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Jun 10 - 05:55 AM

Gold - At Risk Of Deeper Drop Following $100/Oz Plunge

By Jeremy Boulton  —  Jun 10 - 04:05 AM
  • Gold plunged from $2387.60 to $2286.50 on Friday

  • On Monday gold remains heavy trading $2286.69-$2300.77

  • Closing break below 55-DMA at $2330 which now weighs

  • Gold drops into daily Ichimoku cloud and closes below its $2322 peak

  • Large speculative long position has been established this year

  • Profit taking could fuel drop toward $2223 cloud base and 100-DMA $2214

  • Target to correct 2023-2024 uptrend is $2205 - 38.2% retracement

  • Stronger $ resulting from liquidation big FX bet may weigh gold

Source:
Refinitiv IFR Research/Market Commentary

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