With Gold’s bull market, it seems ready to make precious metal confectionery. According to Bloomberg Intelligence’s April report, the main culprit behind this decline in gold prices may be Bitcoin. Bloomberg analyst Mike McGlone, who signed successful estimates, listed the levels that can be seen for the gold price.
Mike McGlone: Gold seems to be ready for a confectionery time compared to young Bitcoin
Bloomberg Intelligence Senior Commodity Strategist Mike McGlone, who signed successful estimates, interpreted the markets and said:
Old protection gold seems ready for confectionery time compared to young Bitcoin. The Golden Taurus Market has clearly stopped and we believe that it is transition to a long -term market -dependent market… The crypto currency represents the largest gold wind unless the high price discovery process in Bitcoin reverses.
According to Mike McGlone, Bitcoin changes the role of Gold in a portfolio for many investors, and gold will have to share the attention of Gold with the crypto currency until it changes. Mike McGlone adds the following to his explanations:
As long as something unexpected in the fund wave rising towards Bitcoin does not go wrong, we see a limited increase for gold. Dear metal… Lost primary support: Stock Exchange Investment Fund Entrances…
Mike McGlone: Gold’s transaction range will remain between 1,600 and $ 1,900
Mike McGlone, Gold’s transaction range will remain between 1,600 and $ 1,900 per ounce, stating that precious metal does not have much space to climb or fall, he added. Mike McGlone adds the following to his explanations:
It is more likely to settle in a cage with $ 1,600 – $ 1,900 per ounce. Something important may need to move it over the old high levels and overcome the good resistance of approximately $ 1,900 since October.
At the existing levels of $ 1,700 per ounce, the gold seems to be overly sold. According to the analyst, gold can easily return to this key level. Mike McGlone adds the following to his explanations:
Gold is a bit cold in March, it is more likely to recover, but we see that the metal settled in a long rest period. The upper side is limited to good resistance and relatively new Bitcoin. A ounce of less than $ 1,700 should find support layers behind a discount of approximately 20 %from the summit and develop relative values.
Mike McGlone: These levels are critical for gold price
Mike McGlone emphasizes that the golden bull market is still in motion, but the bear market is not likely. Mike McGlone adds the following to his explanations:
The upward orbit of the metal, which started with the first federal reserve interest rate hike in 2015, is threatened by the new Bitcoin. However, after approximately 20 %of the 2020 summit and returning to the support layers, the possibilities leaned towards Gold: Recovery with price… The sub -band of $ 1,650 per ounce of gold per ounce is a good support and the average 50 -week average target resistance around $ 1,830.
Here are the successful predictions of Bloomberg analyst Mike McGlone
Bloomberg analyst Mike McGlone said Bitcoin will see $ 10,000 in the beginning of 2020 and he knew. Mike McGlone, Bitcoin price in recent months at the level of $ 9 thousand dollars gave the good news of 12 thousand dollars and he knew it. Apart from these, there are other successful predictions of the analyst. In early January, the analyst said that BTC would see $ 50,000 in 2021 and this level was seen in Binance in mid -February.
