Here is a monthly chart of Gold going back to 2000 which is the breakout year. 18 years ago!
I have a fibonacci set near the 2000 low to the 2011 peak just over $1900 USD's. The pull back went down to the 50% level and has rebounded since reaching the low point in December 2015.
Stochastics are overbought and is at a point where it is either going to embed or roll over under the 80 level.
The weekly chart shows the major resistance at the $1375 level which it has been under since 2014.
A potential ascending wedge is forming which will typically end with a break with up or down.
The daily chart shows more price detail and how close it is to the upper resistance level.
The summer months are usually a low point for the precious metals and we are not too far away.
The US Dollar has a lot of influence on the commodity sector and precious metals. It has been on a downtrend since the start of 2017 and if it breaks the 88.7 level, look for further downside and a bid in the precious metals sector.
The weekly chart of Silver shows the trading range that it is stuck in, between $13 and $21.
There is a bollinger band on the chart which shows how narrow the band is. In general, a break either up or down will typically happen as assets do not trade in a very tight range for extended periods of time.
The Gold/Silver miners ETF, GDX is also in a trading range and will follow Gold whichever way it breaks. I am biased to it breaking to the upside based on the US Dollar index cracking in the coming months or by the fall of this year.
Hi glennolua,
I wonder which direction gold, silver and dollar index will go thru this summer? How these movement will affect Bitcoin if any?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
People were selling their physical gold and taking a loss and placing the proceed into BTC. That was last year when BTC was on a bullish tear to the upside. I still think/speculate that Gold will be higher in the coming years.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
Gold will be higher in the coming years because perhaps, investors will lose faith in the Stock market where they will take out money and invest in Gold, a hard asset?
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
When the US dollar looses value due to debasement, investors typically will purchase commodities. I'm pretty sure BTC will also be higher year over year.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
It's hard to say whether it will break up or down. Initially I believe it will break down as metals and miners fall with the stock market, but then start to rally after a few months. Silver especially be hit hard, but I think gold will fair well during deflation in assets.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
good information thanks for@glennolua
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit
You got a 1.84% upvote from @postpromoter courtesy of @glennolua!
Want to promote your posts too? Check out the Steem Bot Tracker website for more info. If you would like to support the development of @postpromoter and the bot tracker please vote for @yabapmatt for witness!
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
Submit