Crypto Market Changes The Trend
Happy Tuesday, dear traders! Here’s what we follow:
Gold surged to 3-month high, Tesla is under pressure
Information is not investment advice
Latest news
- The market sentiment is risk-on on Tuesday. The US dollar dipped, while risky assets are rallying up.
- XBR/USD (UK Brent oil) is getting closer to $70 a barrel as the demand outlook for crude oil improved in the US, even despite the fresh coronavirus outbreak in parts of Asia.
- Coinbase dropped to a record low, which is even below the reference price used in its April direct listing on Nasdaq. It was mainly caused by the recent Bitcoin’s massive sell-off.
- Gold surged to the highest levels in nearly three months. The breakout above the $1875 resistance will drive the metal to the psychological mark of $1900.
- Michael Burry, the investor who is famous for making a decent profit betting against mortgage securities during the financial crisis, has made the largest Tesla short position. He has sold 800,000 Tesla shares or $534 million. With FBS, you can open both buy and sell trades. Therefore, you do not need to have an asset to sell it. You can open a sell order from the start, just like trading currencies.
Technical tips
Well, let’s start with gold today! It has broken through the upper trend line and now it’s just below the $1875 resistance – the highs of late January. If it manages to break it, the way up to the psychological mark of $1900 will be open. However, the rally up was quite long, that’s why we might see some short sell-off, maybe pullback to $1850 – the 200-day moving average.
If EUR/USD crosses the recent highs of 1.2185, it may jump to the high of February 25 at 1.2250. Since the pair is trending up both in the long and the short term and the USD is weak today, it’s likely to do that. On the flip side, the move below the 100-day moving average of 1.2050 will press the pair down to the 1.2000 support.
XBR/USD (UK Brent oil) has approached the key resistance of $70.00. The breakout above this level will drive oil up to the high of March 8 at $71.00. Support levels are $67.80 and $65.60 at the 50-day moving average.
Tesla has reversed from $560.00 yesterday and recovered some losses, but today after Burry sold so many Tesla’s shares, we might expect the stock to drop to $550.00 and then maybe deeper to $500.00. Resistance levels are at the recent highs of $600.00 and $620.00.
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Crypto Market Changes The Trend
Happy Tuesday, dear traders! Here’s what we follow:
The US Labor Market And Real Estate Market Are In Focus This Week
Labor Market and Real Estate Market data was published yesterday. Markets are slowing down, so the economy is in recession. Today the traders should pay attention to the Retail sales in Canada.
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