Gold Price Analysis: XAU/USD drops $50 from record highs to the $2020 area
|- Gold having worst day since March as bearish correction accelerates.
- US dollar recovers ground across the board, triggering XAU/USD slide.
Gold prices are falling sharply on Friday, trading below $2040/oz at the moment. Earlier on Friday, the yellow metal reached at $2075, a new record high. It then pulled back and accelerated sharply to the downside during the American session amid a rally of the US dollar.
The greenback was rising and after a short-lived retreat after the release of NFP, it resumed the upside, as a report suggests the White House will sanction Hong Kong’s leader Carrie Lam.
The US Dollar Index (DXY) jumped to 93.60, reaching the highest level since Tuesday. It is up by 0.75%, having the biggest gain in months. The greenback also rallied against commodity and emerging market currencies. In Wall Street, main stock indexes are falling modestly. The Dow Jones drops 0.19% and the Nasdaq 0.02%.
XAU/USD bottomed at $2022 and then bounced modestly to the upside. It is losing 1.25%. Other metals are experiencing more significant corrections. Silver losses 3.95% and Platinum more than 4%.
Gold levels
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