Gold Recovers to $4,100 After Intraday Plunge
Gold rebounded sharply, recovering the $4,100 level after falling to a low of $3,983.85 as the US dollar reversed its earlier risk-aversion gains.
XAUUSD
XAU/USD staged a dramatic intraday reversal on Tuesday. The pair initially sank to a low of $3,983.85 as the US dollar strengthened on risk aversion. However, the greenback abruptly changed course early in the American session, triggering a sharp move higher in gold.
Gold surged roughly $100 from the day's low, peaking just above the $4,100 mark before stabilizing. The recovery suggests buyers stepped in aggressively near the $3,980 area, though the metal remains in a battle to hold the psychologically important $4,100 level.
Source: FXStreet Forex News