Gold futures slump on profit-taking and reduced safe-haven demand. Futures are down 1.8% at $3,287.20 a troy ounce. The precious metal is on track to finish the week nearly 3% lower on the sudden de-escalation in the Israel-Iran conflict, StoneX's Fawad Razaqzada says in a note.
Investors have rotated funds out of safe-haven assets and instead into the racier tech sector, Razaqzada writes. Still, a pullback in gold prices might not be a bad thing.
Gold's slide will allow technical overbought conditions on higher time frames to cool off, allowing the metal to shine again once macroeconomic and geopolitical conditions are more favorable, Razaqzada says. Should gold close below the $3,380/oz bullish trend line, a deeper correction in early July would be a likely scenario, he adds.
Source: Marketwatch
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