$TRUMP $XAU Breaking: Gold price plunges more than 2%, shedding $1.14 trillion from the week's peak
Gold is now at $4,056.63 per ounce (XAU/USD), down $84.65 (-2.04%) from Wednesday's close ($4,141.28), breaking below the lower boundary of the descending channel at $4,066.06 and the October low ($4,073.44), and entering the $4,000–$4,100 demand zone. The decline comes amid a global sell-off in stocks (Nasdaq futures -1.8%) and a rebound in oil. Gold falling alongside stocks is consistent with HSBC's analysis issued today on margin calls forcing the sale of leveraged positions. Gold news today is dominated by the break of the...
Gold: $4,056.63, down 27.5% from January's peak ($5,595.46) and up 4.4% from the 52-week low ($3,886.49).
Size of the move: $84.65 equals 1.14 times the average daily range (ATR at 74.19), making it large but not unusual, according to WarrenAI.
Gold market value: a paper loss of about $1.15 billion from the week's peak of $4,217.47 per ounce
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Gold is now at $4,056.63 per ounce (XAU/USD), down $84.65 (-2.04%) from Wednesday's close ($4,141.28), breaking below the lower boundary of the descending channel at $4,066.06 and the October low ($4,073.44), and entering the $4,000–$4,100 demand zone. The decline comes amid a global sell-off in stocks (Nasdaq futures -1.8%) and a rebound in oil. Gold falling alongside stocks is consistent with HSBC's analysis issued today on margin calls forcing the sale of leveraged positions. Gold news today is dominated by the break of the...
Gold: $4,056.63, down 27.5% from January's peak ($5,595.46) and up 4.4% from the 52-week low ($3,886.49).
Size of the move: $84.65 equals 1.14 times the average daily range (ATR at 74.19), making it large but not unusual, according to WarrenAI.
Gold market value: a paper loss of about $1.15 billion from the week's peak of $4,217.47 per ounce
A