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

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.

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.