Gold Demand Hurt by Bitcoin – Levels for Trading on April 24th 2018
Posted By:- Ilan Levy-Mayer Vice President, Cannon Trading Futures Blog
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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!
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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:
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.
