Gold surged past the $2200 threshold for the second time in history on Wednesday, only to retreat to $2182 during early US trading. Concurrently, cryptocurrencies are following a similar trajectory to gold today. However, silver, platinum, and copper are not experiencing comparable gains, leading to a sense of unease among investors.

Gold’s recent surge above $2195 has tested the rally high observed from late February to March 8th. A sustained move above this level would mark the initial phase of a potential new rally, paving the way for a climb towards $2300.

However, it’s important to note that although there appears to be a higher price on the charts, it’s likely a result of slippage in low liquidity trading and is therefore not considered a definitive breakout.

Meanwhile, silver has been on a downward trajectory for the fourth consecutive session, sliding to $24.4. Platinum, after experiencing a 5% pullback from its peak on March 15th, is hovering around $900, close to local lows. Copper has also been on a downward trend since early last week.

Despite gold being the most liquid metal on the exchange, its divergence from other metals raises concerns of a potential false breakout observed on Wednesday.

The persistent sideways movement in gold miners over the past three weeks despite gold’s notable rally underscores a divergence in the market.

From a technical standpoint, gold requires consolidation above the $2200 mark to initiate a new bullish momentum. However, in the event of further declines, close attention should be paid to the dynamics around the $2150 level. A failure to hold this support could potentially trigger a deeper correction, with the initial target set at $2130.