The trade to the top of the channel I’ve been showing in gold lives on. As I wrote earlier this week, the adage is to let a winning trade play out. That said if you are one of the more prudent traders who got out at $1930 – perhaps your strategy is to wait and see how prices settle after tomorrow’s U.S. jobs data. As I wrote earlier this week as well, for the bullion stackers, this may be the spot to add a tranche.
If gold breaks out to the topside, bulls should be ready for more resistance at the 50-day MA shown on the daily chart above. As for the S&P, 4,500 seems to be holding up as resistance. I continue to wait for a sign that it is ready to get through and stay above the mark before adding. The trade down to the open gap also lives on, and that may be the level at which to buy the dip.
For Bitcoin, nothing has changed, and traders long from 25k have had a few chances to sell well over 30k since the breakout occurred. In my opinion, the below 4-hour chart shows the consolidation pattern is close to resolving. As I have written since the breakout occurred – a retrace back to the 50 MA on the below 4-hour chart would be acceptable and perhaps welcome to those who are in it for much higher prices.Follow J_GidaroDasilva jdasilva@kitco.com www.kitco.
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