Gold Price Plunges 10% in Two Weeks: August Breakout at Risk

The price of XAU/USD has dropped by nearly 10% over the past two weeks, testing its breakout in August. This significant decline has raised questions about the strength of the gold market and its potential to sustain a rally. The current price of $1,975 per ounce is below the key level of $2,000.

According to the data from Forex.com, the XAU/USD pair has been experiencing a downward trend since it reached its high in August. The 10% drop is a significant correction and may be a sign that the market is due for a pullback. However, some analysts believe that gold is still a safe-haven asset and will continue to perform well despite the current decline.

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