Daily market recap for 30.05.2018
An opportunity has revealed in front of Bitcoin and the other crypto for a... range. I wanted to type for a move up, but I personally am not that convinced that the price is going to make another leg up in the triangle formation, before and stable direction. Still there are a lot of subduing factors casting a shadow on the crypto markets which still weigh. Yesterday we saw the price staying steady with a higher closing from the previous candle. Price opened at 7475.20, moved up a bit towards 7524.40 and a small range on the 15M was breached (described in one of my Twitter snapshots). Price reached a low at 7225 and settled at 7295.30.
It is going to be crucial for the pice to move past 7600. For now on the bottom 7314.62 remains sufficient for the price not to move further down. The question now will be, will there be enough Bull power and acceleration for a sufficient move up, even towards the 200DEMA.
Italian crisis seems to ease as there is a big possibility for Italy to form a government. Bonds and Yields returned to normal as well, there was risk Yesterday overall and this affected the Euro as well. Price opened at 1.15362, made a low towards 1.15096 of 1.15184 and after the new came in that the pressure may go away, the price breached even 1.16000 and made a high at 1.16759. Price settled at.1.16636. Acceleration may come to force now with the resent cooling of the events and we may see an attempt towards 1.17000 and 1.17579. Further if the price remains steady with enough bias from the Bulls, the Euro may try to touch 1.18000.
Gold resumes the winning session, even though it's full of insecurity and whip saws. Gold opened at 1299.160, went down to 1295.820 and closed, failing to move under 1296.347 and 1295.509 and after that even though the risk mode was on, XAU/USD climbed to 1304.300 and closed at 1301.160. Price has touched the 200DEMA. We need to see if the price can stay above the moving average and top line of the downtrend to say that longs can be preferred here. 1306.591 on the top side will be important level to watch as well.
Crude had a good day Yesterday opening at 66.77, at first moving lower to 66.27, after that the price has manage to breach 61.8 Fibo and there was enough conviction for a high at 68.55. Price closed at 68.13. There was selling at 68.41. If the price can remain above that, we may see fresh attacks towards 69 and 70. Even though the rally Yesterday, we may still see a correction move towards 61.8 Fibo for a confirmation if the movement up is going to be justified, or the price will have room to move bellow 61.8 again and towards 50 Fibo.