Gold investors take profits; analyst: True support may not appear before $3,850

Jinse Finance reported that as the US dollar strengthened and gold investors took profits following the ceasefire agreement between Israel and Hamas, gold prices fell below $4,000/ounce on Thursday, retreating to below $3,950. Independent metals trader Tai Wong stated: "With the Gaza ceasefire taking effect, speculators are taking some gold chips off the table as the agreement eases tensions in the Middle East. However, overall, confidence in this trade has not fundamentally weakened. Nevertheless, the previous rally in gold prices was so rapid that there was no real support until $3,850."