The price of gold carves a series of higher highs and lows as it bounces back ahead of the monthly low ($1977), and bullion may continue to outperform bitcoin as BTC/USD takes out the April low ($26981).
Gold Price Outlook
The positive relationship between the price of gold and bitcoin has unraveled as the correlation coefficient current stands at insignificant reading of +0.11, and the precious metal may continue to retrace the decline from the monthly high ($2082) as it trades back above the $2018 (61.8% Fibonacci extension) region.
In turn, a close above $2075 (78.6% Fibonacci extension) along with a move above the monthly high ($2082) may push the price of gold towards $2150 (100% Fibonacci extension), but failure to extend the recent series of higher highs and lows may keep bullion within the opening range for May.
Additional Resources:
Gold price rebounds ahead of monthly low with US CPI on tap
--- Written by David Song, Strategist
DavidJSong
Gold Price Outlook
The positive relationship between the price of gold and bitcoin has unraveled as the correlation coefficient current stands at insignificant reading of +0.11, and the precious metal may continue to retrace the decline from the monthly high ($2082) as it trades back above the $2018 (61.8% Fibonacci extension) region.
In turn, a close above $2075 (78.6% Fibonacci extension) along with a move above the monthly high ($2082) may push the price of gold towards $2150 (100% Fibonacci extension), but failure to extend the recent series of higher highs and lows may keep bullion within the opening range for May.
Additional Resources:
Gold price rebounds ahead of monthly low with US CPI on tap
--- Written by David Song, Strategist
DavidJSong
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