The gold price was finally able to record price gains again. At first the gold price fell 15 percent, but now it rose more than 13 percent. Are everyone now fleeing in gold?One or the other may have noticed that the attempt to buy physical gold fails because the shops for physical gold purchase remain (mostly) closed across borders. Interest in gold continues to grow.
Buying gold continues in Germany
As you can see, interest in buying gold continues to grow, at least in Germany. After all, gold is still the undisputed number 1 when it comes to securing wealth in times of crisis. Bitcoin gold is superior in some respects when it comes to asset protection, but the confidence in gold as a valuable metal is significantly higher that it has been proven over centuries.
Initially, this bearish divergence had only formed in the weekly and daily exchange rate, but now also in the monthly exchange rate. Although the gold price briefly broke the resistance of the golden ratio, this breakout was immediately negated. Given the fact that there is a bearish divergence in the monthly RSI and that the gold price is in the middle of the golden ratio resistance, a downward movement is highly likely.