Gold on pace for its worst day since November 2024

The flight into gold is having a tough time today after the weekend news on tariff relief at least for the next 90 days between the US and China.

The price is currently down -$101 or -3.06% at $3224.21. The dollar decline is the largest one-day decline on record. On a percentage basis, the decline is the worst since the price fell -3.35% back on November 25.

Looking at the daily chart, the low price from May 1 reached $3202.03. The low price today reach $3207.95 so far. Moving below that level should open the door for further downside momentum with the 38.2% retracement of the move up from the November 2024 low the next major target at $3132.16. Below that a trendline cuts across at $3082.,

It would take a while to get to the rising 100 day moving which is currently at $2953.80. That is also near the swing low going back to April 7 (I guess it wasn't that long ago).

For the trading year, the price of gold is still up 22.83% after rising 27.22% in 2024 and 13.16% in 2023. If tariff risks decline, we could see a liquidation of the precious metal.