XAU/USD falls sharply to $1960 after failing to hold above $2000

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  • Gold erases gains and plunges $40 from highs.
  • The metal lost strength after failing to confirm above $2,000.
  • Downward correction coincided with a rebound in the stock markets and recovery of currencies such as the euro.

The gold It reached hours ago as high as $2002.60 an ounce, the highest value since August 2020, but then failed to hold above $2000 and embarked on a sharp downward correction. The price gave up $40 and went as low as $1960, marking a new low for the day.

The precious metal thus erased daily gains and is now negatively biased daily, under pressure, now bearish. The factor that persists in metals and commodities is extreme volatility.

The sharp correction occurred before a rebound in the stock markets. Wall Street futures are still in the red but far from the lows. The same happens with the main European stock markets. At the same time, the euro is leading the rebound against the dollar among currencies and oil continues to erase daily gains and is closing in on Friday’s closing price, having been up nearly 10%.

The intentions of the US to seek to stop buying Russian oil have not had the best reception for the time being and there are doubts about the possibility of it being replicated in the main European countries.

Looking ahead to the next few hours, the focus continues to be on Ukrainethe sanctions to Russia and what happens to oil prices and stocks. Economic data remains in the background at the moment.

Technical levels

Source: Fx Street

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