Direct from the desk of Dane Williams.
Remember when we last week saw the price of Gold turning bullish?
I've read a few takes saying that Gold held on when Bitcoin was rejected, but taking a look at the charts ourselves, we can see that this isn't really the case.
Take a look at the updated Gold daily chart below.
XAU/USD Daily:
Click the link to yesterday's Bitcoin blog and you can see that both charts look quite similar.
Both Gold and Bitcoin are at resistance and both markets saw sellers hold the zone as equities fell.
If Gold was truly acting different, shouldn't it have broken out of resistance?
Markets are so zany.
Best of probabilities to you,
Dane.
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I thought Gold should have broken out strongly but it's been a bit of a flop. If we get a another deflationary wave come through the markets I think it could well take a hit. I've sold some of my gold mining shares this week to lock in some profits and reduce my risk.
Probably a good move here.
Remember that the first big Corona drop in equities saw Gold take a hit too. This was probably because even though it's a 'safe haven' asset, it was one that was easily available to be sold to fund losing positions elsewhere.
Markets being markets haha...
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