While it might not feel like it and the abounding warning about $20 crude oil counsel against, there is a bullish candlestick technical pattern that could be developing. A higher closing level would be required to finish the pattern and even with this, a confirmation with still higher prices would be required to satisfy a conservative position taker.
There’s been a plunge in the price of bitcoin and this is reflected by an uptick in the (already relatively high) number of news stories covering the “bitcoin crash” or how much the currency has lost since its peak values.
We have so far analyzed the current situation in the oil market, suggesting that falling oil prices can indicate another recession in the not so distant future. So the obvious question arises: would it be positive or negative for the gold market?