The Australian dollar was negative during most of the month of March but is approaching a significant uptrend line that I think will continue to hold this market afloat. Obviously, gold will have its influence as well, but it looks to me as if the 0.77 level is a significant level, based upon the last…
As of 1:18 pm ET today (April 1st), Bitcoin is attempting to hold above the upper edge of its downtrending channel, while continuing its slide lower, as shown on the daily chart below. Previous attempts to hold above the channel have failed and the momentum indicator has continued to remain in downtrend in bearish territory well below the zero level. Near-term…
There’s no telling how things will play out over the next several trading sessions because over the holiday weekend, the President of the United States literally accused one of the most important companies in America of defrauding the Post Office, said one of the nation’s most important newspapers should be forced to register as a lobbyist,…
Long-time readers of The Gold Update know that our microphones are just about everywhere as we return to those placed inside the Salzburg clinical offices of esteemed analyst in the psychosis of precious metals, Dr. Youara Nichtsogut… Dr. Nichtsogut: “Ahhh, Sister Silver, such the honourable surprise is this! Your good man Gold was here October last,…
Bitcoin and other cryptocurrencies continue their descent. Good Friday has not been good to the digital coins and neither has the weekend (maybe a “lost weekend”) and perhaps it is April’s Fools. BTC/USD is trading around $6,500, the lowest since mid-February when it crashed to $5,858 and rebounded quite quickly. Below this level, we are…
Latest Price – 76.82c Daily Chart Pattern – AUD/USD’s recent high made a double top which rarely ends trends. So, expect a move above that level. Fibonacci – price down to 76.4% retracement level and the 88.6% angle, a very nice setup for a corrective low if that is to be the case. RSI –…
The hated energy sector is now back in favor with $65 crude (up about 9%) and bullish analyst comments. A host of analysts have started betting big on this unloved sector. Credit Suisse analysts view the space as attractive for the first time in two years and have raised their rating to market weight from underweight. Morgan…
Fascinating what one finds out on the internet. For example, I chose Mack the Knife as my weekend market metaphor after taking the photo of shark teeth. Thinking the line “Oh, the shark, babe, has such teeth, dear. And it shows them pearly white,” apropos to the recent market activity, the true meaning of the song blew my mind. The…
As if the last few weeks were not bad enough, cryptocurrencies are tumbling again since Friday’s close. Once again there is no clear catalyst but headlines from crypto world include South Korean and Thai regulators preparing to unveil their crypto-tax proposals (and notably the maze of details surrounding US tax requirements for cryptos may also be forcing some unwinds to cover…
Two major challenges face petrochemical and polymer producers and consumers in 2018: The likely disruption created by the arrival of the ethylene/polyethylene expansions in the US The growth of the circular economy and the need to dramatically increase recycling capacity They will create Winners and Losers. The new US product will likely change the global…
