Technical analysis: Gold price forecast

Gold prices are trading on enchanted territory, a break below the ranging channel that we have seen for the past few days could see the price trading lower to $1600. The downward trend in the price is currently in pause, seeking some fundamental and technical momentum to push the price even lower. However the price could range for a whole month.

A positive correlation downward trend between bitcoin and gold will take shape in the coming quarters as investors move their portfolio positions into risky financial securities like equities. Safe-haven assets like bonds and bitcoin are over-valued compared to other financial securities.