Saturday, September 18, 2021
HomeNewsBitcoin or Gold? That's what an insider says

Bitcoin or Gold? That’s what an insider says

Gold investors could actually be satisfied: Gold has conjured up a rally of more than 100 dollars on the floor in the past few days. It went from the low of $ 1,680 to almost $ 1,800. On the one hand, this only made up for the flash crash on Monday, and on the other hand, gold mining stocks could not follow this trend. On the contrary: the GDX even hit a new cyclical low yesterday.

Jake Klein, Chairman of the Australian gold producer Evolution Mining, sees new hope for the gold price. In his view, the high volatility in Bitcoin will drive investors back into gold. In his view, Bitcoin still has a long way to go before the cryptocurrency can exhibit the “longevity and security” that gold has given investors over the past 70 years. A large amount of speculative capital is currently tied up in Bitcoin. But Klein is of the opinion that Bitcoin and gold can co-exist.

Dark clouds have risen over the gold sky with the flash crash. At first glance, gold seems to have repaired the technical damage that was caused by the sale. But the spike virtually ended at the first resistance, at $ 1,793. Gold didn’t make it back above $ 1,800 and more importantly, the resistance at $ 1,840, which is something of the key to the bulls, has not been tested, let alone overcome. Gold is struck with it. On the other hand, the dollar index (dxy) looks like it will continue to strengthen in the coming weeks. That shouldn’t make things any easier for the gold price. On the upside, the $ 1,840 level remains the main resistance, on the downside the bulls will have to defend the $ 1,680 mark in order not to slide into a significantly more bearish scenario.

Hasan Sheikh
Hasan, who loves technology and games, is studying Computer Engineering at Delhi JNU. He has been writing technology news since 2016.


Please enter your comment!
Please enter your name here

Trending News

Recent Comments