The 200 SMA Rejects Gold and Silver Today, After Climbing on Biden’s Inauguration Yesterday
Skerdian Meta • 1 min read
Traditional safe havens such as Gold and Silver have been trying to make up their mind recently. They turned bullish when the coronavirus broke out in spring and surged higher until the first week of August, as the sentiment turned massively negative in the financial markets, turning traders to safe havens.
But, the safe haven status transferred to cryptocurrencies in summer and Autum, so the traditional safe haven metals turned bearish. They declined until December, with Gold losing more than $ 300, but turned bullish last month.
Earlier this month they turned down again, but this week we saw a bullish move and yesterday they rallied further after Joe Biden’s inauguration as the president of the USA.
Although, it seems like the 100 SMA (green), with Gold losing $ 20 and Silver declining nearly 100 pips lower. So, there is a fight between buyers and sellers taking place this month. They are both fighting hard, so we will see who will win.