In this article we take a quick look at the Daily Charts for Gold, Bitcoin and the British Pound vs the USD.
Year to Date Gold performance has been towards the rise. Although most currently on a slide the commodity has a strong support around $1265 level. Relative strength indicator (RSI) also indicates that Gold will show further slide towards the support level and then reverse north towards $1300 level and upwards. Thus an XABCD pattern seems in completion, with a potential to take the price higher towards yearly highs at $1350. Keep a watch on this commodity and look for trading opportunities to buy the dips and sell on rallies.
Crypto Currencies are the talk of the hour from small retailers to big banks, some showing full support while others with an eye of suspicion. Year to Date progress has been indomitable with an exponential rise in the price of the Bitcoin crypto-currency. With such rampant growth many big banks continue to raise eye-brows without much involvement yet keep this instrument on the watch-list. Lets wait and watch to see how the currency performs further. But looks like further growth to not seen highs yet, are on the charts with increased volumes and technology/infrastructure robustness for the individuals / retail clients, in pipeline.
Our last instrument for today's technical watch is the British Pound performance vs the US Dollar. I have worked my prime career years in London, UK and my pension fund and some investments still exist in the GBP. Hence a bit of selfishness in reviewing this currency pair with roller coaster performance with some historic events like the BREXIT Referendum in June 2017 and later an algorithmic flaw taking currency to all time lows just a couple of months later. $GBPUSD has recovered the later losses in these months and reached some highs at 1.35. However most recently no clear direction is visible on the daily charts or else indicators (RSI for instance). This pair is going to exhibit further strengthening at current levels (shown by the zig-zag move in a narrow range) and then take a direction most likely upwards. Fundamentals in the UK and US to drive the direction primarily for this and many more financial instruments.