BREAKING: Gold prices dropped over 8% from its peak

Gold much needed correction has finally arrived

November 14, 2024

“Gold is the most overbought since 2020… Therefore, we should not be surprised if gold falls to as low as $2,500 over the next few weeks.”

This is a quote from my recent piece about gold, released November 1.

Since then, gold prices have fallen by ~8% and hit $2,540 per ounce.

Gold prices have also experienced the biggest 7-day drop since the 2020 pandemic crash.

Gold has come from extremely overbought to oversold in a matter of days. It is now trading near its 100-day moving average (blue line).

For long-term investors who are constructive on future gold perspectives, it may be an interesting place to consider adding some of it to a portfolio. Even despite that it could correct even further before bouncing.

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