Commodities
Gold Plunges to $4,397 Amid Correctional Wave
Gold prices have been fluctuating in recent days, with a significant drop to $4,397. According to analysts, this is part of a correctional wave that began after gold completed its bullish impulsive wave at the threshold of $4700.
The current price action suggests that Wave A of the correctional wave is almost complete at $4397, and traders are watching for a bounce towards $4580-$4620 if prices break above the immediate hurdle at $4510. However, if selling pressure intensifies, the correction may extend to $4100.
The precious metal's price movement is sensitive to data and news, particularly in the current fiscal and geo-political landscape. Traders are also keeping an eye on the Dollar Index resistance at 99.90, which affects gold prices.