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Gold Attempts To Stabilize While Bitcoin Extends Rally

By ForexTime Market OverviewJul 24, 2018 07:47AM ET
Gold Attempts To Stabilize While Bitcoin Extends Rally
By ForexTime   |  Jul 24, 2018 07:47AM ET
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Gold bulls were offered a temporary lifeline in the form of dollar weakness on Tuesday with prices rebounding towards $1226 as of writing.

While the yellow metal has scope to venture higher in the near term if the dollar continues to soften, the medium-to-longer term outlook remains tilted to the downside. Market expectations over the Federal Reserve raising rates gradually are likely to prompt investors to shun the zero-yielding metal, while a broadly stronger dollar is poised to threaten any meaningful upside gains. With the fundamental drivers behind the dollar’s appreciation in recent months still firmly intact, Gold looks to be in trouble.

The technical picture remains heavily bearish on the daily charts with the death cross formation issuing an ominous warning to investors. There have been consistently lower lows and lower highs on the daily charts while the MACD trades to the downside. A weakening dollar could elevate Gold prices back towards $1234 and possibly $1245. However, bears may exploit the rebound to pull prices back towards $1213. Alternatively, a decisive break down below $1213 may open a path towards the psychological $1200 level.

Bitcoin conquers $8000, what next?

Have Bitcoin bulls come out of hibernation? This was the question on the minds of many investors today after the cryptocurrency conquered $8000 for the first time since May.

An inflow of positive news over the past few weeks regarding cryptocurrencies has revived investor appetite for Bitcoin and this can be reflected in the bullish price action. Goldman Sachs (NYSE:GS) and BlackRock (NYSE:BLK) have expressed interest in the cryptocurrency markets while the Financial Services Board declared that they do not pose a threat to the global financial system. With this renewed sense of optimism over cryptocurrencies attracting investors from all directions, further upside could be on the cards in the near term.

Taking a look at the technical picture, Bitcoin is turning bullish on the daily charts with prices trading marginally above $8100 as of writing. A daily close above $8000 could encourage an incline towards $8250.

It will be interesting to see if the revived positivity over Bitcoin injects bulls with enough inspiration to challenge the $10000 psychological level this quarter.

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Gold Attempts To Stabilize While Bitcoin Extends Rally

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Gold Attempts To Stabilize While Bitcoin Extends Rally

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