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 (6 articles). Watching for it to gain traction.
Mainstream financial press is carrying this — attention has broadened beyond specialist outlets.
"Gold futures have gained about 8% in August. Gold recently moved above its 50-day moving average and entered overbought territory for the first time since March 10. Historical data cited by Bespoke suggests that after similar extended periods without an overbought reading, gold has recorded modest average declines over the following week, month and three months."
"gold continues to trade within a descending channel, reflecting a persistent short-term downtrend... prices remain below the 20-day moving average, indicating that sellers continue to dominate the near-term trend... every bounce is witnessing selling pressure"
"Gold, traditionally seen as an inflation hedge, loses its appeal in a high-interest-rate environment"
"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."