Heraeus SA, Asahi, Aura Minerals, Perth Mint and others.
The scheme, initially developed as a pilot, will eventually be promoted for use in the gold industry, the LBMA and WGC report.
Supply chain management is cited as one of the most promising use cases for Blockchain technology. According to reports, more than half of the companies added to the Forbes 2021 Blockchain 50 list are companies actively using DLT technology to solve supply chain and logistics problems. In April 2021, the US contractor Lockheed Martin announced that it was using Blockchain technology to manage its supply chain in Switzerland.
Issues such as illegal mining, laundering gold, counterfeit bullion ingots and human rights violations have made the gold industry particularly vulnerable to supply chain opacity. In 2020, the Organization for Economic Co-operation and Development published a report that provides guidance on how gold producers can avoid contributing to "serious abuses" in the mining and production process.
Technical Market Outlook:
The ETH/USD pair has made a new high at the level of $3,482 and is currently consolidating the recent gains. The nearest technical support is seen at the level of $3,287 and $3,234. In a case of a further breakout higher, the next target for bulls is the 50% Fibonacci retracement located at the level of $3,512. The strong and positive momentum supports the bullish outlook and as long as the price stays above the technical support seen at $3,045, the bulls are in control of the market.
Weekly Pivot Points:
WR3 - $3,836
WR2 - $3,556
WR1 - $3,407
Weekly Pivot - $3,131
WS1 - $3,010
WS2 - $2,712
WS3 - $2,604
Trading Outlook:
The market has broken above the level of $3,192 which was the key Fibonacci retracement for bulls. The bulls re now in control of the market and are heading towards the 50% Fibonacci retracement on the weekly time frame chart located at $3,512.