Group 1 - Gold prices have seen significant gains, briefly testing $5,600 per ounce before settling around $5,500, marking an increase of over 3% in a single session [2] - Silver has also surged past $119 an ounce, outperforming gold in both momentum and narrative [2] - The current market dynamics indicate a shift from traditional inflation hedging to a focus on confidence and liquidity, as investors seek solid assets [2] Group 2 - The gold market is experiencing classic melt-up behavior, with overbought conditions being less impactful due to overwhelming capital flows [4] - The 14-day RSI for gold is above 90, indicating extreme overbought conditions, yet prices remain above major moving averages [3] - The weakening US dollar, down nearly 11% year over year, is a significant driver of gold's price increase, overshadowing factors like mine supply and jewelry demand [7]
Why is Crypto Down Today? Gold Price Smashes $5,600 as the Dollar Slips and Liquidity Floods the System
Yahoo Finance·2026-01-29 09:52