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Gold’s Shiny Bullish Momentum:
Will It Last?

It’s time to talk about the shiny metal everyone loves investing in – gold. With its recent failure to break its all-time high (ATH) for the third time, investors wonder how long the bullish momentum will last. But before we discuss the future, let’s look at the past.

Historically, gold has been a haven investment during times of financial crisis. For example, during the 2008 financial crisis, gold hit a low of $712.30 per ounce in November 2008, only to rise to an all-time high of $1,895 per ounce in September 2011. Similarly, during the COVID-19 pandemic in 2020, gold rallied from a low of $1,455 per ounce in March 2020 to an all-time high of $2,063 per ounce in August 2020.

 

 

 

However, the current situation is different. With banks facing a fragile situation, the war in Ukraine looming, and inflation on the rise, gold’s future looks uncertain. The daily chart shows bullish momentum, but the weekly chart indicates a reverse trend. With the failure to break out, we can anticipate a sideways move at best or a retracement to $1,970 in the coming days.

But is gold still the best investment option? With the rise of cryptocurrencies, Bitcoin, and NFTs, investors question whether they should shift their focus. Bitcoin, for example, has had a tumultuous ride, reaching an all-time high of $64,863 in April 2021, only to plummet to $15,907, but that’s just one part of the story. Bitcoin’s price history is marked by significant volatility, making it a risky investment option for many.

Since its inception in 2009, Bitcoin’s price has experienced several highs and lows. In December 2017, Bitcoin reached an all-time high of $19,783, only to crash to $3,122 by December 2018. In 2020, Bitcoin’s price rose from $7,175 in January to $29,374 in December. However, the trend reversed in May 2021, when Bitcoin’s price fell from $64,863 to $30,681 within a month.

While gold has been a reliable investment during financial crises, the current situation is uncertain. With bank crises, war, and inflation looming, it’s essential to consider all investment options. While cryptocurrencies and NFTs may seem like attractive alternatives, they come with their own set of risks. “The intelligent investor is a realist who sells to optimists and buys from pessimists.” So, let’s be intelligent and cautious in our investment decisions.

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Mario Estrella

Mario Estrella

Mario Estrella is a seasoned journalist and digital marketing professional at exxeo.report, specializing in technology-related news. With over two decades of experience in the field, he brings a rich history of working in diverse media outlets and advertising agencies. Notably, he has been instrumental in driving significant growth in online presence and readership in his past roles​. At exxeo.report, Mario leverages his extensive experience and deep understanding of the digital landscape to deliver engaging and insightful technology news to the audience.
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