$XAU recently took a massive hit, tumbling from its historic peak of $5,608 all the way down to a fresh low near $4,586. This sharp $1,000+ drop caught many off guard, especially after the metal looked unstoppable just last week. The sell-off wiped out weeks of gains in a flash, leaving the chart looking pretty bruised as it hovers around the $4,700 mark.

It feels like the "safe haven" trade hit a brick wall once the dollar started flexing its muscles again.

With the new Fed chair talk and higher trading margins, the big players clearly decided it was time to cash out.

Honestly, it’s a classic "stairs up, elevator down" scenario that has every gold bug watching their screens closely. We’ll have to see if this $4,500-$4,600 zone holds or if the floor is going to drop out even further#MarketCorrection

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