Gold Calms but Bitcoin Jumps – Which Anti-Dollar Will Take Over?

Gold, Bitcoin Talking Points:

• While measuring the USD against other currencies such as the Euro or Japanese Yen can be deceiving, measuring those fiat currencies against other asset classes such as gold or bitcoin can be informative.
• With a massive glut of Treasuries coming due in the next year there’s going to be large supply hitting along the maturity curve of USTs. So holding Treasuries particularly with duration isn’t exactly attractive right now, to either hedge funds or central banks. That’s at least part of the push towards long gold and this could, perhaps, even have drive into cryptocurrencies like Bitcoin.
• I looked into Bitcoin last week as the gold breakout was taking hold and the ‘s1’ support level has since held the lows, with bulls going towards another test of the $65k level.

The breakout in gold was a beautiful setup that saw the metal grasp at the $4k level for more than a month before bulls finally took a step forward two weeks ago. And they wasted little time, with higher-highs and lows developing to illustrate a bullish trend building, all the way until a key spot of resistance came back into the picture at the $4380 swing, taken from the resistance last October that came in as support in February and March.