Gold slides toward $4,870 amid profit-taking and risk-off flows
On Thursday, gold extended its decline from recent highs, falling by around 2% and continuing its correction toward $4,870. Deteriorating U.S. economic indicators did not trigger a rush into safe-haven assets, instead boosting capital flows into bonds and equities. Ongoing geopolitical uncertainty has also encouraged buyers to adopt a wait-and-see approach.
Recent data showing a reduction of 108.4 thousand jobs in January marked the largest monthly decline since 2009, while initial jobless claims rose to 231 thousand, significantly exceeding expectations. ADP figures also indicated that private-sector job growth sharply missed forecasts.
The weakening labor market strengthened expectations of Federal Reserve rate cuts, with markets still pricing in the first reduction in June and a possible additional cut in September.
The immediate market reaction favored deleveraging across crowded trades: equities, cryptocurrencies, and silver sold off sharply, putting additional pressure on gold through liquidation flows following last week’s excessive rally.
This is not a trend reversal
Gold has so far avoided a collapse of $600–800 in a single day — a move typically associated with extreme events — but it continues to edge lower as profit-taking after the recent rally persists. Technical indicators present mixed signals and point to the possibility of further moderate downside.
XAU daily chart. Source: TradingView
RSI is cooling but remains in bullish territory at 53.72, while MACD stands at a negative 26. Most likely, gold will continue a 1–2% correction toward the $4,800–4,830 range, where consolidation may form ahead of the next upward impulse.
As we wrote, Gold and silver prices are entering a dangerous phase after a sharp rise
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