With both Japan and Europe out of the way, the FOREX markets have moving fractionally to offer the US dollar a little strength. Of most interest to me is the Yen, which itself is off by about a quarter of a percent, which is letting gold slip away from all that overhead supply it has.
Gold has been bouncing higher for a little more than a week, and my view is that, as it approaches its gap at $117.95, it will reverse lower. Whether it’ll reach the gap or not at all remains to be seen, but I’ve shorted it this morning with a stop at $118.
This caught my eye this evening…………
I was curious what the Commodity King had to say, since he’s been bad-mouthing bitcoin a lot lately, so I did a Google search. It didn’t take me but a moment to find his take on it from January 2014. We can see, thanks to SlopeCharts, how it’s done since then.
Since Slope Of Hope has been around longer than just about any financial blog in existence, there’s a deeply-rooted culture here. There are a lot of inside jokes and running gags, and for the longest time, I assumed the mention of “Ethereum” was one of them. Just goes to show how out of it I am, because Ethereum is, in fact, one of the hot virtual currencies out there, and I took it upon myself to add it to SlopeCharts, which is getting better by the day.
You can now punch in $ETH for Ethereum……..
One of my readers sent me this email, and I asked him permission to post it, which he kindly gave:
I’ve read a few times that your bloggers/commenters do not understand how bitcoin works but they will trade it anyway. I know pretty extensively how bitcoin and other cryptocurrencies work. Being a bitcoin/litecoin miner and promoter from years ago I thought I’d let you know a few things. If you want me to elaborate let me know but I felt compelled to email you a few things. (more…)
I had almost forgotten about the post I did in January, but in it I pointed out the very bullish pattern that bitcoin (of all things) was exhibiting. Here’s what it looked like four months ago:
And now, having shown that technical analysis works even on goofy new digital financial instruments, we have seen it double in that short amount of time (original base highlighted):