Summary
- Spot gold prices fell below $4,200 per ounce, raising concerns that key support levels have broken.
- With short-term volatility widening, it said cracks are also appearing in the safe-haven demand trend.
- Gold futures prices on the New York Mercantile Exchange also dropped below $4,200 per ounce, falling 8.23%.
Forecast Trend Report by Period
Gold prices have plunged, with some analysts saying key support levels have been broken.
According to BlockBeats, a media outlet specializing in virtual assets (cryptocurrencies), spot gold fell below $4,200 per ounce on the 23rd. This marks the first time since December 10 last year. As short-term volatility increases, some see cracks emerging even in the risk-off, safe-haven bid.
On the day, gold prices slid more than 6% intraday, posting a steep drop. Gold futures traded on the New York Mercantile Exchange also fell below $4,200 per ounce, down 8.23%.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
