Into the golden toilet

Wednesday 5 November 2025

There is nothing gold likes less than a strong DXY supported by a hawkish central bank. The Market Ear.

Watching $3900

Gold putting in another big down candle. $3900 is the line in sand level to watch (50 day comes in slightly lower). A close below that area and things could accelerate further to the downside. 100 day and the longer term trend line comes in around the $3600 area.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.