|Day's Range||1,676.20 - 1,681.50|
Bitcoin trended higher along with many traditional markets Tuesday before changing direction and falling as U.S. stock trading closed.
Based on the early price action and the current price at $25.15, the direction of the May WTI crude oil market into the close on Monday is likely to be determined by trader reaction to an uptrending Gann angle at $25.27.
Stock markets broke higher during the trading session on Tuesday but gave back quite a bit of the gains to show just how difficult it is going to be to continue going higher.
The itch among some gold holders to cash out after a three-day rally also took some shine off the precious metal in its New York session. Gold futures on New York’s COMEX settled down $12.20, or 0.7%, at $1,664.80 per ounce. It hit $1,742.20 at the session high, bettering Monday’s $1,709.50 peak, before investors took note of reports that the Covid-19 infection rate in New York, the U.S. epicenter for the pandemic, was stabilizing despite daily death tolls in the hundreds.
The Euro pulled back slightly during the open on Tuesday, but then shot straight up towards the 1.09 handle where there would be a significant amount of resistance. All things being equal, the market is likely to continue seeing a lot of back and forth.
With gold at a multi-year high, investors have to be careful about buying too aggressively especially if other investors feel that stocks are extremely cheap and have a better potential return.
While the future remains uncertain and there are talks of unemployment reaching an average of 30%, at this point it seems traders aren’t worried, as long as they have cheaper stocks to trade on and that’s why today’s focus will be on indices.
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European stock markets are set to push higher Tuesday, following on from Monday’s strong gains, as investors look for more financial aid to help bolster the region’s battered economies. At 2:25 AM ET (0625 GMT), the DAX futures contract in Germany traded up 1.1%. France's CAC 40 futures were up 1.9%, while the FTSE 100 futures contract in the U.K. rose 1.4%.
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The short-term range is 103.960 to 98.345. Its retracement zone at 101.155 to 101.815 is the first upside target. This zone surrounds a long-term 50% retracement level at 101.495.
The silver markets have rallied slightly during the trading session on Monday, as the market started to see more money flow into the precious metals markets and simultaneously into more of a “risk on” move. Ultimately, this helps silver.
Gold markets rallied significantly during the trading session on Monday, reaching towards the crucial $1700 level. If the market can break above this level, it’s likely that we will continue the uptrend finally.
Like gift cards, digital tokens represent claims on future services. In a downturn, those tokens may not lose value as readily as equities and debt.