I think it’s more likely than not that we will find plenty of value hunters over the longer term.

Gold markets initially tried to rally on Friday but found the 50-day EMA to cause resistance. The $1875 level is also sitting right there as well, and it’s interesting to see that gold got hammered after the jobs number in the United States, as interest rates started to pick up. At this point, it looks like the gold market is going to continue to be very noisy, perhaps even falling further to find some type of support underneath.

The $1825 level makes sense as potential support, but even if we break down below there, the $1800 level will come into the picture as well. The $1800 level is a large, round, psychologically significant figure, and an area where there has been previous support. Because of this, I do think that it is probably only a matter of time before the buyers step back out, but in the short term it looks likely that we are going to continue to go a little bit lower.

It is worth noting that the market closed at the very bottom of the range for the day, so it’s likely that the market will see a bit of follow-through. The market is likely to see a lot of noise, but given enough time I also believe that the buyers will eventually return due to the fact that people are going to be jumping back into the bond market, driving those yields back down.

Alternatively, if we were to turn around and take out the $1875 level, then it’s likely that the gold market would go reaching to the $1900 level. The $1900 level was previous support and resistance, and I think that there is a significant amount of market memory there. If we break above there, it’s likely that the market could go to the $2000 level over the longer term. That being said, if the market were to break down below the lows that we just made a couple of weeks ago, then it’s likely that we will go much lower. In that scenario, gold could unravel quite drastically and could accelerate to the downside. At this point though, I think it’s more likely than not that we will find plenty of value hunters over the longer term.

AVAX/USD has fallen to fresh lows in early trading, and it is now pressed up against important mid-March support which should be watched.

After moving above 90.55000000 on the 8^th of March and acting like it may challenge a higher price range seen in late March and early April, AVAX/USD has turned downward. The trend being generated in Avalanche is mirroring the results of most other major cryptocurrencies, and the downturn in AVA/USD is approaching important support levels which may make speculators nervous.

Only one week ago, dips in AVAX/USD could have been interpreted as buying opportunities by bullish technical traders.  And some speculators still may feel that way, but the onslaught of lower moves seen the past week have been strong and unfortunately for some traders perhaps going into today’s trading session, price velocity down has quickened. Suddenly, AVAX/USD is near important junctures last sincerely tested on 18^th of March.

Support which is nearby at the 78.7500000 should be watched. If this level begins to look vulnerable this could set off alarm bells among not only bullish traders who may feel the ‘expensive’ heat of a downward trajectory, but could indicate a stronger tide lower.  If current support levels falter and the 76.00000000 mark were to be challenged, this would then bring AVAX/USD into a price realm which would be within sight of crucial mid-term lows.

Any moves lower from the current price range of AVAX/USD will continue to raise nervous sentiment. Since the 14^th of March the broad cryptocurrency market had taken a rather intriguing upwards climb and broken through plenty of rather durable resistance levels with relative ease. On the 14^th of March AVAX/USD was trading near 65.90000000, which had it traversing near important lows seen in February.

If the development of a bearish trend in the past week continues to be demonstrated and current support levels are proven weak, this would be a bad sign. The long term down trend in the broad cryptocurrency market has been easy to define, recent trading since the middle of March did show the capability of a rebound higher. A retest of lower support may make plenty of speculators feel as if they have been tricked by a false breakout, including the AVAX/USD crowd.

Some bullish optimists may believe the recent selloff exhibited within AVAX/USD is merely a temporary burst of headwinds.  However, any trader looking to take a long position of AVAX/USD is advised to use secure stop loss orders, to guard against the potential of another round of nervous selling igniting in the near term. Traders should expect plenty of volatility today as Avalanche swims in dangerous waters.

Avalanche Short-Term Outlook

Current Resistance: 80.21000000

Current Support: 78.75000000

High Target: 84.82000000

Low Target: 75.40000000