Gold Breaks Below $4,000, Down 28% from January Highs
Gold fell below $4,000 per ounce on Wednesday, marking a 28% drop from its record highs in January. The decline is described as a normal correction within a secular bull market.
Gold prices slipped below the $4,000 per ounce threshold on Wednesday, extending a pullback that now amounts to a 28% decline from the all-time highs reached in January.
Market participants note that such deep corrections are typical during secular bull markets and do not necessarily signal the end of the long-term uptrend. The move comes after a sustained rally that pushed the yellow metal to new records earlier this year.
Traders will watch for support levels and any shifts in macroeconomic drivers such as interest rate expectations or geopolitical tensions.
Source: FXStreet Forex News