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Gold has run into some heavy selling after the US equity open, with prices falling $100.The selling accelerated after the break of yesterday’s low of $4278.There is no clear catalyst for the drop but gold is extremely technically overbought and there may be some market participants looking to take profits ahead of the weekend.It’s way too early to say that gold’s parabolic move has busted. I’d imagine there will be plentiful buyers on dips at $4000 with perhaps some earlier support at $4090. I’ve been repeatedly surprised at how shallow dips have been in this incredible run up.
This article was written by Adam Button at investinglive.com.
๐ก DMK Insight
Gold's recent tumble of $100 is a stark reminder that even the shiniest assets can lose their luster when traders decide it's time to cash in. The absence of a clear trigger for this sell-off suggests a classic case of profit-taking, especially after a prolonged rally that had many feeling like they were sitting on a golden throne. Itรขยยs a lesson in the fickle nature of marketsรขยยwhat goes up can come down faster than you can say รขยยinflation hedge.รขยย For investors, this might be the moment to reassess their glittering holdings and remember that even gold can tarnish when the profit-taking urge strikes.
๐ฎ Takeaway
In the world of trading, even gold can lose its shine when profit-taking kicks in.
