The Currency analytics
By James Thorp
Gold took a hit Monday. The precious metal fell nearly 1% and slipped below the key $5,000 level as the US dollar flexed its muscles during what traders call a "dead" session…
XAU/USD sits at $4,992 right now, down from an early high of $5,054. The culprit? Pretty much nobody's trading today.
The dollar's strength isn't helping gold's cause.
Investors seem to want the safety of greenbacks right now, which makes sense given how murky everything feels in the markets.
Gold and the dollar have this love-hate relationship that goes back decades. When the dollar gets stronger, gold becomes more expensive for people holding euros, yen, or other…
Traders won't get much clarity until US markets reopen. Economic data and any signals from the Federal Reserve will probably set the tone for where gold heads next.
But gold's recent strength is getting tested right now. Analysts aren't really sure which way things go from here - it's pretty much all about what the economic numbers show when…
Chinese markets staying closed for Lunar New Year means Asian trading stays dead for a while longer. That's a big chunk of gold demand that's just not there right now.
Commodity traders are dealing with a tough situation here. When major markets go dark, price moves don't necessarily reflect what's really happening with supply and demand.
The US economic calendar becomes the thing to watch next. Any surprise data could jolt gold prices in either direction, though nothing major hits until later this week.
The World Gold Council pointed out that gold's decline comes after a strong run that peaked at $5,054 earlier this month.
Jane Foley at Rabobank thinks thin trading conditions stick around until week's end. She's telling traders to stay careful - any unexpected geopolitical news or economic data…
The Commodity Futures Trading Commission reported February 16 that speculative net long positions in gold ticked up slightly.
HSBC analysts called the $5,000 level psychologically important for gold traders. Breaking below could trigger technical selling and make the decline worse.
The London Bullion Market Association stressed how important Asian markets are for global gold trade.