Gold (XAU) at “Moment of Truth,” Analyst Warns of “Harsh Time” for Altcoins
- Gold traded at $3,378.37 on August 6, consolidating near a critical breakout zone
- Analyst van de Poppe notes a breakout above $3,365 would signal a harsh time for altcoins
- Analyst Rashad Hajiyev points to the $3,340 zone as pivotal for a move toward all-time highs
Gold is trading near a make-or-break point, with analysts watching for either a major breakout or a sharp reversal. On Wednesday, August 6, the precious metal traded at $3,378.37 per ounce, marking a slight 0.06% decline.
This modest dip comes after a volatile session that saw an early spike quickly erased by a pullback. This price action confirms gold is locked in a tight consolidation phase after months of sideways movement, and market analysts believe a significant shift could be imminent.
Analysts Highlight Key Resistance Zones
Prominent analyst Michaël van de Poppe notes that gold is on the verge of a potential breakout. However, he warns that any failure to hold its current level could trigger a sharp decline toward $3,200 or even $3,080.
He emphasizes that a decisive breakout above $3,365 is essential to confirm bullish strength. Crucially, liquidity has already been swept above tw…
The post Gold (XAU) at “Moment of Truth,” Analyst Warns of “Harsh Time” for Altcoins appeared first on Coin Edition.
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Gold (XAU) at “Moment of Truth,” Analyst Warns of “Harsh Time” for Altcoins
- Gold traded at $3,378.37 on August 6, consolidating near a critical breakout zone
- Analyst van de Poppe notes a breakout above $3,365 would signal a harsh time for altcoins
- Analyst Rashad Hajiyev points to the $3,340 zone as pivotal for a move toward all-time highs
Gold is trading near a make-or-break point, with analysts watching for either a major breakout or a sharp reversal. On Wednesday, August 6, the precious metal traded at $3,378.37 per ounce, marking a slight 0.06% decline.
This modest dip comes after a volatile session that saw an early spike quickly erased by a pullback. This price action confirms gold is locked in a tight consolidation phase after months of sideways movement, and market analysts believe a significant shift could be imminent.
Analysts Highlight Key Resistance Zones
Prominent analyst Michaël van de Poppe notes that gold is on the verge of a potential breakout. However, he warns that any failure to hold its current level could trigger a sharp decline toward $3,200 or even $3,080.
He emphasizes that a decisive breakout above $3,365 is essential to confirm bullish strength. Crucially, liquidity has already been swept above tw…
The post Gold (XAU) at “Moment of Truth,” Analyst Warns of “Harsh Time” for Altcoins appeared first on Coin Edition.
Read More