Monday, June 11, 2018

A tale of two assets as gold regains $1300 handle and Bitcoin crashes below $7000

Entering into what is sure to be a very volatile week for the markets, Monday has already seen two asset classes break through long-standing ranges.  Unfortunately for one however, their breakthrough was to the downside as Bitcoin has fallen nearly $1000 since end of day trading on Friday.

Gold Breaks back over $1300


While not a large percentage move, gold is testing the $1300 level for the second time in a week and coupled with the recent speculator COT report, appears poised to break higher with the upcoming Fed decision on Wednesday.

Bitcoin crashes down below $7000


Over the past month, Bitcoin along with several other cryptocurrencies have seen a large drop in trading volume which helped lead to the weekend's $1000 fall thanks in large part to every increasing cyber-thefts at a number of exchanges.

The short and medium-term outlooks for both gold and cryptocurrencies are indeed a 'tale of two cities'.

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