Gold surged to 3-month high, Tesla is under pressure

Gold surged to 3-month high, Tesla is under pressure

Latest news

  • The market sentiment is risk-on on Tuesday. The US dollar dipped, while risky assets are rallying up.
  • XBR/USD (UK Brent oil) is getting closer to $70 a barrel as the demand outlook for crude oil improved in the US, even despite the fresh coronavirus outbreak in parts of Asia.
  • Coinbase dropped to a record low, which is even below the reference price used in its April direct listing on Nasdaq. It was mainly caused by the recent Bitcoins massive sell-off.
  • Gold surged to the highest levels in nearly three months. The breakout above the $1875 resistance will drive the metal to the psychological mark of $1900.
  • Michael Burry, the investor who is famous for making a decent profit betting against mortgage securities during the financial crisis, has made the largest Tesla short position. He has sold 800,000 Tesla shares or $534 million. With Forex, you can open both buy and sell trades. Therefore, you do not need to have an asset to sell it. You can open a sell order from the start, just like trading currencies.

Technical tips

Well, lets start with gold today! It has broken through the upper trend line and now its just below the $1875 resistance the highs of late January. If it manages to break it, the way up to the psychological mark of $1900 will be open. However, the rally up was quite long, thats why we might see some short sell-off, maybe pullback to $1850 the 200-day moving average.

Gold surged to 3-month high, Tesla is under pressure

XAU/USD chart

If EUR/USD crosses the recent highs of 1.2185, it may jump to the high of February 25 at 1.2250. Since the pair is trending up both in the long and the short term and the USD is weak today, its likely to do that. On the flip side, the move below the 100-day moving average of 1.2050 will press the pair down to the 1.2000 support.

Gold surged to 3-month high, Tesla is under pressure

EUR/USD chart

XBR/USD (UK Brent oil) has approached the key resistance of $70.00. The breakout above this level will drive oil up to the high of March 8 at $71.00. Support levels are $67.80 and $65.60 at the 50-day moving average.

Gold surged to 3-month high, Tesla is under pressure

Tesla has reversed from $560.00 yesterday and recovered some losses, but today after Burry sold so many Teslas shares, we might expect the stock to drop to $550.00 and then maybe deeper to $500.00. Resistance levels are at the recent highs of $600.00 and $620.00.

Gold surged to 3-month high, Tesla is under pressure

Thank you for rating.
REPLY A COMMENT Cancel Reply
Please enter your name!
Please enter a correct email address!
Please enter your comment!
The g-recaptcha field is required!

Leave A Comment

Please enter your name!
Please enter a correct email address!
Please enter your comment!
The g-recaptcha field is required!