Summary:
- Gold struggles near the resistance at $1555
- Bitcoin surges almost 10% this week
- Tesla breaks above $500 and continues to rally
GOLD
Gold price is trying to recover from recent decline. Precious metal trades 0.4% higher today, thanks to risk-off moods. Steven Mnuchin said that there is no timeline for ‘Phase Two’ trade talks casting shadow at further progress. From a technical point of view, the price bounced off the support at $1534, which is market with previous price reactions. Gold attempts to make a break above the key resistance zone at $1555. Jumping above this hurdle could hint at upward momentum returning. The next resistance in line is the $1577 area marked with the highest YTD closes.
GOLD D1 interval. Source: xStation5
Bitcoin
It looks like the cryptocurrency market is trying to return to an upward trend. One can observe a clear upturn on most digital currencies at the beginning of 2020. Bitcoin, the most famous cryptocurrency, defended the key support at $6000 and started rising amid Middle East tensions. Looking at the chart, one can see that the price broke above the downward sloping trendline. The nearest resistance to watch can be found at $9200 handle. Surpassing this hurdle would call for a test of the upper limit of Overbalance structure, or even psychological $10000 handle. It is worth adding that DASH is trading over 200% YTD and only today the cryptocurrency jumped 50%. Are we ahead of another crazy rally on the cryptocurrency market?
Bitcoin, D1 interval. Source: xStation5
Tesla
Last but not least, let’s take a look at Tesla (TSLA.US) chart. The stock is moving higher each day as markets believe that the US carmaker made significant improvements in its business. The price of the company surged over 200% from the June 2019 lows. Given very strong upward momentum, looking for reversal points may not be a wise idea for now. Nevertheless, given how steep the upward movement was, there is a significant risk of correction occuring. In such a scenario, potential support levels are marked with lower limits of 1:1 structures. A plunge below the lower one could trigger a bigger downward move and a test of the key support at $385.
TSLA.US D1 interval. Source: xStation5
