Gold falls while bitcoin stabilizes

Gold in trouble as dollar breaks key resistance

Gold is struggling on Tuesday. The last few sessions has seen it ride the wave of silver’s popularity – albeit to a far, far lesser degree – but with it now getting a bit of a reality check and the retail crowd losing interest, gold is tumbling. What’s more, the dollar has been rallying and the index has broken through major resistance at 91. Markets are behaving oddly at the moment but this breakout has been building for some time and could put serious pressure on the yellow metal in the near-term. We could see gold back on the defensive soon with USD1,820 a big test and USD1,800 below. I wouldn’t be surprised to see USD1,760 also targeted.

Investors have also not been in a particularly upbeat mood since the new year and I don’t think we’ve seen enough of a correction to draw them back in. Whether it was the “taper tantrum” talk, lack of interest in earnings or being spooked by the retail community, it’s not the behavior of the buy the dip crowd we’ve seen so much of over the years.


Bitcoin settles in its comfort zone

It’s been a funny week for bitcoin. From once again being forced to defend USD30,000 like its life depends on it to the world’s richest man teasing his following by adding #bitcoin to his profile, it’s been a wild ride. One, we’re all-too-accustomed to at this point. But even by bitcoin’s own standards, it’s been pretty crazy. It’s going to be so interesting to see how it behaves in the coming days after initially giving up all of Elon’s easily fought gains only to stabilize in its comfort zone around USD35,000. Another run at USD30,000 would once again be a worrying sign, especially after the excitement of last Friday but there’s nothing obvious to suggest it’s what we’re going to see.

For a look at all of today’s economic events, check out our economic calendar.

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Craig Erlam

Craig Erlam

Former Senior Market Analyst, UK & EMEA at OANDA
Based in London, Craig Erlam joined OANDA in 2015 as a market analyst. With many years of experience as a financial market analyst and trader, he focuses on both fundamental and technical analysis while producing macroeconomic commentary. His views have been published in the Financial Times, Reuters, The Telegraph and the International Business Times, and he also appears as a regular guest commentator on the BBC, Bloomberg TV, FOX Business and SKY News. Craig holds a full membership to the Society of Technical Analysts and is recognised as a Certified Financial Technician by the International Federation of Technical Analysts.