Small correction for gold
The yellow metal has undergone a correction of its course since the beginning of the week. Indeed, the ounce of gold had peaked last week, crossing its historical record in euros. Since that day, it has only fallen. The ounce fell from 1.413eur to 1.346eur and is 1.355eur this morning. A fall of 4% which we think is perfectly logical from a charting point of view. Indeed, this rise was too fast, even with the different economic and political tensions. For this increase to remain sustainable, a firmer support is needed.
The softening of demand, the lowering of Brexit tensions and the fall of the dollar are behind this price correction. Indeed, the USD is 1.1040 while it stood at 1.0940 last week (03/09). The addition of these factors has therefore lowered the price of the yellow metal.
No need to panic. Analysts had forecast this temporary correction before a strong return to 1.550eur an ounce.