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Gold leaving doubters in the dust : Bitcoin buying opportunity coming?

Kitco Commentaries | Opinions, Ideas and Markets Talk

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

Commentaries & Views

Last week I wrote that the risk was that those on the sidelines would have to pay increasingly higher prices for gold, as the price had breached and was consolidating in a bullish fashion above the 50-day MA.

The daily chart below shows the price now encountering resistance at $1985, which is the bottom end of a congestion area for bulls.

That said, my view on gold remains bullish; I also think pullbacks could remain shallow till FOMO gets sideliners to commit just before a scarier drop finally occurs (experienced traders might have lived this experience first-hand).

The Bitcoin daily chart shown below shows that it remains stuck in sideways consolidation. A clear downward breach could still take the price down to test the 200-day MA, which coincides with the uptrend line dating back to January of 2023. In my opinion, dips remain buying opportunities until the price gives reason to doubt.

I believe the next stop for S&P futures is 4630. The below daily chart should demonstrate the principle I often repeat: Triangles like to break to the flat side. That said: I am watching out for a turn as the all-time high comes into view for obvious resistance.

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.