Crypto vs. Gold: The Ongoing Battle for Investor Focus

November 25, 2024 Despite the allure of cryptocurrencies, gold remains a strong contender, marking its best weekly performance in nearly two years and trading just 3% below its October 30 peak. State Street Global Advisors has expressed concerns about the current cryptocurrency rally overshadowing gold. Nevertheless, gold continues to climb, with XAU/USD maintaining an upward trend within an ascending channel on the 1-hour chart. The 14-hour RSI indicates potential short-term bullish momentum, even as it edges into overbought territory. George Milling-Stanley, chief gold strategist at State Street Global Advisors, underscored gold’s long-term value, highlighting its fivefold growth over two decades. Looking ahead, he speculated that gold could surpass $100,000 an ounce within the next 20 years, emphasizing its enduring appeal as a reliable store of value.