In a recent interview with Kitco News, Michael Moor, creator of Moor Analytics, described gold’s month’s long price action as a macro bearish consolidation period.
The comments come as gold prices rallied to a new two-month high, testing critical resistance at $1,850 an ounce.
Last week, silver saw significant bullish momentum as prices pushed to a two-month high above $24.50 an ounce.
While bitcoin saw significant moves in 2021, the digital currency is seeing its worst start to the year since it was first launched in 2008.
He added that if the market can hold this support, then it might have a chance to regain some of its luster.
“There is a bearish divergence between where we are right now and the previous peak and this is suggesting we will see a failure below,” he said.