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Gold back to $2100 in a hurry as Bitcoin threatens $32,000

Kitco Commentaries | Opinions, Ideas and Markets Talk

Featuring views and opinions written by market professionals, not staff journalists.

Commentaries & Views

I expected resistance at the 50-day MA in gold, but instead spot gold is consolidating above that mark this morning. Can sidelined participants still get a pullback to the low $1940’s mid 30’s from here? Sure, but if you are a stacker with sights set on all-time highs or more, you’ll have to decide whether it’s worth chasing the price up instead in my opinion.

The 5-minute gold chart below shows the current consolidation. A breach below could be the dip, but a breakout above will leave sidelined bulls to chase even harder.

Here is a daily chart showing the clear breakout and consolidation over the 50-day MA.

I think daily momentum will stay in the overbought position; the weekly chart below shows there is fuel for higher prices.

Without overloading this post with charts: The triangle I showed (Wednesday’s post) in S&P futures is breaking to the upside, I see no reason to be short, or sell longs thus far. As far as Bitcoin – my bias remains bullish, especially as it poked up to 31.8k yesterday for a higher high.

Thanks and good luck.

By

Jonathan Da Silva

Contributing to kitco.com

Contact jdasilva@kitco.com
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.