As gold continues to hold at fresh record highs amid the sudden shifts in broader market sentiment, one can reasonably expect a lot more volatility spikes on profit-taking and dip buying among other things. And that’s what we’re seeing today. In early European trading, we saw gold fall off from a high of $4,179 to $4,090 in just a little over an hour. That before rising back up now to be up 0.6% on the day at $4,139:
Gold (XAU/USD) 15-minute chart
Meanwhile, silver has also bounced back modestly and is down just 0.7% on the day to $51.95. That after falling to a low of $50.93 with the high having touched $53.62 earlier in the day.
At some point, a much more significant correction will beckon for both gold and silver. But for now at least, dip buyers are still showing that they have some appetite left in them.
