Breaking: Gold tumbles below $2,000 amid profit-taking, dollar strength

Yohay Elam FXStreet

Gold is extending its downward correction and is trading around $1,990, a shape fall of over $33 on the day, and a total of $85 from the all-time high of $2,075. The 2011 peak of $1,921 is a distant support line, but XAU/USD may find support at around $1,950.

After the initial fall to $1,990.09, prices have been stabilizing, but gold has been unable to recapture the round $2,000 level and is trading at the lowest level in a week.

The US dollar is gaining ground in recent days, putting pressure on the yellow metal. There is an inverse correlation between gold and the greenback.

Silver is also sliding, changing hands below the $28 level. XAG/USD has been holding up better than XAU/USD.

The move is the result of ongoing profit-taking after the remarkable rally. Here is the precious metal's fall on the 15-minute chart

See Gold Price Analysis: XAU/USD will have a bumpy road to the north unless crossing $2,032 – Confluence Detector

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

EUR/USD looks offered below 1.1900

EUR/USD keeps its bearish tone unchanged ahead of the opening bell in Asia, returning to the sub-1.1900 region following a firmer tone in the US Dollar. Indeed, the pair reverses two consecutive daily gains amid steady caution ahead of Wednesday’s key US Nonfarm Payrolls release.

GBP/USD slips back to daily lows near 1.3640

GBP/USD drops to daily lows near 1.3640 as sellers push harder and the Greenback extends its rebound in the latter part of Tuesday’s session. Looking ahead, the combination of key US releases, including NFP and CPI, alongside important UK data, should keep the pound firmly in focus over the coming days.

Gold the battle of wills continues with bulls not ready to give up

Gold remains on the defensive and approaches the key $5,000 region per troy ounce on Tuesday, giving back part of its recent two day. The precious metal’s pullback unfolds against a firmer tone in the US Dollar, declining US Treasury yields and steady caution ahead of upcoming key US data releases.

Bitcoin's downtrend caused by ETF redemptions and AI rotation: Wintermute

Bitcoin's (BTC) fall from grace since the October 10 leverage flush has been spearheaded by sustained ETF outflows and a rotation into the AI narrative, according to Wintermute.

Dollar drops and stocks rally: The week of reckoning for US economic data

Following a sizeable move lower in US technology Stocks last week, we have witnessed a meaningful recovery unfold. The USD Index is in a concerning position; the monthly price continues to hold the south channel support.

XRP holds $1.40 amid ETF inflows and stable derivatives market

Ripple trades under pressure, with immediate support at $1.40 holding at the time of writing on Tuesday. A recovery attempt from last week’s sell-off to $1.12 stalled at $1.54 on Friday, leading to limited price action between the current support and the resistance.