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2 563
🚨The price of gold recorded its biggest one-day percentage fall in about 12 years, plunging more than 6 % after having hit record highs.
The drop is estimated to have erased roughly US$1.75 trillion from gold’s market value.
Why it happened👇
Several inter-linked drivers appear to have triggered the sharp sell-off:
🔺Profit-taking after a rapid surge: Gold had surged significantly this year (up ~60 % or more) and had reached multiple record highs, which made many investors look to lock in gains.
🔺Stronger US dollar and reduced safe-haven demand: A firmer US dollar makes dollar-denominated gold more expensive for other‐currency buyers and therefore tends to reduce demand.
🔺Easing global tensions temporarily reduced one of the key motivations for buying gold (i.e., as a safe‐haven asset).
🔺Overbought conditions / stretched valuations: With gold prices having climbed strongly, some market watchers argued the metal was in an over-extended state and vulnerable to a sharp reversal.
🔺Liquidity and positioning issues: there was a lack of updated futures market data because of a US government shutdown, which reduced transparency and may have exacerbated the sharp move.
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Repost from N/a
#XAUUSD (BUY)
ENTRY 4340 - 4320
Targets 4370 - 4390 - 4420 - 4444
Stop Loss 4300
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2 563
#DXY is on the Verge of Falling Wedge Breakout on the Daily TF Chart..📈
🎯 Midterm Target : 104.60
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#XAUUSD Falling Wedge formation on the 4H Chart..!!
Expecting +150 pips Bearish Wave after Breakout Confirmation..📉
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#XAUUSD Still Moving above the Major Trendline..!!
Bulls Will Remain in complete control as long as the trendline holds..📈
Once the 4H candle closes below 3800, I’ll be entering a short position.. (Wait for Confirmations)
Target zone: 3590–3600
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#XAUUSD +600 pips Profit so far Since the Breakout..🔥📈
I hope you guys Enjoyed the RIDE.. 😊
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#XAUUSD was consolidating inside the wedge throughout last week, and on Friday, it finally broke out & Rallied over 1200 pips afterward.. 🏄♂️
Now Gold is doing the same thing again, consolidating inside the wedge.. let’s see what happens next..⌛️📈
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#XAUUSD Descending Broadening Wedge formation on the 1H Chart..!!
Another +500 pips Bullish Rally incoming..🔜
Wait for the Breakout Confirmation first.⛔️.⛔️
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#XAUUSD Next Move..!!
Still Moving above the Major Trendline on the 4H timeframe Chart..📈
Expecting One move tiny High to trap the Late Buyer & then Big Selling towards the 3560..😉
