Gold Momentum Reversal Profit Booking
Profit booking in gold and silver is advisable as momentum indicators suggest a reversal.
Too little corroboration in the last 3 days to call a trend (1 article). Watching for it to gain traction.
"Gold and silver prices traded lower on Thursday, with the precious metals declining up to nearly 2 per cent amid profit booking after the government raised import duty to 15 per cent."
"RSI is at 37.9, below the neutral 50 mark, reflecting weakening momentum and supporting continuation of the downside move."
"Overall mixed physical demand from India and China, profit-booking by ETF Investors & Strong US macroeconomic data continues to cap the upside in the current week."
"near-term contracts witnessing mild profit booking while longer-dated contracts remained supported."
"Gold continued to fall on Tuesday, reaching Rs 1.57 lakh per 10 grams in futures trade, as investors booked profits amid muted global gains."
"Investors moved to reduce risk as stock markets dropped and volatility increased across asset classes."
"Profit-taking was the fire that led to the gold price plummeting 21% in three days."
"The pressure comes after the yellow metal tumbled in the previous session."
"Profit booking after record highs also added pressure, leading to the steep daily decline."
"After the sharp rally, traders booked profits. Analysts said a pause was expected after strong gains in recent weeks."