Investing.com investing.com 08 Jan, 2021 11:45 am

Will Gold’s New Record High Be Delayed By Yields, Bitcoin?

Will Gold’s New Record High Be Delayed By Yields, Bitcoin?
Commodities Analysis by Investing.com (Barani Krishnan/Investing.com) covering: XAU/USD, S&P 500, US Dollar Index Futures, Gold Futures. Read Investing.com (Barani Krishnan/Investing.com)'s latest article on Investing.com

Now, gold has another rival—bitcoin, which, on Thursday, surged to a record high of $40,000.7 record high.” p On the positive side, a strong breakout above the $1,965 - $1,970 levels can open the gates to the much coveted $2,000 levels—though breaching the August record high of $2,089 will possibly take longer, Dixit said.p However, if gold did not climb out of that range soon, it risked falling to $1,838, Dixit said, adding: “The daily charts suggest support areas at the 20-Day Simple Moving Average of $1,887.

This support itself has crossed over with the 50-Day Exponential Moving Average of $1,880 and is trying to intersect with the 100-Day Simple Moving Average of $1,892.With less than two weeks before he takes office to possibly announce COVID-relief checks of $2,000 for each American—in what could be his first order of business—President-elect Joseph Biden might be gold bulls’ biggest hope yet in getting the market to where they want.

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