Gold plunges from 4700 to 4450
I actually feel this pullback is important
After pushing up toward the 4700 area at the beginning, these past two days finally brought a fairly noticeable round of correction.
Today, spot gold is around $4455. Even last Friday, it fell more than 3% in a single day. The main reason is that Warsh’s speech at Jackson Hole was somewhat hawkish, and market expectations for a September rate hike have heated up again.
But interestingly, even after this round of sharp sell-off, gold is still up more than 10% overall in August—still the strongest month since January this year.
So I won’t assume the market is over just because gold has dropped back to 4450.
The move up from 4700 happened too fast in the first place, and it was necessary to flush out the chasing funds.
If it can stabilize again around the 4350 area, I would start paying attention to the next opportunity.
The long-term logic for gold has not disappeared just because of a two-day pullback.
$BTC $XAU $XAUT
I actually feel this pullback is important
After pushing up toward the 4700 area at the beginning, these past two days finally brought a fairly noticeable round of correction.
Today, spot gold is around $4455. Even last Friday, it fell more than 3% in a single day. The main reason is that Warsh’s speech at Jackson Hole was somewhat hawkish, and market expectations for a September rate hike have heated up again.
But interestingly, even after this round of sharp sell-off, gold is still up more than 10% overall in August—still the strongest month since January this year.
So I won’t assume the market is over just because gold has dropped back to 4450.
The move up from 4700 happened too fast in the first place, and it was necessary to flush out the chasing funds.
If it can stabilize again around the 4350 area, I would start paying attention to the next opportunity.
The long-term logic for gold has not disappeared just because of a two-day pullback.
$BTC $XAU $XAUT