So far this week, spot Gold prices have been whipsawed across a wide range exceeding $100. On Monday, it hit a near two-month high of $1965.59 before careening down to the $1850 mark, all within the same day. The precious metal dropped by as much as 5.85 percent on Monday, which erased all of Gold’s month-to-date gains, and more, while registering its largest single-day decline since August 11 th .
Despite the latest attempt to claw its way back up, Monday’s drastic drop leaves Gold below its 100-day simple moving average for the time being, with its 50-day moving average threatening to follow suit. For context, so far this year, Gold has not spent more than a week at a time trading below that key technical level, having recovered promptly after breaking below that mark in mid-March and in end-October.
However, with its three-month downtrend proving hard to shake off, and […]
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