This website uses cookies to ensure you get the best experience on our website


10th Mar 2021
Dalmas Ngetich, for CryptoAltum News Team

Gold recovers but The Pendulum Swings in Favor of Bears

Gold prices, on Mar 9, reclaimed $1.7k, adding $35, but analysts remain skeptical of the rebound. Fundamentals, especially the $1.9 trillion stimulus package's approval and an easing U.S. dollar may prop the yellow metal. However, technical candlestick arrangements favor sellers. Besides the U.S. government's fiscal support, shifting sentiment, including falling coronavirus infection rates and better coronavirus administration, injects momentum to USD buyers.


A blend of several fundamentals combine to fan the USD rally, which eased on Mar 9 as government bond yields contracted. Above all, the risk-off environment, a steady stock market, and the availability of options seeking higher returns offered by cryptocurrencies may clip gold bugs, deflating their optimism in the short term. Therefore, while the price pendulum is swinging in favor of gold buyers in the first half of the week, a follow-through reversal may wreak havoc in the second half.

Impact on gold prices: 

Bearish. Technically, traders may find shorting opportunities with every high. However, on the more optimistic side, gold prices may as well rebound strongly, reversing the over $200 losses of the first two months of the year. The slide builds on Nov 2020 triggers and shifting global sentiment due to the coronavirus vaccine. 

More market news over on our Blog

Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.

This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.

CryptoAltum does not accept any clients under the age of 18. 
  • Copyright Techcraft Ltd (CryptoAltum) 2020