Meanwhile, when the Bitcoin price rose and stayed at around $16,000, the gold price traded with a bearish rhythm. Bearish technical pattern is likely to indicate a move south for XAUUSD. However, the downside move remains stuck at the support zone level at around $1850.00.
Market euphoria when the announcement of Pfizer and BioNtech vaccines had made gold investors falter and rushed to liquidate Gold positions to buy up equities.
However, the case of the resurgence of the virus, which is developing almost all the time, has gradually dashed hopes of an economic recovery, especially entering the flu season of the winter months. Meanwhile, in reality, vaccine preparation takes time. This can be seen from the gold price which is still above 1,800.
The price of gold reacts closely to the movements and developments of the stock market in the economy. The separation
between the two alternative investment assets appears to be increasing as more and more investors prefer Bitcoin to gold as a hedge against inflation.
Since PayPal announced the introduction of cryptocurrency on its online payment platform, Bitcoin has never backed down. That jumped from $10,000 to over $16,400, even today as of writing this article the price of BTC on Bitstamp is listed as 16,097; Coin Base 16,086; and Bybit 16,076.
The price of BTC has escalated even further after legendary investor Stanley Druckenmiller said he was worried that inflation would come in the United States in the next five to six years and that Bitcoin as a store of value made a lot of sense.
Reprinted from FX Street. The copyright is reserved by the original author.
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