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The Gold Selloff Deepens. A ‘Sword of Damocles’ Is Hanging Over the Yellow Metal
After notching 49 fresh records in 10 months, gold’s rally has taken a breather—and the yellow metal is now threatening to close in a so-called correction. A correction is defined as a decline of 10% or more from an asset’s recent peak. While it can be a typical market event, it also serves as a warning that the asset was overbought. The price of gold traded as low as $3,937.10 today. If it settles below $3,923.46, it will fall into correction territory, having pulled back 10% from its peak of $4,359.40 hit on Oct. 20, according to Dow Jones Market Data. Prices refer to the most actively traded gold futures ... (full story)
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