Gold pumping up to $2,138 due to the banking collapse in America

Rounding Bottom has formed on the daily.
This was a shock to technical analysts as we saw a struggle with gold over the last 2 months to $1,818.
7>21>200 -Bullish
The price failed to break below 200MA showing strong demand and buying.
RSI<7- bullish
Target $2,138

Now we've seen a number of banks collapse from SVB, Silvergate (crypto) Credit Suisse and Republic Bank. And there are now signs that there is contagion which could lead to another 10 - 100 banks to fail as well.

There are a couple of reasons I can think of for the push up for gold.

#1: Confidence in the financial system

If big banks in America collapse, it can shake confidence in the financial system, leading investors to look for a safe haven asset like gold.

#2: Inflation

The collapse of big banks can lead to inflation as the government may print more money to support the economy.

This can increase the demand for gold as a hedge against inflation.

#3: Economic uncertainty

The collapse of big banks can create economic uncertainty.

This can cause investors to seek the stability and security of gold.

#4: Panic buying and protection

The collapse of big banks can lead to panic buying of gold as investors rush to protect their assets.

Once again this leads to gold being the safe haven asset to go to, which will push the price up.