Gold price and bitcoin correlation on the rise
The price of gold continues to pullback from a fresh yearly high ($2010), with bitcoin reflecting a similar behavior as it trades within the previous day’s range.
The correlation coefficient may mirror the readings from earlier this year as it turns positive, with the indicator approaching more significant levels as it climbs to +0.76.
Gold Price Outlook
The price of gold appears to be reversing course ahead of the 2022 high ($2071) as it snaps the recent series of higher highs and lows.
A below $1937 (38.2% Fibonacci extension) opens up the $1886 (23.6% Fibonacci extension) region, which largely lines up with the 50-Day SMA ($1883).
However, the price of gold may track the positive slope in the moving average as long as it holds above the monthly low ($1809), with a move back above the $1972 (78.6% Fibonacci retracement) to $1977 (50% Fibonacci extension) area raising the scope for a run at the yearly high ($2010).
Additional Resources:
forex.com/en-us/news-and-analysis/gold-price-forecast-rsi-sell-signal-emerges/
--- Written by David Song, Strategist
Follow me on Twitter at DavidJSong
The correlation coefficient may mirror the readings from earlier this year as it turns positive, with the indicator approaching more significant levels as it climbs to +0.76.
Gold Price Outlook
The price of gold appears to be reversing course ahead of the 2022 high ($2071) as it snaps the recent series of higher highs and lows.
A below $1937 (38.2% Fibonacci extension) opens up the $1886 (23.6% Fibonacci extension) region, which largely lines up with the 50-Day SMA ($1883).
However, the price of gold may track the positive slope in the moving average as long as it holds above the monthly low ($1809), with a move back above the $1972 (78.6% Fibonacci retracement) to $1977 (50% Fibonacci extension) area raising the scope for a run at the yearly high ($2010).
Additional Resources:
forex.com/en-us/news-and-analysis/gold-price-forecast-rsi-sell-signal-emerges/
--- Written by David Song, Strategist
Follow me on Twitter at DavidJSong
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