Spot gold (XAUUSD) is down sharply on Monday, posting its largest one-day loss since October 21. That one eventually led to a $494.98 loss in 6 days. If you chop $494.98 off Friday’s high at $4536.75, that gives us a target of $4041.76 on January 6. That will also put us on the weak side of the 50-day moving average at $4171.59. So let’s see how this swing plays out. At 19:17 GMT, XAUUSD is trading $4335.09, down $198.12 or -4.37%. This is up slightly from an intraday low of $4302.11. My best guess is that today’s move is related to end-of-the-year position-squaring, rebalancing of portfolios, and/or profit-taking. ... (full story)