From Friday to Monday, we observe that the price of gold continued its downward trend, mostly fluctuating between $ 1810 and $ 1825, as the epidemic getting better. Included the hopes of the efforts of the new president, Joe Biden, who is working hard to revive the economy, especially the challenges of the COVID19 crisis through the American Rescue Plan nearly two trillion dollars.

Regarding the US National Rescue Package based on recent information. Joe Biden urged officials from both parties to support the US National Rescue Plan, especially in resolving the serious crisis over COVID19. Joe Biden also invited the mayor and state governor to discuss his proposal to help millions of unemployed workers and people’s hopes for the reopening of schools.

U.S. House Speaker Nancy Pelosi said the House of Representatives The people hope to pass the Law before the end of this month, and this law will be officially signed for use before the expiration date of the Unemployment Crisis Budget on March 14.

Although investors remain concerned about the outcome of the US bailout, which could lead to major inflation for the national economy, the effect could be mitigated or curtailed by the popularity of the new currency. Bitcoin, which plays a key role like gold, protects against inflation.

This week, Bitcoin successfully broke the record and reached a new high of $ 48,925. This huge result is due to Tesla’s $ 1.5 billion order.

What is Bitcoin? Bitcoin was created in 2008 under the initiative of a person (or possibly a group of people) nicknamed “Satoshi Nakamoto”. Bitcoin was first introduced to the internet in 2009 at a time when bitcoins were worth less than a cent. But about 10 years later, Bitcoin prices skyrocketed to $ 47,000. In the case of ordinary currency, the transfer of money from one bank to another using the Internet is done under the supervision and control of the bank. The bank checks to see if the sender has enough money in the account. Bitcoin transfer or payment also has a similar mechanism, just without the intervention of the bank and no need to pay a commission to the bank. Monitoring, verifying and recording all Bitcoin transactions are performed by the Bitcoin users themselves through a networked computer network around the world.

According to senior analysts at KITCO NEWS, if the price of gold falls to $ 1,800 this weekend, it will create a golden opportunity for investors to buy and sell shortly before the end of the year. Announcing the implementation of the US National Economic Recovery Plan.

In addition, rising US Treasury bond yields and a stronger US dollar price index have been holding back gold prices. “Ten-year US Treasury bond yields have risen by almost 1.2%,” said PETER HUG, head of global trading at KITCO METALS.

The state of gold prices can only recover if the price continues to rise unless there is a major impetus for the official approval and implementation of the US $ 2 trillion American Rescue Plan.

Analyzed By: Mr. Chea Presith，Independent Analyst