Gold Falls Twenty-Three Dollars from the High Achieved on Monday

May 17, 2019 - 6:25pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Bitcoin’s Brief Sell-Off - by Joseph M. Wagner II

Bitcoin Is trading dramatically lower today after a large sell order originating in Luxemburg sparked a sell off  resulting in a nearly 10% decline in pricing. According to CNN, “Bitcoin’s mammoth rally suffered a devastating setback on Friday when a $35 million sell order triggered a vicious flash crash on Bitstamp. By the time the dominoes had stopped falling, the bitcoin price had plunged as low as $6,894, and more than $32 billion had vanished from the crypto market cap.”

As of 5:00 PM EDT BTC futures are trading down by $760 at $7115 on the CME. On an Intraday basis BTC dipped down to approximately $6300 before quickly recovering back above $7000. This sell-off today reinforced that support still stands at $6424 the .618 percent retracement, and as we spoke about earlier this week. BTC futures did in fact “fill the gap” and traders waiting to buy on a dip got an opportunity albeit a brief one.

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Gold Forecast: Proper Action
We are currently flat with no active trades.
 
On Sunday, May 5th, we sent out a trade alert to enter a long trade in June gold. We entered this position at $1285 with a stop at $1268. Wednesday we sent out a trade alert to modify the stop to $1291.13. That stop was hit yesterday, resulting in a profit of $613.00 per contract.
Gold Market Forecast

Today's sharp decline of $8.80 certainly indicated strong resistance at $1300 per ounce. More so our technical studies suggest that gold could trade to a low of $1275, the .78% retracement  per before finding support and returning to a bullish demeanor.However if prices break below $1267 the low of the double bottom, all bets are off.

Sentiment Indicator:
Gold -> Neutral
Silver -> Bearish
S&P 500 -> Bearish
Bitcoin -> Neutral