Since the breakout of the pandemic, the gold, which has gained 40% during its peak, has shed off about 26% of its gain and 19% of its value when it reaches its lowest in early March.
If we look back from the beginning of the pandemic breakout, gold, along with Nasdaq and bitcoin were on-demand until early August 2020 where gold took a sharp reversal into a selling spree.
While gold continues to trade lower, Nasdaq and bitcoin continued to surge.
Demand for gold has been robbed away by fast-growing assets and what else could be better than the US stock market and bitcoin?
During early December 2020, the gold took a sharp turn from a bear market and managed to regained 60% of its losses, only to spiral into another bear market with the same magnitude
Somewhere 2 months ago in February, rising treasury yield threw a spanner into the gears of the extremely bullish asset prices.
The Nasdaq which represents mainly the Tech companies, as well as companies that held the most bitcoin such as Tesla, took a hit along with bitcoin, and so is gold.
As of now, what's interesting is that, while gold has found strong support at 1680, both Nasdaq and bitcoin have also faced strong resistance at their February high.
It's worth noting that the gold is very discounted and asset prices have ballooned way too much.
While this is not a strong enough sign for some major reversal in the entire market trend, how about some major correction in Q2 2021?
If we look back from the beginning of the pandemic breakout, gold, along with Nasdaq and bitcoin were on-demand until early August 2020 where gold took a sharp reversal into a selling spree.
While gold continues to trade lower, Nasdaq and bitcoin continued to surge.
Demand for gold has been robbed away by fast-growing assets and what else could be better than the US stock market and bitcoin?
During early December 2020, the gold took a sharp turn from a bear market and managed to regained 60% of its losses, only to spiral into another bear market with the same magnitude
Somewhere 2 months ago in February, rising treasury yield threw a spanner into the gears of the extremely bullish asset prices.
The Nasdaq which represents mainly the Tech companies, as well as companies that held the most bitcoin such as Tesla, took a hit along with bitcoin, and so is gold.
As of now, what's interesting is that, while gold has found strong support at 1680, both Nasdaq and bitcoin have also faced strong resistance at their February high.
It's worth noting that the gold is very discounted and asset prices have ballooned way too much.
While this is not a strong enough sign for some major reversal in the entire market trend, how about some major correction in Q2 2021?
