⚠️ Gold dropped today by about 4% in one of the strongest sell-offs recently.
⚡️ This drop wasn't just about the price; it caused a significant decline in its market cap, falling from around 29.84 trillion dollars to 28.65 trillion dollars.
📉 Since our first analysis on April 24, gold has decreased by more than 14%.
😂 Is gold just dirt now?
Of course, just kidding—gold remains gold and is one of the most important assets in the markets, but even the strongest assets go through correction and downtrends.
🎯 Right now, we're watching the zone 3997 - 3886, which is considered one of the strongest support areas in the medium term. We might see a technical bounce targeting levels of:
4200
4500
⚠️ However, a break and weekly close below 3886 would be a negative signal and could open the door for further downside targeting lower levels.
As we always say: no asset goes up indefinitely, and no asset goes down indefinitely; the market moves between cycles of bull and bear.
$XAU
⚡️ This drop wasn't just about the price; it caused a significant decline in its market cap, falling from around 29.84 trillion dollars to 28.65 trillion dollars.
📉 Since our first analysis on April 24, gold has decreased by more than 14%.
😂 Is gold just dirt now?
Of course, just kidding—gold remains gold and is one of the most important assets in the markets, but even the strongest assets go through correction and downtrends.
🎯 Right now, we're watching the zone 3997 - 3886, which is considered one of the strongest support areas in the medium term. We might see a technical bounce targeting levels of:
4200
4500
⚠️ However, a break and weekly close below 3886 would be a negative signal and could open the door for further downside targeting lower levels.
As we always say: no asset goes up indefinitely, and no asset goes down indefinitely; the market moves between cycles of bull and bear.
$XAU