The market $XAU today has caused a Tremor in the precious metals group. Gold has shown strong fluctuations with a large amplitude, setting a new historical peak.
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🔷 Despite profit-taking pressure at high price levels, Gold still shows outstanding strength:
The price has surged to a 24h high of $5,080.92.
The surge is steep, breaking through short-term technical barriers. The price is currently trading around $5.097, maintaining a green tone.
🔶 This significant volatility is not random but the result of the interplay of 3 key information factors:
Safe-haven money from the Crypto Storm:
The cryptocurrency market is drowning in Extreme Fear.
As cryptocurrencies and Altcoins plummet, speculative capital has fled to Gold as the safest safe-haven right now.
The Scarcity Effect from the Silver market:
Information on Silver reserves in Shanghai has sharply decreased, creating a widespread fear of a physical supply shortage.
The excitement from Silver has spread, pulling along the rise of its big brother, Gold.
Whales are quietly accumulating:
On-chain data has recorded consecutive large purchases of Gold tokens worth millions of USD from whale wallets and institutions over the past few days.
This reinforces the belief that Smart Money is betting on Gold continuing to rise.
Gold is currently in a Price Discovery phase. With safe-haven money still pouring in strongly and fears of physical shortages persisting, fluctuations within the range of $5,000 - $5,100 will continue to be very intense in the upcoming sessions.
This article is for informational purposes only and is not investment advice. Please read and consider carefully before making any decisions.