The year is approaching a sunset. It is the right time for precious metals to get ready for a Santa Claus visit to take them for a ride to the sky. One of the metals has already been in the game; I am talking about gold.
Bitcoin is a true modern hero in the financial world as it stands no matter what. Let it be the Chinese government's ban or US regulators and financial elite's rejection.
It is amazing how Bitcoin follows a conventional chart structure as it acts like matured instruments over time but at a higher speed. The predicted drop in leg 2 down hasn’t kept us long as it emerged the same day when the previous update was posted.
Most of you thought that this drop could be just a part of a pullback ahead of another Bitcoin rally.
One of our regular readers kindly requested the update of Platinum chart. Here we go as promised.
The global outlook for platinum posted in 2019 remains unchanged and you could see that big chart at this link. The previous update was this February as I used the cloning technique to visualize the current second leg up. Platinum futures prices did not follow it, therefore, below is the updated chart.
The leg 2 up had started with a two-leg zigzag up labeled as a blue AB part. It looks symmetric as both legs are almost equal and have the same trajectory. Then we can clearly distinguish the BC consolidation part, which consists of two legs down (red zigzag). It pierced the 38.2% Fibonacci retracement level to hit the valley of $1022. The RSI dropped slightly below the crucial 50 level. Continue reading "Platinum And Silver Update"→
Last Thursday, the dollar rallied, reaching a two-month high versus major currencies, a day after U.S. Federal Reserve shocked markets by projecting a hike in interest rates and an earlier end to emergency bond-buying.
The price broke above the black dotted trendline resistance, which does not look like a minor correction. Instead, I think this is an extension of a large retracement of the entire move down that started in March of 2020.
The market could build the second leg of this large consolidation marked with an orange color. I highlighted the last leg with a green zigzag to the upside. The current leg up could repeat the same two-movement structure, so I built the orange zigzag. The first move within a second leg up could be over. I expect the upcoming pullback to retest the broken trendline resistance. After that, the retracement could resume and hit the top of the first leg at 93.4. Continue reading "Gold & Silver: Fed Boosted The Dollar"→