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Breaking News: ‘Crypto Week’ Takes A Hit: US House Fails To Advance Key Acts

Gold Records Strongest Weekly Close Since Recession Recovery in 2013

Tony "The Bull" Severino
Tony "The Bull" Severino
4 years ago
3 mins read

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The original ultra-scarce asset used for trade, as a currency, and a recession-proof store of wealth – gold – just had its strongest daily and weekly close since 2013.

The precious metal rose sharply after an initial crash in 2008 when the recession first began but later went on a multi-year rally that ended when the economy eventually recovered. Is history yet again repeating, and is gold preparing for a multi-year bull run and new all-time highs?

Gold Prices Continue to Rise, Reaching Great Recession Levels

Gold as a commodity is all around us, causing much demand for an extremely limited supply. The precious metal is a powerful semi-conductor used in nearly every electronic’s circuitry today, is used in Dentistry as a filler, and has a number of unusual uses in the aerospace and medical fields.

But it’s most common uses are as an investment or as a sign of wealth – typically by way of jewelry and other ornate decorations.

Related Reading | Surging Demand and Seized Supply Spark Rapid Growth in Tether’s Digital Gold

The shining precious metal shines brightest these days, as an investment vehicle and store of wealth, performing the best it has since the Great Recession.

Just ahead of the recession in 2008, gold prices began to soar but later crashed alongside equities as the recession first took hold.

Following the panic-induced collapse, the following monetary policy and resulting inflation prompted gold prices to skyrocket, taking the asset to its current all-time high of over $1,900 USD per troy ounce.

Gold peaked in September 2011 as the economy began to recover, and traded between a range of roughly $1,800 to $1,550, before falling to the 2020 low for support.

Gold spent the rest of the decade consolidating, with the process restarting in early 2019 alongside Bitcoin, as a trade war between China and the US began to brew.

gold xauusd price chart

XAUUSD: Strongest Daily and Weekly Close Since 2013 Points To New ATH

The trade war, however, is now a non-factor to the global economy, eclipse by the tremendous impact of the black swan event that is the coronavirus pandemic.

The resulting lockdown and response to the outbreak has crippled the economy, resulting in the Fed printing trillions of dollars in bailouts and stimulus packages.

Related Reading | Author Rich Dad Recommends Gold, Bitcoin as Dollar is Dying

With hyperinflation expected, assets with scarce, limited supplies rise in value while the dollar and other fiat currencies decline in buying power.

As more investors flee to safe-haven assets like gold to protect themselves from inflation, it has caused gold prices on the XAUUSD trading pair to reach a daily and weekly close of $1,683.

The close is the highest level since 2013, right before the asset tumbled toward its bottom trading range.

This latest high is particularly significant, as it is the first close since then to above support turned resistance from years ago, which could signal a move higher is likely.

With the current economic climate, and gold breaking above critical resistance for the strongest daily close in seven years, a new all-time high is almost a guarantee as good as gold.

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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

Read more

Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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