Gold held up through the Asian session and into Europe but it’s cracked now, joining in the market puke. It’s now down $76 to $2366, or 3%. Silver is down 7%.
This kind of price action is typical in gold as it makes a great safe haven until things great really bad. At that point, people are selling everything and looking for liquidity everywhere.
It’s still proven to be a much better store of value that most things, particularly crypto, but if it doesn’t hold $2350, then look for further liquidation.
The trade on gold will be to buy the dip as market stabilize and the Fed begins to deliver on rate cuts.
This article was written by Adam Button at www.forexlive.com.
