GOLD (XAUUSD)
Dominant Bias: Bullish
Gold is bullish in the long-term
and bearish in the short-term. Price went upwards from April 3 to 17, and then
began to be corrected lower. The lower correction has not been significant
enough to override the recent bullish bias on the market. However, several more
days of bearish movement would result in a Bearish Confirmation Pattern in the
market, just as it is on Silver. Therefore, the most probable movement for May
is bearish, as price goes towards the support levels at 1240.00, 1230.00 and
1220.00. These are the targets for May and June.
SILVER (XAGUSD)
Dominant Bias: Bearish
Silver is now a bear market, with
a southwards movement far stronger and faster than that of Gold. Price swung
upward and downwards wildly within April 3 to 17, and then dropped
precipitously, losing over 18,000 pips within two weeks. Long trades are
currently illogical in the face of ongoing selling pressures in the market. This
month, the demand levels at 16.5000, 16.0000 and 15.5000 would be breached
easily as price goes further southwards. Any rallies seen along the way should
be ignored, and rather taken as good short-selling opportunities.
BITCOIN (BTCUSD)
Dominant Bias: Bullish
This is a roaring bull market.
After the volatile bearishness that was experienced in March, price went
seriously upwards in April. From the low of March 25 till date, price has
gained more than 50,000 pips, and this seems like just the beginning. The
strong Bullish Confirmation in the market points to further northward rally,
which would take price higher and higher within the next few months. True,
there may be some volatile bearishness as was seen in March, but subsequent
recovery would be quick as price trends further northward. The initial target
is at the distribution territory at 1500.00.
Traders’ Mindset: Traders' Mindset
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