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Gold posts convincing reversal from 1930; all time high back in sight?

Commentaries & Views

Actually - my opinion remains that caution is still merited, and in fact, the need for it seems to be ramping up.

The below chart shows the lack of follow-through today (thus far) after yesterday’s seemingly convincing reversal. Further, the price has been rejected at the lower, now broken trendline, which I will now consider resistance till proven otherwise. In my opinion, a close over $1990 with conviction may be a signal that an actual reversal is happening for a run to the highs.

Bitcoin, on the other hand, has thus far recovered 25000 and is moving higher today; I remain on the lookout for a breach of the flag formation and 50-day moving average to the topside for a sustainable move up.

Thanks, and have a great weekend.

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