The price of gold climbs above the important resistance of $ 1,875 in the course of a massive cryptocurrency market slump and a stock market pullback.
The price of gold has risen dynamically within the last 2 hours, strengthening by more than 2% from the daily low. Demand is clearly strong in the precious metal market - the bulls managed to break above major resistance at $ 1,875. Moreover, the price of gold broke the upper limit of the ascending channel. Meanwhile, the cryptocurrency market is experiencing a massive crash today, the prices of many digital currencies are dropping by as much as 30-40%! The worsening of sentiment is also visible in the global stock markets. It is possible that some investors may have abandoned the crypto market in favor of gold.
The price of gold (GOLD) broke above the upper limit of the ascending channel and key resistance level of $ 1,875. If the upward move continues, the next important resistance zone at $ 1,900 may be at risk. Source: xStation5
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