Gold (XAU) at “Moment of Truth,” Analyst Warns of “Harsh Time” for Altcoins

Key Points

1. Gold traded at $3,378.37 on August 6, with a breakout above $3,365 potentially signaling a harsh time for altcoins.

2. Analyst Rashad Hajiyev identifies the $3,340 zone as pivotal for gold's potential move toward all-time highs.

3. A failure to hold current levels could trigger a sharp decline toward $3,200 or $3,080, while a breakout above $3,365 would confirm bullish strength.

4. August tends to be a bad month for risk-on assets like altcoins, potentially intensifying selling pressure if gold breaks out.

5. Gold's price action is seen as a make-or-break moment, with heightened volatility expected due to recent liquidity sweeps.