XAUT: Tether Gold (XAU₮) is a stablecoin that provides ownership on a 1:1 basis of one fine troy ounce of gold on a physical gold bar that meets the Good Delivery standards of the London Bullion Market Association (LBMA). This technology enables access to a stablecoin backed by physical gold while avoiding the drawbacks associated with holding physical gold, such as high storage costs and limited accessibility. It has a circulating supply of 592,399 XAUT coins.
XAUT has a market cap of $2.77 billion, as of date, while the overall crypto market cap stands at $2.70 trillion.
On the daily chart, XAUT is trading at $4,690.40. Gold witnessed a parabolic rally in January before undergoing a sharp correction. This came amid a volatile period, with U.S. military actions in Venezuela and against Iran contributing to increased volatility in gold prices.
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Technical Chart of XAUT
On the daily chart, the XAUT price is trading below its Simple Moving Average (14 & 21 periods) levels of $4,692 and $4,694, which are expected to act as minor resistance levels in the coming sessions.
On the daily chart, the Relative Strength Index (RSI) stands at 51.29, while the Stochastic indicator is at 83.46, indicating an overbought zone. The RSI is also shifting towards a positive zone, signalling a potential positive trend.
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Support and Resistance Levels
| Support 2 | Support 1 | Asset (Price) | Resistance 1 | Resistance 2 |
| $4,330 | $4,489 | XAUT ($4,690.40) | $4,893 | $5,036 |
Above $5,036, there is a possibility of XAUT moving towards the $5,158 level.
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