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.
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,