With over 40 years of experience in the financial sector, renowned commodity trader Peter Brandt has identified a long-standing downward trend of gold against Bitcoin (BTC) 
$79,405. According to a weekly chart shared by Brandt, the XAU/BTC pair has been in a consistent downward trend for over a decade. However, gold has recently caught attention again, climbing 3.07% during the day to reach $3,407, the highest level in the last two weeks.
Brandt’s Chart: Balancing Gold and Bitcoin
Brandt emphasized that the chart for the XAU/BTC pair on a weekly timeframe indicates a persistent downward channel. In his post, he pointed out that the pair has been weakening over the years, with gold losing strength against Bitcoin for a significant period.
Early in the day, gold, seen as a safe haven, reached $3,407, amid rising expectations that the U.S. Federal Reserve might cut rates this year. The increased buying pushed the price to a two-week high.
According to Reuters, rising trade tensions also support gold’s rise. Following the U.S.’s announcement of high tariffs on April 22, the precious metal reached an all-time high of $3,500. Although the momentum faded with the easing of U.S.-China tariffs, buyers re-emerged today.
Seeking Returns Throughout the Year
The precious metal has risen by 29% since the start of the year. Despite several favorable catalysts, the value increase in Bitcoin in the same period remained at 24%. The largest cryptocurrency saw its latest peak in July at $122,838, briefly surpassing gold’s returns since the year’s beginning.
Bloomberg’s senior strategist Mike McGlone recently adopted a cautious approach toward Bitcoin. According to McGlone, the Bloomberg Galaxy Crypto Index’s matched performance with the S&P 500 this year indicates a weakening in the sector’s strength.
Fidelity’s Jurrien Timmer previously predicted that Bitcoin could surpass gold in the year’s second half. Brandt’s long-term XAU/BTC chart, coupled with the current momentum of gold, closely watches the competition throughout the rest of the year. The focus of discussions is currently on the gap between gold’s trend strength and Bitcoin’s potential.
