The Gold Selloff Deepens. A ‘Sword of Damocles’ Is Hanging Over the Yellow Metal.

While it can be a typical market event, it also serves as a warning that the asset was overbought. If it settles below $3,923.46, it will fall into correction territory, having pulled back 10% from its peak of $4,359.40 hit on Oct. 20, according to Dow Jones Market Data. This week’s selloff comes after the Federal Reserve’s interest-rate meeting, where Chair Jerome Powell suggested there may not be another cut in December.

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