Gold Surges Past $4,380 to New All-Time High Amid Market Uncertainty
- Gold's Safe Haven Status Reinforced: Gold prices have surpassed the $4,380 resistance level, nearing $4,500 and setting a new all-time high, primarily driven by the US's growing budget deficits and dollar depreciation, indicating a shift in investor preference towards physical assets during uncertain times.
- Silver's Notable Performance: Silver has exceeded $70 per ounce, outperforming gold in percentage gains, reflecting strong market demand for precious metals and potentially attracting more investors to this asset class.
- Liquidity Tightening Effects: The Secured Overnight Financing Rate (SOFR) has surpassed the Federal Reserve's interest on reserves, indicating a tightening money supply, while the US 10-year Treasury yields are testing the 4.20% resistance level, which could lead to further rate hikes and bolster demand for gold.
- Bitcoin Under Pressure: Bitcoin prices have remained below $100,000 for an extended period, with technical indicators suggesting that falling below $80,000 could accelerate selling pressure, clearly demonstrating a market preference for gold over digital assets.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC) As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 3 technical signals, shows that 0 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the stock.
Support, Resistance & Moving Averages From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 36103.034 | 48051.517 | 60373.054 | 72321.537 | 84643.074 | 96591.557 | 108913.094 |
| Fibonacci | 48051.517 | 57322.665 | 63050.389 | 72321.537 | 81592.685 | 87320.409 | 96591.557 |
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