Time to come back to the main trends. Gold, SP500 and Bitcoin

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Published: Feb 13, 2018, 08:59 UTC

Gold is using a weaker USD to climb higher. Technically we are in a positive territory, very close to the legitimate buy signal. What we have so far is a

Gold is using a weaker USD to climb higher. Technically we are in a positive territory, very close to the legitimate buy signal. What we have so far is a daily pin bar bouncing from the horizontal support on the 1307 USD/oz. What we are still missing is the breakout of the upper line of the flag formation.

SP500 defended up trendline and stopped the panic from spreading. Currently, we are trying to correct the recent mayhem. I must say that buyers are doing pretty well. As long as we stay above the 2560 points (green area) the sentiment remains positive.

Bitcoin recently is very respectful of the horizontal levels. The price bounced from the support on the 6000 USD and aimed the recent one on the 8,7k USD, which was positively tested as a resistance. As long as we stay below the 8700 USD (green), the sentiment towards the BTC is still negative and we have high chances for testing the 6000 points area again.

This article is written by Tomasz Wisniewski, a senior analyst at Alpari Research & Analysis

About the Author

Tomasz Wiśniewskicontributor

During his career, Tomasz has held over 400 webinars, live seminars and lectures across Poland. He is also an academic lecturer at Kozminski University. In his previous work, Tomasz initiated live trading programs, where he traded on real accounts, showing his transactions, providing signals and special webinars for his clients.