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Gold fell 17% in 3 weeks
But there are currently no signs of a bottom, and there is likely still significant downside space.
Why?
1. Strong US Dollar
2. Rising US Treasury yields
3. Rate cut expectations shattered
4. Oil prices still rallying higher
Today's market is no longer about buying gold as a safe haven first, but rather using cash as a hedge. The US Dollar is the best safe haven cash, with US Treasury annualized yields already as high as 5%
So gold's first target on the downside is 4300, second target 4200, and in an extreme scenario could even break below 4000
Now is not the time to heavily load up on gold at the bottom.