Gold price and bitcoin trade to fresh weekly highs

30 มี.ค. 2023

The price of gold trades to a fresh weekly high ($1984), with bitcoin reflecting a similar behavior going to the end of March.

The price of gold and bitcoin may continue to share a positive relationship as the correlation coefficient current stands at a more significant reading of +0.93 compared to the +0.76 reading from last week.

Gold Price Outlook

The price of gold clears the range bound price action from earlier this week as it bounces back ahead of last week’s low ($1934), with move above the $1972 (78.6% Fibonacci retracement) to $1977 (50% Fibonacci extension) region raising the scope for run at the monthly high ($2010).

However, failure to clear the monthly high ($2010) may lead to a larger pullback in the price of gold, and bitcoin may share a similar fate as the correlation coefficient sits at its highest reading for 2023.

Additional Resources
Gold price vulnerable to persistent US inflation

--- Written by David Song, Strategist

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