Light Pre-Summer Volume Results in Fractional Decline in Gold

May 22, 2019 - 6:59pm

 by Gary Wagner

Gary S. Wagner - Executive Producer

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Gold Forecast: Proper Action
We are currently flat with no active trades.
 
As we spoke about both in our opening letter and video report the identification of a descending triangle is extremely  bearish, and as such we will look to see if prices break below the double bottom at $1267.
Gold Market Forecast

Today's video report will continue to detail why our current sentiment is bearish, with the real possibility of breaking below the double bottom which occurs at $1267 per ounce. According to the definition of a descending triangle a break below $1267 would trigger a sell signal.

Sentiment Indicator:
Gold -> Bearish
Silver -> Neutral
S&P 500 -> Neutral
Bitcoin -> Neutral
Bitcoin fundamentals by Joseph M. Wagner II:

Tether Take Over?

BTC futures continue to consolidate just below current resistance at approximately $8500. Basis the CME futures five-coin contract Bitcoin futures are trading down approximately $200 a little over 2% as of 4:45 PM Eastern daylight Time.

Volume in the CME’S BTC futures contract is finally dropping down to about 8000 contracts on the day, still relatively high on a historical basis, but finally showing some diminished interest in the short-term.

In the cash market the volume of Bitcoin bought and sold in the last 24 hours ($11.82 billion) has been overtaken on the day by Tether whose volume for the last 24 hours is over $15 billion worth of coins being bought and sold. For those unfamiliar with Tether (USDT) which is a so-called “stable coin” because it is directly fixed to the U.S. dollar, therefore its price always will be equal to one U.S. dollar.

Tether being the front runner of all of the stable coins and is the largest digitally exchanged fiat currencies pegged coin. It is also backed 100% by reserves that include fiat currencies and occasionally other assets, and has recently been added onto the Ethereum blockchain rather than only running on Bitcoin’s network, even though it is tethered against the U.S dollar, it runs on the same blockchain meaning if Tether gains volume  the BTC futures contract will benefit