Technical Analysis of Gold, Silver, and Bitcoin
By Greg Michalowski | 19 hours ago
Overview
This article provides a technical analysis of three key assets: gold, silver, and bitcoin. It discusses their current market positions, biases, risks, and potential targets based on recent price movements and technical indicators.
Gold Analysis
Gold has shown a strong technical profile, recently pushing above its key short-term moving averages. It reclaimed its 100-hour moving average last Wednesday and has maintained its position above this level since then. The recent trading session has seen gold gain momentum, surpassing the 50% retracement level of the decline from its all-time high of $5,000.40, and moving above the 61.8% retracement at $5,141.61.
Holding above the 61.8% level indicates that buyers are in control. The next target for gold is around $5,235.40, which corresponds to a swing area from late January. A breakout above this level could lead to a broader upward movement and reinforce the bullish sentiment.
Silver Analysis
Silver has followed a similar upward trajectory but with less conviction compared to gold. From February 18 to February 20, silver traded within a narrow range around its 100- and 200-hour moving averages, indicating market indecision. On February 20, buyers gained momentum, pushing the price towards the 38.2% retracement level at $86.04, which also aligns with a high from February 11, enhancing its technical significance.
Today, silver briefly dipped to $84.56 but has since recovered, trading above the 38.2% level at approximately $86.74. Maintaining this position could shift focus towards the 50% retracement level near $92.84.
Bitcoin Analysis
In contrast to gold and silver, bitcoin is not currently attracting safe-haven flows. Over the weekend, bitcoin's price fell below its 100- and 200-hour moving averages near $67,600 and continued to decline. The lowest point today was $64,161, which undercut the swing low from February 12 at $65,156.
The price range between $64,161 and $65,156 is now critical. A move back above this range could stabilize market sentiment and encourage new buying. Conversely, a break below $64,161 would increase selling pressure, with the next focus shifting to the early February cycle low at $59,930.
Conclusion
The article emphasizes the contrasting technical profiles of gold, silver, and bitcoin. While gold and silver show bullish tendencies, bitcoin faces challenges that could lead to further declines. Traders are advised to monitor these key levels closely for potential trading opportunities.