Weekend Update: Cryptocurrencies and Gold Outlook - Forex News by FX Leaders

Weekend Update: Cryptocurrencies and Gold Outlook

Posted Saturday, March 17, 2018 by
Shain Vernier • 1 min read

In the cryptocurrency markets, the old adage is true — money never sleeps. While global markets are taking a two-day hiatus, the cash markets for Bitcoin (BTC) and the altcoins are rockin’ and rollin’. The appetite is seemingly always there for risk and reward in the cryptocurrency space.

Since yesterday’s forex close, there have been several positive moves from the big four cryptocurrencies:

Coin                                   Move                 Price (Approximate)

Bitcoin (BTC)                     +1.85%                           $8270

Bitcoin Cash (BCH)           +11.42%                        $1025

Ethereum (ETH)                 +1.00%                         $ 605

Litecoin (LTC)                    +1.00%                           $ 160

The key item to note from the last 24 hours is the gain in Bitcoin Cash. Posting a win of over 11%, BCH has eclipsed the key psychological barrier of $1000. Will BTC follow suit to $10,000 in coming days? We will certainly find out…….

Gold Technicals

It has been a rough month for April gold futures. Price is well off of February highs and looking for downside support on the weekly chart.

Gold
April Gold Futures (GC), Weekly Chart

Price bounced off of the weekly Bollinger MP during Friday’s session. A pronounced sell-off may be on the way to the 1300.00 handle, given Wednesday’s meeting of the FED.

Here are three areas of downside support to be aware of for the remainder of March:

  • Support(1): Bollinger MP, 1313.6
  • Support(2): Swing Low, 1303.6
  • Support(3): Psyche Level, 1300.0

Overview: The runup of late 2017 appears to be giving way to retracement. In my mind, the key number here is 1300.0. If we see a continued recovery in the U.S. equities indices amid a FED rate hike, gold will be poised to resume the bearish action in coming weeks.

This week is a big one for the markets. Buckle up and get ready for opportunity across the forex, metals and equities asset classes!

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About the author

Shain Vernier // US Analyst
Shain Vernier has spent over 7 years in the market as a professional futures, options and forex trader. He holds a B.Sc. in Business Finance from the University of Montana. Shain's career includes stretches with several proprietary trading firms in addition to actively managing his own accounts. Before joining FX Leaders, he worked as a market analyst and financial writer.
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