Gold steadies
Gold dropped around 1% yesterday as investors rushed to dump anything of value to raise funds in response to the US tech-led sell-off. But the loss was relatively modest when put in perspective with the broader market. China’s DeepSeek released an AI assistant which is now the top-rated free application on Apple's US App Store. It has most of the functionality of rivals such as ChatGPT, but, most importantly, it was apparently produced at a fraction of the cost. This has forced investors to consider valuations across the US tech sector. Gold is a touch firmer this morning, but still below Friday’s close. Yet it remains significantly above its first area of significant support which comes in around $2,720. Gold continues to show resilience, although its reputation as the ‘go to’ safe haven asset has tarnished over the last few years. Despite this, a period of consolidation around current levels could help reset the daily MACD and give it a base from which to push higher.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.