opinion

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

Kitco Media
By Jonathan Da Silva
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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.

Kitco Media

Jonathan Da Silva

Jonathan Da Silva developed a passion for hard money and economics from a young age having been influenced by family who sought to teach me that "nothing is free", and the importance of intrinsic value early on. My interest in markets grew keener during the great financial crisis of 2008; leaning on family with vast trading experience, I began to self-educate on technical analysis and economics- drawing inspiration from the works of individuals like W.D. Gann and Adam Smith. I have been a proud member of the Kitco team since 2017 and hope that my writing inspires readers to consider an objective view of the metals, and the greater financial markets.

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