Gold Tests Key Resistance Level That Could Signal the Next Bullish Phase
Gold, trading near $4,340, is testing historical resistance against the M2 money supply, suggesting a potential market top or the start of a final bull run phase.Summary
Gold has significantly outperformed expectations in 2025, rising over 60% year-to-date to approximately $4,340 per ounce, making it a $30 trillion asset. When measured against the M2 money supply, gold has gained about 150% since its 2022 low and is now approaching levels last seen during the 1974 and 2011 peaks. This convergence on historical resistance could signal either the rally's imminent top or the beginning of the bull market's final, potentially explosive phase, similar to the 180% surge seen during the 1970s stagflation. Furthermore, gold is strongly outperforming Bitcoin; the gold/bitcoin ratio is up 50% year-to-date, with Bitcoin's market cap now representing only about 7% of gold's total value. Bitcoin is nearing $100,000, which aligns with its 365-day moving average.
(Source：CoinDesk)