Gold markets rallied a bit during the trading session on Tuesday to show signs of life again as the market has threatened to break above the $1750 level. If you can do that, then it’s likely that we could go looking into the 50-Day EMA above, which is near the $1775 level.

Looking at this chart, it’s obvious that the market has seen a lot of volatility and negative pressure, so even if we do rally, I think we probably have a lot of work to do before we start to turn around and rise for the longer term. Interest rates in America continue to rise, and that does work against the value of gold. So does the US dollar rising, although all of these things can go higher at the same time, depending on the situation that is going on. At this point, it looks to me as if gold is trying to at least get a short-term rally going, so pay close attention to the next couple of days and the statements coming out of the Jackson Hole Symposium, because it could have a lot to say as to where we are going next.

Underneath, I think the 6 $1720 level could be short-term support, but if we were to break down below there, it’s almost a given that we will test the lows again. Breaking down below the lows that we made several weeks ago could open up even further selling pressure, which would probably coincide with interest-rate spanking, and of course, the US dollar strengthening. Because of that, you need to be aware of the fact that we have a lot of concerns coming out of the bond market.

It All Depends on Interest Rates

• If the rates in America continue to rise, it will make bonds a lot more attractive than gold, which of course you have to pay to store.
• There is a lot of resistance above that if we broke through, you’d have to consider a trend change, namely, the $1800 level and the 200 Day EMA. If we can clear all of that, then gold becomes more or less a “buy-and-hold” asset.
• The only thing you can count on in the short term is going to be a lot of noisy behavior and therefore you need to be cautious about the position size that you put on in this market.

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The West Texas Intermediate Crude market has initially fallen on Tuesday but then turned around to show signs of life again. By doing so, it looks as if the market is going to continue to go higher, and eventually smashed through the $120 level. The $120 level is an area that is psychologically significant and an area that will attract a lot of attention. Underneath, the $115 level is an area where we had broken out of resistance from previously, and therefore it should offer a bit of a “floor the market.”

The crude oil markets will continue to see a lot of noise due to the situation in Ukraine, and all of the Russian oil that is being diverted off of the world’s markets. Ultimately, I think this is a situation where we have noisy behavior more than anything else, but with an upward tilt. I like the idea of buying pullbacks to take advantage of value, as it will more likely than not continue to see plenty of value hunters coming back in. After all, oil has been one of the better performers most of the year, and I just don’t see that changing anytime soon.

If we were to break down below the $115 level, then it’s possible that we could see a more significant pullback, perhaps even going all the way down to the $110 level where the 50 Day EMA is approaching. I have no interest whatsoever in trying to sort this market, at least not until we break down through there at the very least. If we break down through there, then it’s possible that we could go to the $110 level. That’s an area that is going to be interesting to pay close attention to but at this point I think with everything that’s going on, it’s difficult to imagine that this market sells off with any type of momentum or permanence. I think than the oil market continues to be one of the better trades for the summer, and therefore I think we not only reach the $130 level above, but we are going to go much higher than that given enough time. This will be true based upon the “measurement” of the triangle as well. With demand and all of the technical factors, this looks very bullish to me.

AVAX/USD is producing an intriguing upwards trend the past nine days of trading, and as of this morning is approaching important resistance again.

AVAX/USD is trading above 88.0000 mark as of this writing and is testing important short term resistance, after experiencing a short lived but rather strong reversal lower late last night. On the 19^th of March, AVAX/USD was trading near 92.2000 which challenged marks last seen late in February. Avalanche did trade near lows of 65.0000 on the 14^th of March, but has been able to show a rather steady incremental climb since this date.

The broad cryptocurrency market among the major digital assets has shown signs of life too in the past week.  Support levels while getting tested by existing nervous sentiment do seem to be proving durable. AVAX/USD has been among the leaders indicating that buying action may be gathering steam. Yes, mid-term resistance levels have still failed to be toppled, but they are being approached and this may prove to be a trigger for bullish action igniting.

If the 89.000 AVAX/USD level can be tested in the short term once again, this may signal additional highs could be demonstrated quickly.  Certainly reversals lower remain in the minds of nervous traders, who have had bad experiences the past handful of months while pursuing a positive turnaround in the broad cryptocurrency market. However, from a speculative point of view the ability of Avalanche to produce incremental gains on a rather steady basis the past week and half is encouraging.

The trend higher will have to see important support levels sustained, but if AVAX/USD can stay above the 87.5000 juncture this could be a positive sign. Early morning price action in Avalanche has provided traders with a typical amount of volatility. The 83.0000 level got tested late last night, but the ability to hold this juncture and not drop below depths seen on the 18 of March, when AVAX/USD was trading below 80.0000 may be seen in a positive light. Certainly AVAX/USD remains a volatile cryptocurrency to wager on, but its recent price action may be enough to provide speculators who are bullish with some positive ammunition regarding their outlooks.

If current support can be maintained and the 87.0000 level does not falter, AVAX/USD speculators who are conservative may be able to buy Avalanche on slight reversals lower to ignite their buying positions.  The recent trend in AVAX/USD is not full proof, risk management and a conservative amount of leverage need to be used. However, looking to buy AVAX/USD for quick hitting moves higher may prove to be worthwhile in the near term.

Avalanche Short-Term Outlook

Current Resistance: 88.7900

Current Support: 87.6900

High Target: 91.5600

Low Target: 86.1300