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08th Mar 2021
Dalmas Ngetich, for CryptoAltum News Team

Gold Prices Slows Down To a One-Year Low, Losses over $200 in Two Months

Losses of late February 2021 spilled over to what is proving to be a brutal month for the yellow metal. Candlestick arrangements in higher timeframes point to determined bears who have pushed gold prices to a new one-year low. Prices, last week, closed below the psychological support—now resistance levels of $1.7k. Analysts worry that at the current pace of price correction, the yellow metal could flash crash to $1.6k, extending the more than $200 loss of the first two months of 2021 alone.


Gold is free-falling, and bears are still not yet close to the bottom of the pit. Analysts are bearish, expecting even more losses in the future. Sparking this sell-off is a confident FED who are not concerned about rising bond yields—and therefore the shift of capital from the low-interest bearing precious metal to government treasury yields backed by the FED. Although rising bond rates mean expensive loans, when governments continue to rack up more loans post-COVID, inflation may offer gold support in the long-term. Presently, investors are confident, shifting capital to relatively high-risk ventures for higher returns, divesting away from the value-preserving and safe-haven store-of-value.

Impact on Gold prices: 

Bearish. Fundamentals may be bearish for gold, but technical candlesticks may help the yellow metal soak sell pressure as prices rebound above $1.7k. However, that may not arrest bears who, going by the pace of the last few weeks' dump, are aiming for $1.6k.

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