The candlestick itself is neutral, but it is also at a major historically important level, so I think you need to look at it through that prism.

• Gold markets were very noisy on Wednesday as the CPI number came out a bit cooler than anticipated.
• The market has been rising for a while, so it does make sense that we are running out of momentum.
• CPI in the United States came out at 0.0% month over month, and Core CPI came out at 0.3% instead of the expected 0.5%.
• This has traders looking at the possibility of the Federal Reserve not having to tighten monetary policy as rapidly as before.
• Ultimately, this is a market that will have a major influence on where we go next.

Support at 50-Day EMA

The 50-day EMA sits just below the bottom of the daily candlestick, and it suggests that there could be a little bit of support underneath. If we were to break down below that level, it would say a lot more than the initial rally started during the trading session. The fact that we gave back quite a bit does suggest that there is more trouble out there than people are aware of, especially as inflation is still running at about 3 ½ times what the Federal Reserve wants.

With that being the case, it’s probably only a matter of time before gold sells off, but if we were to break above the highs of the trading session on Wednesday, it’s possible that the market could go higher, perhaps reaching the 200-day EMA above. Breaking down below the bottom of the candlestick for the trading session on Wednesday shows that perhaps the market has peaked, at least for the short term.

Ultimately, the market is likely to continue to see a lot of volatility, but it should be noted that we are still very much in a downtrend, although we are trying to break out. If we do break down from here, the $1750 level underneath would be a potential target. The candlestick itself is neutral, but it is also at a major historically important level, so I think you need to look at it through that prism. Until things change, the gold market still needs to prove itself from a longer-term standpoint. At this junction, I believe that the next impulsive candlestick will tell us where we are ready to go for a bigger move.

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Speculative traders of DOGE/USD took the cryptocurrency to above 7 and three quarter cents on the 27^th of June, since then Dogecoin has lost value.

DOGE/USD is trading above 6 and half cents in early trading this morning.  One of the darlings of speculative bettors, DOGE/USD managed to produce a rather impressive run higher last week. On the 18^th of June DOGE/USD was trading slightly below the 5 cents ratio and on the 27^th Dogecoin suddenly found itself near 0.07850000. The move higher was a wildly successful gain in value from a percentage viewpoint for short term buyers who caught the positive move upwards.

However, the past few days of DOGE/USD have seen speculative elements who were buying start to loss power and disappear.  Like the broad cryptocurrency market which DOGE/USD reflects, the cryptocurrency has seen values begin to incrementally drop and support ratios once again come into view. The long term bearish trend DOGE/USD has suffered from is still strong, and technical perspectives likely do not look positive to many speculators presently.

If DOGE/USD is not able to topple current resistance which appears to reside slightly below 7 cents and the broad cryptocurrency market remains fragile, there is reason to suspect another round of selling could develop for Dogecoin sooner rather than later. Certainly the reversal higher produced starting on the 18^th of June until the 25^th are stark reminders upwards movement can occur, but skeptics may believe the selling which began to show strength again a couple of days ago may continue near term.

If support near 6 and half cents begins to falter, DOGE/USD could certainly find the 6 and a quarter cents ratio is a target quickly.  The last time DOGE/USD traded near the 6 and a quarter cents ratio with a sincere amount of price action was on the 23^rd of June. This price level could prove crucial for traders, because if it should suddenly prove vulnerable the 6 cents target could be legitimate for speculative selling targets.

DOGE/USD continues to prove a good behavioral sentiment barometer for the broad cryptocurrency market. Dogecoin’s upward mobility in the recent past is intriguing because it may have been a speculative push higher, produced by big bets based on the notion support under five cents could be durable for a while. However, the long term bearish trend in the cryptocurrency is still strong and DOGE/USD may prove to be a worthwhile selling wager for the near term. There appears to be room for DOGE/USD to traverse lower.

Dogecoin Short-Term Outlook

Current Resistance: 0.0698000

Current Support: 0.06440000

High Target: 0.07320000

Low Target: 0.05840000

The pair will likely hold steady as bulls target the next key resistance level at 50,000 in the coming days.

Bullish View

• Buy the BTC/USD pair and set a take-profit at 50,000.
• Add a stop-loss at 46,000.
• Timeline: 2-3 days.

Bearish View

• Set a sell-stop at 45,760 and a take-profit at 42,000.
• Add a stop-loss at 48,000.

The BTC/USD spectacular comeback accelerated on Tuesday morning as US bond yields ticked lower and on-chain metrics improved. The pair rose to a high of 47,600, which was the highest it has been since January this year. It has risen by more than 45% from its year-to-date low.

US Bond Yields Ticked Lower

Bitcoin and other cryptocurrencies did relatively well even as warning signs of a recession emerged. On Monday, the yield curve inverted for the first time in years. This happened as the overall bond yields of short-term government bonds rose above the longer-dated ones. In normal times, investors demand a higher premium for longer-term bonds.

Historically, an inversion of bond yields is usually an indicator that a recession is in the corner. In most times, it could take several months or years before the recession sets in. The yield curve has been one of the best predictors of recessions in the past few years.

BTC/USD pair also rose as investors priced in more demand for Bitcoin as rumors emerged that Russia was considering accepting payments of oil and gas in the currency. These rumors are yet to be confirmed. If they are, they could be a game-changer considering that Russia is one of the biggest producers and exporters of oil and natural gas globally.

Meanwhile, on-chain data are still supportive of Bitcoin. According to Glassnode, Bitcoin whales have continued to accumulate Bitcoin in the past few weeks. Notably, the amount of outflows has been a bit limited. The activities of whales is usually watched closely by investors.

Other on-chain metrics like the number of active addresses has risen while transactions have increased in the past few days. Exchange balances have continued rising as well while the hash rate has increased.

BTC/USD Forecast

The daily chart shows that the BTC/USD pair has been in a strong bullish trend in the past few weeks. It managed to move above the important resistance level at 45,760, which was the highest level in February.

The pair has also managed to move above the 25-day and 50-day moving averages and is now hovering near the 50% Fibonacci retracement level. It has also moved slightly above the ascending trendline shown in black.

Therefore, the pair will likely hold steady as bulls target the next key resistance level at 50,000 in the coming days.