BREAKING: Gold prices dropped over 8% from its peak
Gold much needed correction has finally arrived
“Gold is the most overbought since 2020… Therefore, we should not be surprised if gold falls to as low as $2,500 over the next few weeks.”
This is a quote from my recent piece about gold, released November 1.
Since then, gold prices have fallen by ~8% and hit $2,540 per ounce.
Gold prices have also experienced the biggest 7-day drop since the 2020 pandemic crash.
Gold has come from extremely overbought to oversold in a matter of days. It is now trading near its 100-day moving average (blue line).
For long-term investors who are constructive on future gold perspectives, it may be an interesting place to consider adding some of it to a portfolio. Even despite that it could correct even further before bouncing.
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