The cost of the yellow metal in 10 days declined by 11 percent, and there is a risk that it will continue the downward trend. According to the chart of the first cryptocurrency, on the contrary is found a pattern, which is hinting of a return towards growth.
Gold is one of the safe haven assets, purchasing which you can ride out the crisis and the downturn in the stock market in general. Apparently, the gold futures grew to mid February by 12 percent from $1,500 to $1,680 per troy ounce since the end of December, when the coronavirus anxiety exploded.
Notwithstanding, the gold price dropped by 3.31 percent to the current level of $1,491 per ounce on Wednesday, completely erasing the recent gain. Colin Muller, a Cryptoglobe analyst considers that the precious metal price will continue to depreciate towards $1,370 per ounce, possibly even to $1,200 per ounce. According to his opinion, the eventual changes as well as the RSI indicator fall indicates the asset overbought and the buyers weakness.
Bitcoin in contrast will surge in price, Coindesk analyst Omkar Godbole said. In his opinion, the Bitcoin is now undervalued and its value may reach again the range $5,900-6,000 within a day.
At the moment, bitcoin eased by 2.61 percent, to 5,330 at 1604 GMT. The first digital coin 24-hours loss amounted up to 2 percent, and daily coin trading volume decreased by 26 percent, to $36 billion.