🔸Gold Falls from Record High by $100 in 1 Day🔸
The record high of about USD 2,130 an ounce was set just after the weekend in low-liquid Asian markets. By the nature of the movement, it looked more like a cascading triggering of sellers’ stop losses, rather than finding a stable balance between supply and demand, since after the candle with a long upper tail, the quote began to fall. During the European session it fell to 2,060, and during the American session it fell to 2,030. So in less than a day, the price of gold fell about USD 100, making Monday's close further from the record top than Friday's close — essentially similar to a change in market sentiment, in which a bearish engulfing pattern is formed.
From a fundamental point of view, the gold market is influenced by:
→ Jerome Powell's words that expectations of a rate cut may be “premature”;
→ positioning traders at the beginning of the working week. Important news on the US labor market is expected on Friday.
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