Gold Loses Momentum, Bitcoin Hangs Onto Gains

Gold

We see an additional correction for as the gains pace, and traders expect that the Fed’s attitude will remain intact despite the impact of the SVB. As previously said, the US and statistics are anticipated to cause more volatility in the dollar index, which will affect the price of gold.

Technically, as long as the price continues to fight the resistance of the 1,900 price mark and remains above this level, there is a greater chance that the price will make new higher highs. Yet, failing to do so may result in traders taking more profit on their transactions and additional weakening in the price movement.

Bitcoin

is still hanging onto its gains, but the price seems to be developing a bearish pattern, indicating that a top may be in the works for the time being. Bulls, on the other hand, should rejoice since the price has broken above the 25K level, which was an important resistance zone, and a breach of this level has opened the way for the price to re-test its next resistance zone of 30K.