Gold Faces Resistance

  • Cryptocurrency Analysis

Gold prices are retracing further from their recent highs as investors continue to book more profit from the recent rally. It is the dollar index 's strength pushing the dollar index lower. The precious metal has failed to move above $1,800, which shows that there is so much resistance around this level which is stopping the price from further appreciation. In terms of the price action, we really need less dollar strength, which could help the price of the shinning metal move higher.


Bitcoin and Ethereum had another tough weekend. More details were released in terms of FTX's liabilities, and the market players are still very much sensitive to the FTX news. Traders are concerned about another domino effect, but for now, traders are optimistic that the worst is behind us to a certain extent. The dollar strength and the adverse FTX new flow will still determine the price of BTC, and traders know that they have to respect the price action.

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