Gold slips below 200-day moving average offering glimmer of hope for bitcoin bulls
Gold has fallen below its 200-day moving average for the first time since October 2023, a signal that long-term bullish momentum is weakening. Prices are now below $4,300 an ounce, more than 20% off the January peak of $5,600, putting gold in bear market territory. The prior rally was fueled by the “debasement trade,” which bet that debt, spending, and loose policy would weaken fiat currencies and boost demand for scarce assets. Recent weakness followed a stronger-than-expected U.S. jobs report, which lifted expectations for tighter Fed policy and increased pricing for a December rate hike. Silver is also testing its 200DMA near $67. The bitcoin-to-gold ratio has risen as bitcoin rebounds, though it remains far below its late-2024 high. A stronger dollar above 100 on the DXY is adding pressure to commodities and crypto.
