Gold bounces off $1678; the low of the August 2021 “Flash Crash” kitconews gold silver investing metals economics finance mining
While President Theodore Roosevelt’s statement “a date which will live in infamy” certainly does not apply to August 9, 2021, it is a date that professional gold traders will forever remember. Prior to the open of gold trading in New York it was evident in Asia that a major move in gold was beginning to take place.
Gold did recoup a vast majority of its intraday decline. And even though gold dropped $60 in a matter of minutes gold prices bounced back from the initial drop and closed at $1726. While there have been other occasions in which gold prices have dropped dramatically, this is the only occasion in which gold dropped $60 in a matter of minutes and substantially recovered over half of the decline in a single day.
The reason that today’s article is focusing on the flash crash is the low of $1678.40 that was achieved on August 9, 2021. Those low match today’s low of $1678.40 which is why over the last month all of my daily gold charts have identified that price point as a level of major support.
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