Gold prices steady from sell-off, while bitcoin sinks lower

00:00 Josh

Now let’s get to senior reporter Ines Ferre with the latest on gold and Bitcoin. Ines.

00:05 Ines Ferre

Yeah, Josh, and it was a choppy session for gold. Let me just show you the interactive so we can see on our Wi-Fi interactive that today we saw gold going lower earlier in the session, extending its losses from yesterday, yesterday, its worst uh day in 12 years. But look at this, a choppy session for gold, up two-tenths of a percent, hanging around $4,100 per token. Look, the key takeaway from the sharp sell-off that you saw yesterday was that the drop seemed to be an unwinding of what appeared to be almost a momentum trade, even though uh gold doesn’t uh isn’t necessarily a momentum trade, but this big massive rally that we’ve seen with gold year to date, uh has made it seem like that type of trade. The bottom line is is that traders have been watching the 4,000 level. If it breached 4,000, then you would you could see even a sharper sell-off. It’s too early to really to tell right now just off of today’s action. But UBS saying that they believe that the sell-off was technical. They also uh say that this the dips may be buying opportunities because they see gold going to 4,700 by the end of the first quarter of next year. Now, the other uh also asset that we have been watching, of course, is crypto as well, Bitcoin, because Bitcoin today was heavily under pressure, down 3 and a half%. And keep in mind that Bitcoin has been trying to recover from the uh volatility that it’s seen over the last a couple of weeks. You’ve had Fundstrat’s Sean Farrell, uh head of digital assets over there, talking about this correlation between gold and Bitcoin that usually it’s gold that front runs, then gold rolls over, then it consolidates, then it’s Bitcoin’s turn. So that’s what he’s expecting as far as Bitcoin’s concerned. I mean, you still have Wall Street that’s very bullish on the token, but nonetheless, uh today’s action, not great for the cryptocurrency uh market in general right now, Bitcoin at around 108,000, just below that.