Gold's sharp two-day correction overdue and healthy, analysts say

seekingalpha04-24

Gold futures extended their losses Tuesday in the largest two-day percentage decline since February last year, down nearly 3%, as diminishing fears about an escalation of tensions in the Middle East ...

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Gold's correction is long overdue and healthy, and likely will challenge traders' belief that further gains are possible, Saxo Bank head of commodity strategy Ole Hansen says, according to Dow Jones. The correction will help determine the real level of gold's underlying demand, and the extent of it will depend on the scale of hedge funds selling, after amassing a major long position during the run higher, Hansen says. Given the recent price action, the risk of gold prices correcting down remains elevated in the near term, but geopolitics remain a bullish wildcard, J.P. Morgan analysts said, forecasting gold prices ending 2024 averaging $2,500/oz in Q4 with further upside next year. Front-month Comex gold (XAUUSD:CUR) for April delivery ended -0.2% to $2,327.70/oz. ETFs: (NYSEARCA:GLD), (NYSEARCA:GDX), (GDXJ), (IAU), (NUGT), (PHYS), (GLDM), (AAAU), (SGOL), (BAR), (OUNZ), (SLV), (PSLV), (SIVR), (SIL), (SILJ) Silver also has corrected sharply, with LBMA silver prices -1.8% to $27.74/oz in sympathy with gold; silver had rallied faster than gold in recent weeks, up 13% in the past month vs. gold's 6.2% gain, but is now falling more quickly. Hansen tells Dow Jones that silver's slide has been amplified by the recent failure to break above $30/oz, the metal's 2020 and 2021 high.  More on gold and gold miners  Gold's Big Day: Market Shake-Up! Gold At $3000 Per Ounce Is Possible GLD: Gold To The Moon Is Bad News - Part 2","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2429012982"}