For a little over a year (since April 2022), Gold and Bitcoin have been on a remarkably tight positive correlation as when one rose or declined, the other followed.
We see an incredible surge in the price on Bitcoin in the past week with Gold however failing to follow, declining instead, breaking for now this long term correlation.
As the market lacks the fundamental reasons for Gold to decline more on the long term (the Dollar is on a downtrend while the US10Y has hit an 8 month Resistance), we expect the correlation to return and for Gold to follow Bitcoin's lead higher.
Trading Plan:
1. Buy Gold on the current price.
Targets:
1. 1975 short term (first Resistance).
2. 2050 long term (final Resistance).
Tips:
1. The RSI (1d) on Gold is on a Rising Support dating from July 20th 2022, almost 1 year. We can't display this on this chart, but if it holds, it empowers the buy signal given.
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Notes:
Past trading plan:
We see an incredible surge in the price on Bitcoin in the past week with Gold however failing to follow, declining instead, breaking for now this long term correlation.
As the market lacks the fundamental reasons for Gold to decline more on the long term (the Dollar is on a downtrend while the US10Y has hit an 8 month Resistance), we expect the correlation to return and for Gold to follow Bitcoin's lead higher.
Trading Plan:
1. Buy Gold on the current price.
Targets:
1. 1975 short term (first Resistance).
2. 2050 long term (final Resistance).
Tips:
1. The RSI (1d) on Gold is on a Rising Support dating from July 20th 2022, almost 1 year. We can't display this on this chart, but if it holds, it empowers the buy signal given.
Please like, follow and comment!!
Notes:
Past trading plan:
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Also doing account management, earn +15% monthly profit!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Join our private Telegram signals channel, with +70% accuracy for forex and crypto! 🎉
Also doing account management, earn +15% monthly profit!
👉CONTACT: t.me/tradingbrokersview
Stop gambling with your trades! 🎰
Start being profitable! 💰
Also doing account management, earn +15% monthly profit!
👉CONTACT: t.me/tradingbrokersview
Stop gambling with your trades! 🎰
Start being profitable! 💰
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.