The price of gold clears the March high ($2010) to register a fresh yearly high ($2032), while bitcoin trades within last week’s range.
The price of gold and bitcoin continues to share a positive relationship as the correlation coefficient stands at a +0.90 to indicate a significant reading, but bullion may continue to outperform bitcoin as the bullish momentum appears to be gathering pace.
Gold Price Outlook
The price of gold may attempt to test the 2020 high ($2075) as the Relative Strength Index (RSI) approaches overbought territory, with a move above 70 in the oscillator likely to be accompanied by higher gold prices like the price action from earlier this year.
However, the RSI may show the bullish momentum abating if it fails to push into overbought territory and diverges with the price of gold.
Keep in mind, correlation is not causation, but a near-term pullback in the price of gold may warn of a similar scenario for bitcoin, with BTC/USD susceptible of giving back the advance from last month if it fails to defend the opening range for April.
Additional Resources:
Gold price forecast: RSI flirts with overbought territory
--- Written by David Song, Strategist
Follow on DavidJSong
DavidJSong
The price of gold and bitcoin continues to share a positive relationship as the correlation coefficient stands at a +0.90 to indicate a significant reading, but bullion may continue to outperform bitcoin as the bullish momentum appears to be gathering pace.
Gold Price Outlook
The price of gold may attempt to test the 2020 high ($2075) as the Relative Strength Index (RSI) approaches overbought territory, with a move above 70 in the oscillator likely to be accompanied by higher gold prices like the price action from earlier this year.
However, the RSI may show the bullish momentum abating if it fails to push into overbought territory and diverges with the price of gold.
Keep in mind, correlation is not causation, but a near-term pullback in the price of gold may warn of a similar scenario for bitcoin, with BTC/USD susceptible of giving back the advance from last month if it fails to defend the opening range for April.
Additional Resources:
Gold price forecast: RSI flirts with overbought territory
--- Written by David Song, Strategist
Follow on DavidJSong
DavidJSong
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