Gold’s Sharp Rebound After Rout Hints Bitcoin En Route to $12K

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Gold’s sharp rebound after logging its biggest plunge in 7 years left Bitcoin (Symbol: BTCUSD) in a comfortable space. The benchmark cryptocurrency seemingly copied the precious metal’s retracement moves during the Wednesday session. At one point in time, it was trading at $11,148 (data from Coinbase), down 7.76 percent from its weekly top. But it bounced back ahead of the New York session, rising about 4.54 percent from its intraday low. The same happened to gold (Symbol: XAUUSD). The metal plunged by more than 10 percent from its record high at $2,075.28 an ounce. But traders caught the dip right ahead of the New York opening bell, sending its price to an intraday high at $1,949.08 an ounce. The gold chart on shows XAUUSD in an upside pullback mood. Correlation The mirror moves followed an update from a data analytics platform Skew on August 10. The portal reported that…

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