All articles tagged with #uptrend
Bitcoin reached a new all-time high above $119,000, triggering significant short liquidations and sparking optimism for further gains, potentially up to $135,000-$140,000, if key resistance levels are broken. Traders are watching support around $115,000 and resistance near $120,000, with some expecting a continuation of the recent seven-week discovery uptrend.
The consumer-led recession that many have been calling for appears to have ended months ago, according to the stock market. The Consumer Discretionary Select Sector SPDR exchange-traded fund has been outperforming the S&P 500 ETF since the end of last year, suggesting a new uptrend started this past week. The better-than-expected government retail sales report on Thursday was a fundamental confirmation of what the charts have been saying. The consumer’s well-being is critical for the health of the overall economy, as consumer spending accounts for about 68% of U.S. gross domestic product.
Gold and silver prices rebounded on Tuesday, with June gold up $16.00 at $2,023.00 and May silver up $0.262 at $25.355, due to perceived value buying and a lower US dollar index. The metals market bulls are also favored by a dip in US Treasury yields. Technically, June gold futures and May silver futures bulls have the solid overall near-term technical advantage, with both in a five-week-old uptrend on the daily bar chart. Copper prices also closed up 300 points at 409.60 cents, with copper bulls having the overall near-term technical advantage.
Despite Friday's selloff, retail investors expect gold to regain its luster with next week's average target at $2,047 an ounce. The latest Kitco News Gold Survey shows that retail investors remain solidly bullish on gold in the near term; however, Wall Street analysts are taking a more cautious stance. Although prices could remain under pressure in the near term, the market remains in a solid uptrend. Looking to next week's price action, many analysts have said that traders and investors need to pay attention to the U.S. dollar.
Bitcoin continues its rally and uptrend in the market, making it a popular investment choice.