Gold slips below 200-day moving average offering glimmer of hope for bitcoin bulls
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- Gold fell below its 200‑day moving average (200DMA) for the first time since October 2023, trading under $4,300 per ounce.
- U.S. jobs report was stronger than expected, prompting markets to price in a higher likelihood of a Federal Reserve rate hike, with CME FedWatch Tool assigning a 25‑basis‑point hike in December, raising the federal funds rate range to 3.75‑4.00%.
- U.S. Dollar Index (DXY) moved back above 100, a level that typically pressures commodities and cryptocurrencies.
- Bitcoin‑to‑gold ratio rose 3% in the past 24 hours, staying above its February lows and offering modest resilience for bitcoin bulls despite being 70% below its December 2024 peak.
- Silver is testing support at its own 200‑day moving average near $67 per ounce.
Why it matters: Gold miners face lower revenues as prices dip under $4,300, while bitcoin investors gain a stronger relative price as the Bitcoin‑to‑gold ratio climbs 3% and the dollar’s strength squeezes risk assets.
