Tough to say, what is hapening with gold price... Technical analysis is a self fullfilling prophecy, if enough people believe in it it is going to happen probably, like religion a little bit.
What we can say is that when great uncertainty is present on the markets investors flee into gold and what is to be considered safe currencies as swiss francs for example.
(Sometimes also Crypto, see the Cyprus financial crysis pushing btc to alltime highs)
Not all the money coming out of cryptos will come into Gold.
Second lets take Marketvolume, it's 3 Billion $ per day for Ethereum and BTC combined at the moment according to coinmarketcap.
Price tends to be very unstable, this means a fracture of the market cap will be converted into cash if a huge sell of is going to happen. Thus calculation with market cap is unrealistic actually since it will change when huge sell offs happen in speculative investments (which crypto is atm).
The average daily trading volume of Gold from major Bullion Banks (HSBC, ICBC Standard Bank, JP Morgan, Scotiabank and UBS) was 27.3 Billion $ at the end of Jan 2017.
This doesn't even put other banks from other countries into account.
All the physical Gold that is existant on earth is estimated at 163 000 000 kg, (probably much higher). The Price per KG is 38.964,45 USD today. Multiplied with each other we have a Market Cap of 6.351 Trillion USD (this is only for physical available Gold and doesn't put into account that usually there are more Oz of Virtual Gold for each real existant one)
Also it tends to be way more stable in price due to historic reasons.
Crypto sell off influencing gold price, unlikely...
If you still believe in Gold at the Moment and want to protect yourself from crypto sell offs, there is an exchange service called vaultoro with physical gold stored in switzerland.
You can exchange your BTC against Gold there.
RE: GOLD's BEEN INSIDE THIS TRIANGLE FOR LONG TIME ...IT's TIME FOR A BREAKOUT TO THE UPSIDE