I opened TradingView and saw XAUUSD down about 3.5% today, with a near‑vertical drop in the last hour.
I'm not tracking commodities daily, so what sparked this move? Fed expectations, geopolitical news, profit‑taking, or something else?
Would love a quick breakdown from anyone who follows the gold market.
(https://i.ibb.co/39LC6zSt/7lu4j0e6f89h1.jpg)
I think the move is linked to the improving stability in the Middle East, with the Strait of Hormuz reopening and Oman allowing toll‑free passage. After a long rally, many are probably booking profits on their gold positions.
Gold is in a downtrend right now.
The DXY/dollar index has been strong for the past two days.
Why are all the metals falling?
Here are a couple of possibilities:
Gold usually rises when the dollar weakens. Right now the dollar is strengthening for several reasons.
There could be margin calls from short‑term volatility, leading to unwinding of profitable dollar positions.
From a high near 5500 on Jan 29 to under 4000 in June, it's been quite a ride.
Gold will eventually correct back to its long‑term average returns.
I see an opportunity.
It rose so fast; I wouldn't call that a crash, lol.
$3500 is coming soon.
Modi said not to buy gold for a year, but it shot up in just two months!! /s
If you're planning to sell stocks or mutual funds and move into gold, maybe now's the time.
Sorry, I've already bought some gold.
This
(https://i.ibb.co/wFX0cb6q/qn6zvpjlx89h1.jpg)