the daily chartist

Daily market recap for 20.06.2018

published 2 years ago

 Gold continues the hard sell-off amid rising dollar gaining strength from the ongoing Trade war and Fed rate hikes. Gold is trading a Bearish flag with a breach from 15.06.2018, which seems isn't yet fully played-out as investors are continuing to dump on Gold. The price right now is moving lower towards 1260.468 with the perspective of dropping even further to 1236.473. The price bottomed there on 12.12.2017 where the last uptrend in Gold started. Further pressure is accumulated with each day as selling gaining momentum. For me, the selling may find some pause at 1260.468 if there isn't a strong catalyst to change that and the Bears will take a break there. Completely as they are dominant now, they will keep the price under the 200DEMA and 1270-1280 as key selling points. 

 For Bitcoin, this is what it looks like on the bigger picture. Price has landed on a major support (yellow line), where previously on two other occasions the price has started new buying cycles. Now circumstances seem to be the exact and one may ask whether or not history will repeat itself. The majority of people wait only for that. I see two options here: the first one is for history to repeat itself, starting with a push up, passing 6849.65 and then covering the gap at 7545.73. With the price doing this successfully we can assume that the price is making a new uptrend towards 8000 and beyond. Won't use "to the Moon here", because BTC and the rest coins from the Crypto basket are stuck hard in the mud. The second option is that all of this will be delayed because the price is right now making a new possible Bearish flag for a move below 5460.24. Time and sentiment will tell. And also if major exchanges are not hacked anymore. 

 Oil is a prisoner of the thoughts, desires, and wishes of people, who they themselves counter- each other with an unclear view of the eternal question: To supply, or not to supply?. Vienna OPEC meeting is beginning and the Energy sector will seek clear answers on that question. This will determine for the long - term if we are going to have a cheaper Oil, or it will gain in value. As stated previously, the price has fallen into the range between the level 50 Fibo and 64.57 which are current support and resistance levels. Any key aspect and wording of the statements will cause the price to wobble. It will irritate your eye for sure, but if you don't want to check your balance every 2 seconds as well, you may not execute trades with WTI. Wait for the dust to settle. 

 The Euro continues to have a hard time as USD rises on Fed hikes and on the ongoing Trade war. The price has played - out a Bearish wedge on the Daily chart and now it goes into a technical correction as it seems that 1.15306 turns to be a very important level to watch, keeping the price from further movements down. Perfect for false breakouts and Bullish traps. The level itself will probably be breached after Beras taking some time off, covering their shorts. Still, the EUR/USD pair is in a downtrend.