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Gold has fallen by $ 100 in just two days, and the crypto continues to grow

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During the last trading day, gold fell for a while to under $ 1,700. The local minimum was created at level of $ 1,687. The price of gold has since recovered slightly and is trading at $ 1,779 at the time of writing.

Gold has now fallen by 8.7% since the beginning of June. The precious metal is 15.5% lower than its all-time high of August 2020, just below $ 2,040.

Spot price of gold.  Source: TradingView
Spot price of gold. Source: TradingView

Is gold repackaged?

The leverage ratio in the gold markets on the Chicago Stock Exchange is around 15: 1, indicating that strongly leveraged traders control gold stocks.

Analysts at London-based trading company City Index similarly attributed today’s crash to coup-loss sales in very tight market conditions.

US unemployment data however, they were also a catalyst for the decline in commodity prices last week. The unemployment rate fell more than expected to 5.4% from 5.9%, the new low of the pandemic era.

Meanwhile BTC created the last local maximum at the level of $ 46,000. During growth, the volumes are much higher than during the decline in the current leg. In the short term, the price may fall in the range of $ 41,000 to $ 43,500, but so far all indications are that the growing leg is not over yet.

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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