Gold is Exposed to Profit-taking Sales Forex Goldtrading
Overall, the second-largest collapse of a US lender in history raised concerns about potential spillovers across the financial system and prompted US officials to take action to protect depositors' funds on Sunday.
It is a quick turnaround for the XAU/USD gold price, which has now jumped beyond the 50-day moving average, indicating a change in momentum. For her part, StoneX analyst Rhona O'Connell wrote in a note: "Any mounting distress in the financial sector will almost certainly see an initial sell-off of gold to increase liquidity, followed by a new safe-haven purchase." Its perceived role in the market is now likely to be due to hedging risk as a major component.
The talk between the markets and analysts may increase the fate of the historic summit of $2000 an ounce, if the US dollar continues to decline and breaks the $1935 resistance.
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