Gold, bitcoin prices: What's next for the two assets?

Gold prices (GC=F) trend higher, now hovering above $2,200 as Wall Street analysts expect the metal to climb even higher. Furthermore, bitcoin (BTC-USD) sits just below $71,000 in the cryptocurrency's 2024 recovery.

Yahoo Finance Senior Markets Reporter Jared Blikre explains the price action surrounding the two assets.

For more expert insight and the latest market action, click here to watch this full episode of Morning Brief.

Editor's note: This article was written by Luke Carberry Mogan.

Video transcript

JARED BLIKRE: So we're going to go to the futures, I'm going to check the intraday price action. Gold has been surging but it's not even among some of the top performers. It is in that top row, GC equals F. But I want to point out that palladium, natural gas, Brent crude, all of those are trending higher even than gold. So gold is up 1% to a record high. On an intraday basis, I don't think it's there just yet but should close at a record high.

And let's just take a look at the five-year price action. You can see we are caught under this resistance level, broke above, and then just have launched higher from here. So a measured move probably puts us at 2,250. And you'll see right now we are at 2,235.

Now, switching over to the other gold, Bitcoin. Let's take a look. We have Bitcoin up 1/2%. But it has been surging recently. Let me show you the one month for the month of March what we have done. Now, we made a record high around what? 74,000-75,000 earlier in the month. And we came down pretty quickly, it was a little bit scary there. But now the Bitcoin asset has found its footing and is knocking on these highs that we saw from earlier in the month.

And just to zoom out here and give you the bigger picture, these are the record highs that we overcame. And so Bitcoin has done this pattern historically where it breaches a new high, consolidates for 21 days, and then launches higher . I think that 21 days is just about up so we'll see if history-- if history can finally repeat again here.