Gold Demand Hurt by Bitcoin – Levels for Trading on April 24th 2018

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Dear Traders,

Bitcoin Nipping At Gold Demand

by DEBBIE CARLSON

Supply & Demand
The World Gold Council (WGC), the trade group representing the gold industry, said in its fourth-quarter Gold Demand Trends report that the yellow metal’s global, full-year demand fell by 7% last year. ETF demand in 2017 was one-third of 2016’s pace, although 2016 was the second-highest year on record.

Rhind and Thomas say the people who were interested in bitcoin were drawn to the parabolic price rise, rather than viewing it as having the same risk management role in their portfolio as gold does.

“Almost to the person, they all thought bitcoin was exploding, and they didn’t want to miss ‘the move’ … no one ever mentioned safety to me,” Thomas said.

Good Trading!

Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors.  You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. You may lose all or more of your initial investment. Opinions, market data, and recommendations are subject to change at any time.

Futures Trading Levels

4-24-2018

Contract June 2018  SP500 #ES_F Nasdaq100  #NQ_F Dow Jones  #YM_F Mini Russell #RTY_F BitCoin Index #XBT_F
Resistance 3 2713.42 6846.83 24807 1592.07 9985.37
Resistance 2 2699.08 6787.42 24681 1583.13 9507.13
Resistance 1 2685.92 6735.58 24543 1574.57 9178.35
Pivot 2671.58 6676.17 24417 1565.63 8700.11
Support 1 2658.42 6624.33 24279 1557.07 8371.33
Support 2 2644.08 6564.92 24153 1548.13 7893.09
Support 3 2630.92 6513.08 24015 1539.57 7564.31
Contract June Gold #GC_F May Silver #SI-F June Crude Oil #CL-F June  Bonds  #ZB_F June  Euro #6E_F
Resistance 3 1348.5 17.53 71.47 143 22/32 1.2406
Resistance 2 1343.0 17.33 70.25 143 12/32 1.2372
Resistance 1 1334.7 16.97 69.58 143  5/32 1.2314
Pivot 1329.2 16.78 68.36 142 27/32 1.2280
Support 1 1320.9 16.42 67.69 142 20/32 1.2222
Support 2 1315.4 16.22 66.47 142 10/32 1.2188
Support 3 1307.1 15.86 65.80 142  3/32 1.2130
Contract July  Corn #ZC_F July Wheat #ZW_F July Beans #ZS_F July SoyMeal #ZM_F May Nat Gas #NG_F
Resistance 3 382.3 487.9 1052.00 385.90 2.82
Resistance 2 380.7 484.3 1046.75 383.60 2.79
Resistance 1 379.6 479.4 1039.50 379.90 2.77
Pivot 377.9 475.8 1034.25 377.60 2.74
Support 1 376.8 470.9 1027.0 373.9 2.7
Support 2 375.2 467.3 1021.75 371.60 2.69
Support 3 374.1 462.4 1014.50 367.90 2.66

Economic Reports, source: 

http://app.bettertrader.co 

Economic Reports - Tuesday, April 24th

This is not a solicitation of any order to buy or sell, but a current market view provided by Cannon Trading Inc. Any statement of facts here in contained are derived from sources believed to be reliable, but are not guaranteed as to accuracy, nor they purport to be complete. No responsibility is assumed with respect to any such statement or with respect to any expression of opinion herein contained. Readers are urged to exercise their own judgement in trading.

Tags: > > > Posted in: Bitcoin Futures   | Future Trading News  

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