Gold prices broke through the weekly 50-day moving average closing the week at $1,838.10 per ounce. This breakout followed a two-week consolidation, noted last week . The way is now clear to challenge the previous resistance level set at $1,950 per ounce. Gold’s breakout coincided with a crash in the cryptocurrency markets. The headliner, Bitcoin, dropped below $40,000 from a high of $64,000 set just a month ago—a decline of more than 37%. This was the result of a combination of factors: Elon Musk’s tweets, a Chinese government ban on financial institutions and payment companies offering Bitcoin services, and other governments (such as Turkey and India) also targeting cryptocurrencies. These events got financial institutions acting. CNBC reports, “Institutional investors are dumping bitcoin in favor of gold, reversing a recent trend that’s played out over the last two quarters, according to a new report from JPMorgan. “Based on open interest in CME bitcoin futures contracts, the firm said large investors are shifting away from bitcoin after favoring the digital currency over gold beginning last fall.” Rick Andrews is president of Avant Capital Management.