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Gold extends slide below $1600, drops more than 4%

FX Street
Updated:
  • A stronger US dollar amid risk aversion weighs on XAU/USD. 
  • Gold tumbles more than $50 in a few hours. 

Gold is falling sharply on Thursday amid risk aversion and a stronger US dollar. The yellow metal is not working today as a safe-haven. Investors rush for liquidity, boosting the greenback. The DXY is up 1.60%, back above 98.00, at the highest level in ten days. 

The Dow Jones is near daily lows falling almost 9%. Concerns about the impact of the coronavirus on the economy are driving market crazy. The European Central Bank announced today easing measures and now analyst project the Federal Reserve will have to cut rates to zero. 

XAU/USD is falling 4.50% and from the weekly top dropped $150. Price is now testing the $1560 area, and a break lower would expose the February low at $1547; below the next potential support stands at $1535. 

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