GOLD: Will the Plunge Continue?
Hello everyone! Today i want to share some macro analysis with you!
Spot gold extended its losses on Monday (7 April), once losing the 3,000 round figure mark and refreshing its low since 13 March to $2,978.50, as international trade concerns rose, US stock index futures continued to plunge, and Japanese, Australian and New Zealand stock markets followed suit, as investors continued to sell gold to make up for their losses in the wider market meltdown.
Stocks in Europe and the US plunged on Friday and investors were already selling gold at the time, causing spot gold to plunge 2.47 % on Friday to close at $3,036.98.
Fears of a full-blown trade war, possible EU countermeasures to full-blown US tariffs, US inflation data, and the RBNZ interest rate resolution will keep traders on their toes this week; after the drama surrounding US tariffs, this week's calendar of events in the US is relatively flat, with the more important releases being the Federal Reserve's minutes from its March meeting on Wednesday, the release of the US CPI on Thursday, and weekly jobless claims people University of Siegen Consumer Confidence and Inflation Expectations.
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