Gold crashes, ends long-term bull market.

09/08/2021

The bullion cratered during the Asian session, dropping nearly 5% in minutes, before recovering most of the losses.

At the time of writing, it was still down 1% during the London session, trading at around 1,745 USD, four-month lows for the precious metal. Silver was not spared either and crashed nearly 10% before recovering to -2% (23.90 USD).

More importantly, gold is now below its major uptrend line from 2019 lows, and as long as the metal stays below 1,765 USD, the long-term uptrend is most likely over. 

From other news, US indices were trading lower after Friday's hawkish US labor market data. However, the Nasdaq 100 index was still above 15,000 USD, the SP500 index was above 4400 USD, and finally, the Dow was seen beyond the 35,000 USD, meaning the trends remain bullish for now.

Later in the day, the EU Sentix investor confidence will be released, while the US session will offer the JOLTS job openings number.

Elsewhere, the USD was flat against most of its major peers, with the EURUSD pair trying to crack the strong support of July's lows at 1.1750. If bears are successful, the next target could be at March lows near 1.17.
Cookie Policy: The Axiory website uses cookies and by continuing using the website you consent to this. Risk Warning: Trading leveraged products such as Forex and CFDs may not be suitable for all investors as they carry a high degree of risk to your capital. Please read the full Privacy Policy.