Gold gives back all its gains, turns negative

The mode in markets at the moment is reversal.

The huge moves in commodities and stocks from earlier are unwinding with no country willing to hamper Russian exports.

Gold is a good example. It rose to a one-year high of $1973 but it’s fallen all the way back to $1905, which is unchanged on the day.

The weekly chart earlier looked like a major break from the long-term consolidation but now it’s a big question mark.