Gold Sentiment Shift Selloff
Gold has fallen from its lofty August levels, indicating a potential shift in investor sentiment.
Too little corroboration in the last 3 days to call a trend (3 articles). Watching for it to gain traction.
"McGlone disagreed, saying gold, silver and other commodities may have already peaked for the cycle and could remain under pressure if stocks weaken."
"As the US market opened, spot gold fell 1.79% to $4,514.58 an ounce."
"Gold slumped 2% Friday, bringing its weekly losses to more than 10% and putting the yellow metal on track for its worst week since 1983."
"Spot gold prices fell 0.52% lower at $5,058.24 an ounce."
"Traders said the decline in domestic prices was largely due to profit-taking at elevated levels."
"The Augmont Report...noted that gold prices in the short term are likely to remain weak and consolidate within the $4,550–$5,100 range."
"Technical indicators suggest that upside momentum is losing steam, making higher levels vulnerable to fresh selling pressure."
"Also, mining stocks are sliding today, with gold prices falling to a 2.5-week low."
"Failure to hold above $4004.28, however, could send the price into the $3846.50–$3741.61 value zone."
"America’s strategic share of global gold reserves has fallen to a 90-year low when compared to other countries."