Yesterday we saw gold going down by almost -4% in just 2 minutes.
The drop was really big from 5085 to 4880 with -$205.
The problem is that we didn’t have any catalyst for this move. The same thing happened with silver.
Silver fell again by almost 11%, a bigger move.
Usually, these bigger sell-offs aren't driven by normal retail traders. The retail traders don’t all react immediately in just 2 minutes.
I thought we would read some news after that, but nothing came out.
From Reuters:
“Precious metals fell with stocks last night. They didn’t have much of a macro catalyst,” Rodda added.
From Bloomberg:
The drop accompanied the nervousness on Wall Street, where prices bowed across asset classes on concerns about the impact of artificial intelligence on corporate earnings.
Whether you believe this news is up to you. You already know my opinion :)
After a short correction , Gold should rise again. The market is a bit scared today, but it could correct and rise again. The profit taking that happened yesterday will join the gold price again and push it higher.
You may find more details in the chart.
Thank you and good luck!
