A sign of collapse?Precious metals reappeared in “terrifying market”, gold traded for 45.7 billion yuan in 4 minutes – Free Finance

Precious metals reappeared in “terrifying market”, gold traded for 45.7 billion yuan in 4 minutes (Reuters data photo)

[Financial Channel/Comprehensive Report]A sign of collapse? Precious metals reappear in “horror market”! On Monday, silver plummeted by more than 5% and gold fell by more than 60 US dollars, triggering market panic. On Tuesday, precious metals continued to stage a panic. The most active gold futures on COMEX actually exploded to nearly 1.4 billion US dollars (about NT$) in just 4 minutes. 45.7 billion yuan) trading, gold once fell below US$2,300 in one day, touching US$2,291.66, down 1.53%, the first time since April 5, falling more than 1% in a single day, and silver also fell below the US$27 mark per ounce.

Gold has been setting sky-high prices recently, reaching a maximum of US$2,431.53 per ounce. When the market was optimistic about gold, it suddenly experienced a sharp drop on Monday as the situation in the Middle East eased. Gold fell 2.68% to close at US$2,326.29 per ounce. It was impacted by the downward trend of gold. , silver fell even more fiercely, plummeting more than 5%, closing at $27.19 an ounce.

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In early trading in Asia on Tuesday, gold and silver prices continued to fall. Spot gold fell below the 2,300 mark, hitting $2,291.66, down 1.53%, the first time since April 5. It fell more than 1% on the day, and was at 2,306.62 at 20:19 Taipei time. The U.S. dollar fell 0.89%.

Spot silver fell below US$27 per ounce, hitting US$26.6685, the first time it fell below US$27 since April 8, with a drop of 1.91%. At 20:20 Taipei time, it was reported at US$26.9725, down 0.81%.

After precious metals experienced a sharp decline on Monday, the “horror market” continued on Tuesday. According to the most active gold futures contract on COMEX, 1,408 contracts were traded in one minute between 10:06 and 10:07 Beijing time on Tuesday. The total value is US$327 million (approximately NT$10.66 billion); 09:52–09:53 There were 1,869 transactions in one minute, and the total contract value was US$432 million (approximately NT$14.083 billion); 09: 46–09:47 Within one minute, 788 lots were traded instantly, with a total contract value of US$183 million (approximately NT$5.966 billion); 09:42–09:43 Within one minute, 1,951 lots were traded instantly, The total value of the transaction contract is US$452 million (approximately NT$14.735 billion).

The most active silver futures contract on COMEX was traded in 433 lots within one minute from 09:38 to 09:39, with a total contract value of US$59 million (approximately NT$1.923 billion); from 09:54 to 09:55 Within minutes, 559 lots were traded instantly, with a total contract value of US$75 million (approximately NT$2.445 billion).

As tensions in the Middle East eased, gold prices fell sharply and gave up last week’s gains. As Jim Wyckoff of Kitco News said, the retreat in gold prices may be due to profit-taking, while the U.S. dollar also strengthened slightly. From a technical perspective, the collapse in gold prices formed a “bearish engulfing” chart pattern, opening the door to a decline. If the price falls below $2,300, a drop towards the March 21 high of $2,222 is possible.

As for silver, analysts at Fxstreet said bears have regained confidence after pushing silver prices below the $27.57 support level on Monday. Ifebo Nancy’s 38.2% gold correction at $26.85 is a common target for corrections, with a close below looking toward the April 5 low of $26.30.

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