Gold Falls Below 200-Day Moving Average, BTC Outperforms
Gold prices have entered bear market territory after falling below the 200-day moving average for the first time since October 2023. The precious metal dropped under $4,300 per ounce, extending its decline from January's record high of $5,600. Analysts point to stronger-than-expected U.S. jobs data as a major factor behind the selloff. The report increased expectations that the Federal Reserve may keep monetary policy tighter for longer. As a result, the U.S. Dollar Index (DXY) climbed back above the 100 level, adding pressure on gold prices. CME FedWatch data now suggests a higher probability of a 25-basis-point rate hike in December. Rising interest rate expectations typically reduce investor demand for non-yielding assets such as gold. Meanwhile, Bitcoin has shown relative strength, recovering toward the $63,000 level. The Bitcoin-to-Gold ratio rose 3% over the past 24 hours to 14.72 ounces. Market participants are now closely watching whether gold can regain key support levels or if further downside remains ahead.
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BTC61,371.45-2.34%