i was thinking the exact same thing about gold. i got burnt in 2021 by gold stocks so once bitten twice shy, hence i have no gold positions right now. but if i didn't get burnt i'd be all in, and be losing money like you. a similar question is why DXY is so strong? rampant inflation, weakening economy, still trending up, and why is AUD crashing everyday? our country is in better shape.
i now know what affects gold price over the long term is far too complicated for retail investors to understand. but i think in the very short term the price is largely affected by what the big guys think the fed and other CBs will do. that reversal last night was due to weak construction data, big guys think fed will be less hawkish, hence gold did a U turn.
gold is a trade to me at best, no idea where it's headed in the long term. GL to your investments.
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