Yesterday the Spot Gold Price closed at a new All-Time-High and today it looks like it’s still moving up, even while it’s Partner-In-Crime Bitcoin faces a strong correction. So what’s going on? What should we expect to happen now? Is this a fresh Breakout or just another false signal that's nothing to get excited about...?
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We have seen this play out many times before in recent times. Gold threatens to explode to the upside and let the Monetary Genie out of the Bottle and then out of nowhere Fat Finger Freddy comes in with a ridiculously large sell order to dump Paper Gold in thin trading for maximum downward price impact. Experienced Stackers call this "The Smackdown" and we’ve come to expect it as a semi-regular occurrence, but will this time be different?
I thought it was really interesting that Gold and Bitcoin both hit All-Time-High prices at the same time. Bitcoin faced a Smackdown today but Gold hasn’t. Does this mean that Gold is being given a pass this time? The Technical Analysts will soon start shouting Breakout if the Gold price is allowed to run much higher so if they are going to Smackdown Gold then they’re going to need to do it in the next few days.
Interesting times in the Alternative Currency Markets. Wouldn’t be dead for quids as this Endgame Progresses. Stack ON if you can!