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Gold broke out of that wedge discussed yesterday for all intents and purposes. If we are going to get a V-shaped move, today is a good day for it with Powell speaking. Otherwise, expect all rallies that stall to be met with impatient selling….
This market right now is fishing for stops lower. Longs resilience is being tested and weaker ones are being peeled off one at a time…
If this is the ”old Gold” it ends with a capitulation lower if 1936 does not hold…
If this is the new Gold, it ends with a V-shaped bottom very soon…
The risk reward trade has presented itself as lower on the daily radar.
To be negated, this market must trade under 1936 and then close green…
Bitcoin: last week we commented that BTC should begood for a rally for amonth or two due to the spot ETF announcement. This has happened many times before.. it is game on now as institutions once again front run american retail interst being corralled now for the new ETF.
Gold and BTC Levels at bottom
