$XAUt weakened amid the fear triggered by yesterday's U.S. attack. It looks as though the $3,881 support level could break, but it's difficult to say anything with 100% certainty...
$3,881 is a very important level. If gold closes below it on the daily timeframe, $3,500 could come into focus, although honestly, I don't see that as likely at the moment.
When gold was climbing toward $5,600 per ounce, people were practically pushing each other out of the way to line up in front of jewelers at the Grand Bazaar. Since then, gold has fallen approximately 30%, and now people are turning their noses up at it...
There is a possibility of further downside from here, but even if that happens, I believe many people fail to recognize the opportunity currently presenting itself in gold...
(I made this same point before gold rallied from $4,000 to $4,500.)
If gold falls below $3,881, gradual additions to positions could once again be considered. Even if it declines further, I don't expect an extremely sharp sell-off. $GOLD
$3,881 is a very important level. If gold closes below it on the daily timeframe, $3,500 could come into focus, although honestly, I don't see that as likely at the moment.
When gold was climbing toward $5,600 per ounce, people were practically pushing each other out of the way to line up in front of jewelers at the Grand Bazaar. Since then, gold has fallen approximately 30%, and now people are turning their noses up at it...
There is a possibility of further downside from here, but even if that happens, I believe many people fail to recognize the opportunity currently presenting itself in gold...
(I made this same point before gold rallied from $4,000 to $4,500.)
If gold falls below $3,881, gradual additions to positions could once again be considered. Even if it declines further, I don't expect an extremely sharp sell-off. $GOLD
