Gold Price Is Set To Record Its First Weekly Loss Since June, What Now?

 Gold prices have shaken many investors this week as the precious metal fell from its record high of $2,075 to $1,863 per ounce. The sell-off in the gold price has made many investors reconsider their stance towards gold.

 

The gold price is on track to record its first weekly decline since June, and investors are asking themselves, do they need to worry about this?

 

 

Is Gold Price Trading Up Or Down?

Gold price is trading at $1,935 today, and it made a high of $2,075 on August 7th. The gold price made a low of $1,863 on August 12th, and ever since, the price has been unable to break above the critical level of $2,000. This week, we have seen the most significant sell-off for the gold price, since 2013.

 

The gold price is set to record its first weekly decline since June of this year, as shown in the chart below.

 

The gold price must break above the $2,000 price level and remain above this critical level for the bull rally to continue.

 

Are Gold Traders Nervous?

The sell-off in the gold price has got many gold lovers rethinking their investment strategies. The total known gold ETF holding is at a record high, but there is a minor indication of retracement, and this could be an initial sign of an easing in upward momentum.

 

However, it may be too soon to set this in stone, because we need more data to confirm that traders are not backing gold to the same extent that they were before. There is a degree of nervousness among gold traders.