Aug 28, 2026

Gold Holds Key Support as Bitcoin Surges Past $80K: Technical Analysis

In a recent commentary, technical analyst Gary Wagner discussed the completion of a three-river evening star candlestick pattern in gold, which resulted in a $68 decline. However, the expected confirmation for a bearish signal did not materialize, and gold has held above its 200-day moving average, a level previously identified as potential support. Wagner expressed skepticism that Tuesday's high marked the top and suggested the pullback may have run its course, with buying opportunities possibly at earlier entry points. For risk-averse traders, he recommended waiting for gold to break above $4,692, the 0.382 Fibonacci retracement level, before entering long positions.

Meanwhile, Bitcoin and Solana have resumed their rallies, with Solana surging about 7.5% and Bitcoin crossing above $80,000 for the first time in over 100 days, potentially reaching levels not seen in more than eight months. Wagner noted that both precious metals and cryptocurrencies are advancing for similar fundamental reasons, with crypto leading due to lower margin requirements, easier leverage, and 24-hour trading. He believes gold and silver will follow suit.