Gold spot prices have rallied to $1930. The chart below is an update to the re-occurring chart I have been showing on the 4-hour time frame. Note how price is finding resistance exactly at the minor trendline within the channel. Prudent traders could be satisfied with the quick win from $1905.
That said, the adage is to let a winning trade play out and the weekly chart displayed below is showing signs that a turn maybe near, with momentum about flat-lining and price still well supported around the $1900 level. If you are a stacker and are prepared to be wrong in the event of another leg down to $1850, this may be a spot to add a tranche. Regular readers will know that my level of bullishness at a low is almost directly inversely correlated to the level of fear at said hypothetical low.
Finally, again, Bitcoin; shown below on a weekly timeframe (logarithmic).
I still see no reason not to own exposure to Bitcoin; past volatility clearly indicates a very plausible path to a 6-digit price over the long term – especially if Bitcoin is ready to begin climbing (perhaps quickly?) what is now its fourth wall of worry in 12 years.
Thanks, and have a great week.
