Former Goldman Sachs Executive Raoul Pal Updates Macro Outlook, Forecasting a Weaker Dollar Triggers Rallies for Gold and Risk Assets

Addressing his 1 million followers on the social media platform X, the Real Vision founder says that the Nasdaq (NDX) has most likely finished correcting

Cryptocurrency markets have been rallying over the last few days as Bitcoin attempts to reclaim the key $50,000 level. Top crypto trader Raoul Pal is updating his macro outlook, forecasting that a weaker dollar will trigger rallies for gold and risk assets.

Pal, a former Goldman Sachs executive, has amassed over 1 million followers on the social media platform. Now the founder of Real Vision, Pal is known for his upbeat macro outlook and his penchant for using colorful terms to describe price action.

In his latest commentary, Pal says that the Nasdaq (NDX) has most likely finished correcting after bouncing off of a major support level. He also notes that since at least 1964, the stock market has tended to outperform in the years leading up to the US presidential elections.

Bitcoin Price ‘Ready to Soon Break the Giant Cup and Handle’

Pal also shares his thoughts on Bitcoin (BTC), the flagship cryptocurrency. According to the Real Vision founder, BTC is forming a massive cup and handle price pattern on the higher time frames.

A cup and handle is a technical price pattern traditionally viewed as a bullish setup for continuation. The pattern begins forming after a strong uptrend (the cup), followed by a recovery rally (the handle). The handle usually forms within a trading range or a minor consolidation.

After the handle completes its formation, traders typically anticipate the price to break out of the pattern and continue trending in the direction of the initial uptrend. In this case, since BTC is rallying into the pattern, Pal expects the breakout to be to the upside.

Bitcoin Price Chart (BTCUSD) via TradingView

Bitcoin is trading at $50,194 at time of writing. The world’s largest cryptocurrency by market cap is up over 10% during the last seven days.

Pal: Gold Price Next Leg Higher Coming ‘Soon’

The Real Vision founder also shares his outlook for the precious metal. According to Pal, gold is trading within a large ascending channel, potentially heading back to its upper range near the $2,500 level based on his chart.

“Gold should see its next leg higher soon too…”

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on X, Facebook and Telegram

Surf The Daily Hodl Mix

Featured Image: Shutterstock/Golden Wind/Sensvector

The above is the detailed content of Former Goldman Sachs Executive Raoul Pal Updates Macro Outlook, Forecasting a Weaker Dollar Triggers Rallies for Gold and Risk Assets. For more information, please follow other related articles on the PHP Chinese website!