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Articles by Zain Vawda
Hyperliquid trader sells Tesla perp bet before results, moves $44 million into Alphabet
Big trades The account closed its 20x Tesla long, held in a futures contract that never expires, at a small profit. Tesla reports after the 4 p.m. Eastern Time close on Wednesday. At about 10 a.m. Eastern Time on Monday, a Hyperliquid account sold its whole $34.6 million TeslaTSLA+2.27% perp long. It had opened the bet at 20x leverage on Sunday evening, ahead of Tesla’s results on Wednesday. Within the hour it had put $44 million into AlphabetGOOGL+0.03%’s perp instead.
A Near $13 Gap Between Brent and WTI: What It Tells CL Traders About Where the Risk Sits
Oil traders usually watch the price. Right now, the more useful number may be the gap between two prices. On Tuesday morning, November Brent, the global benchmark for crude shipped by sea, traded around $105 a barrel. WTI (CL) futures sat near $92.50, that leaves a gap of roughly $12.70. For context, that gap has mostly lived between $2 and $8 since 2015. It has not been narrower than $4 since early July, and last Friday it reached $12.68, its widest since May, when it briefly topped $13.
Dow Futures Slip Back Under Their Moving Averages as Oil Tops $108: Is This Just Another Lower High?
Market Sentiment Ahead of the Open U.S. stock futures are in the red ahead of Monday's open. Over the weekend, President Trump rejected Iran's proposal to reopen the Strait of Hormuz and end the fighting. Oil jumped in response, with Brent above $108 a barrel, and Treasury yields rose with it. The 10-year yield is near 5.23%, and markets now see about a 70% chance of another Fed rate hike on October 28. The Dow is holding up better than the rest of the market.
Gold Slides 3% Losing Its August Floor. Is $4,100 the Next Stop?
Gold opened the week near $4,280 and sold off steadily through the Asian session. It slipped below $4,200 for the first time since August 5, and the selling carried on as European traders came in. At the lows, spot gold (XAU/USD) was down over 3% at around $4,142/oz, about $557 below its late-August high of $4,697/oz. Why Gold Is Falling: Interest Rates The main driver is the Federal Reserve.
Weekend Gap Watch: Iran’s Peace Plan, Houthi Strikes and a Diesel Ban Threat Put Sunday’s Oil Open at Risk
Markets are heading into the weekend with a lot left unresolved. The bond market is still setting the tone, oil is swinging on every Middle East headline, and the biggest risk event of all, a possible U.S.-Iran deal, could land while futures are closed. That makes this a weekend where traders need to think about gaps, not just levels. Friday’s U.S. data painted a mixed picture.
Hormuz Hopes vs. a 22-Year High in the 30-Year: Can Stocks Keep Shrugging Off the Bond Market?
U.S. stocks spent Thursday fighting the bond market and ended roughly where they started. The Dow Jones Industrial Average fell 137 points, or 0.3%, its third straight losing day. The S&P 500 and the Nasdaq both finished close to flat after recovering from their lows on a report of a possible U.S.-Iran deal. The Bond Market Is Running the Show Yields kept climbing. The 30-year Treasury yield touched 5.446%, a level last seen in June 2004, while the 10-year hit 5.15%.
Gold Price Update: Price Touches $4,244/oz, Are Bears Finally In Control?
Gold’s slide has continued on Thursday. Spot gold (XAU/USD) touched a low near $4,244 and is trading around $4,262 in the US session, down close to 1% on the day. In Wednesday’s update, we warned that gold had lost the bottom of its $4,320–$4,400 range and that the breakout buffer was getting thin. Today, that buffer has almost run out. Why Gold Keeps Falling The story is the same, just louder. The 10-year Treasury yield has climbed to around 5.13%, its highest level since May 2007.
S&P 500 Futures Sit on the 7,700 Floor: Bounce Zone or Breakdown Point?
S&P 500 futures (ES) are down about 0.6% ahead of the U.S. open, trading near 7,730. As our US premarket report this morning explained, the pressure is coming from the bond market. The 10-year Treasury yield has climbed to around 5.13%, its highest since May 2007, after Wednesday’s strong PMI data showed prices rising fast and a weak Treasury auction added to the selling. Higher yields hurt stocks in two ways.
Bitcoin Loses $85,000 as Rate-Hike Bets Bite: Breather or Bigger Pullback Into Friday’s $16 Billion Expiry?
Bitcoin (BTC/USD) is down about 2.5% on Wednesday, trading near $83,800 in the US session. It pushed up to Monday’s high near $87,300 early in the day, but sellers were waiting again. Price then fell through $85,000, the level that had held since Monday’s breakout. This is the first real wobble in a strong run. Bitcoin has rallied roughly 35% since mid-August and is on track for its first July-to-September winning streak since 2012, according to CoinDesk.
Global Debt Tops $365 Trillion With No Crisis in Sight. What Happens When the Bill Comes Due?
ARTICLES/NEWS/CENTRAL BANK/ECONOMY Global debt reached a record $365 trillion in H1 2026, driven by government borrowing in the US and China, as refinancing costs rise without a central crisis triggering the surge. SEP 23, 2026··4 MIN READ· CHINAGLOBAL DEBTIIF Table of contents 1. 2. 3. 4. 5. Global debt climbed to a record of more than $365 trillion in the first half of 2026, according to the Institute of International Finance (IIF), a banking trade group.
Hawkish Fed, Hot Middle East, Higher Dollar: Does DXY Break 101 Next?
The US Dollar Index (DXY) is back above the line that matters. After two trips down to the 98.729 floor over the past month, the dollar has clawed its way back through the psychologically important 100.00 mark and is now knocking on 100.617. Two forces are pushing in the same direction: a Federal Reserve that just hiked and wants to stay tight, and a Middle East that refuses to cool down. Why the Dollar Is Bid: The Fed and Iran Point the Same Way Two headlines on Tuesday told the same story.
Nasdaq Knocks on 31,000 After Its Best Day Since August. Breakout Continuation, or an Overbought Reset?
Risk appetite is running hot after an AI-powered rally. In Mondays U.S. session the S&P 500 rose 1.5% for its best day since 4 August, and the Nasdaq jumped 2.3% to close just shy of the 31,000 handle. The leadership was narrow and loud: Meta rose more than 11%, Intel around 12%, AMD roughly 10% as it touched a $1 trillion market cap, and Corning almost 6%. Overnight, Alibaba added about 3% in Hong Kong on a new AI chip and a large data-centre buildout.
Nasdaq Rockets to a Record as Oil Sinks. Does the Nasdaq Breach 31,000, or Fade Into Thursday’s Summit?
The Nasdaq stole the show on Monday. The Nasdaq 100 (NQ) surged about 2.8%, with December futures rocketing to new highs near 30,786 and pressing the 31,000 mark, while the S&P 500 rose 1.5% for its best day since early August. Falling oil and a chip-led rally did the heavy lifting after a rough previous week. What Drove It Two things lined up.
The Tariff-Truce Clock Is Ticking: Does the Trump–Xi Summit Hand Index Futures a Green Light or a Bear Trap?
ARTICLES/ANALYSIS/AGRICULTURAL COMMODITIES/INDUSTRIAL/BASE METALS President Trump hosts Xi Jinping to negotiate extending the Nov. 10 tariff truce. With index futures bid at the start of the week, will Thursday's summit hand markets a green light or set up a bear trap? SEP 21, 2026··4 MIN READ· TARIFFSTRUMP-XI SUMMITUS-CHINA President Trump hosts China’s Xi Jinping at the White House this Thursday, their second meeting this year and Xi’s first U.S. visit since 2015.
Geopolitics Is Back, Dollar Takes the Haven Bid. Does Gold’s Triangle Breakout Still Hold?
Spot gold (XAU/USD) was down about 0.8% in the European session, trading near $4,340 ahead of the U.S. session, snapping a two-day bounce after Friday’s failure at $4,400. But the bigger picture has not changed: price has broken out of the triangle pattern and a move higher still remains very much in play. Heightened Geopolitical Tensions Weigh on Gold As has been the case since the start of the U.S.-Iran war, any increase in hostilities has had an adverse impact on Gold prices.
Gold’s H4 Triangle After the Fed Hike: Which Way Does the Squeeze Break?
The Setup: A Hawkish Hike, and a Bounce that’s Already Heavy Gold went into Wednesday’s Federal Reserve meeting on the back foot and came out of it worse. The Fed raised its benchmark interest rate by 25 basis points (a quarter of a percentage point) to a range of 3.75%– 4.00%, its first hike since 2023 in a unanimous vote.
Split Screen Into the Fed: Why the S&P Is Holding and the Dow Isn’t
Pull up the S&P 500 and the Dow side by side this morning and you would think they were trading two different economies. The S&P (ES) is clawing back toward resistance; the Dow (YM) is sliding to fresh lows with sellers still in control. Same market, same Fed, two very different charts and roughly two and a half hours before the decision, that gap is the trade.
Nasdaq Coils Heading Into the US Open, Retail Sales Ahead of FOMC
Wednesday comes in two acts. The morning is data; the afternoon is the decision. And for once the warm-up act might matter as much as the headliner, because the last big number lands just five and a half hours before the Fed tells us what it's doing. The One that Counts: August Retail Sales (8:30 AM ET) This is the print traders will actually trade.
FOMC Preview: The First Hike in Three Years Is Priced. Which Way Do ES and NQ Break From the Dots?
The Federal Reserve is expected to raise interest rates on Wednesday for the first time in three years. Markets have all but priced it in, so the decision itself is unlikely to be the story. What moves the S&P 500 and Nasdaq 100 will be the summary of economic projections, vote split, and how hawkish Chair Kevin Warsh sounds afterwards. What’s Actually on the Table A quarter-point hike would lift the target range to 3.75%–4.00%.
Nasdaq Midday Update: A V-Shaped Snapback Off 29,000 Runs Into a Wall of Moving Averages
The three major U.S. stock indices are lower at midday, dragged down by a sell-off in AI-linked shares after the industry’s own leaders called for a slowdown in the pace of AI development. But the selling has not gone unchallenged. Many traders and analysts are openly doubting the warnings. Gil Luria of DA Davidson argued the big AI firms are simply “pulling up the ladder”, using safety fears to push regulation that would slow their rivals down.
Can Stocks Keep Ignoring a 5% Discount Rate?
The Question that Keeps Coming Back The S&P 500 has spent most of 2026 climbing, and bond yields have climbed right along with it. For a long time, traders treated rising yields as background noise. That is getting harder to do. The 10-year Treasury yield is now just under 5%, its highest level since 2023. At that level, a simple question moves back to the front of the desk: why pay up for expensive stocks when a government bond hands you almost the same return with far less risk?
Gold Spiked on the Very Print It Was Meant to Fear. Will Bulls Breach $4400/oz and Gain Acceptance?
Gold walked into today's inflation print on the back foot. Hot producer prices on Thursday, crude holding above $100, and Treasury yields pressing toward 5% had lifted the odds of a Fed rate hike next week to roughly 70%, and bullion was sold down to $4,300, its weakest level in more than a week. The setup pointed lower. Then the data landed, and gold did the opposite: it jumped, tagging roughly $4,390 within the hour. The Print that Beat the Fear, Not the Forecast The August CPI was not soft.
Nasdaq Bounces Off Session Lows with Resistance Ahead. Where Does the Bounce Run Out?
The session so far: an oil-and-yields sell-off The Nasdaq 100 (NDX) is the weakest of the major U.S. indices today, and the pressure is coming from outside the stock market. U.S crude (WTI) pushed back above $100 a barrel and Brent above $105, and that lit a fresh inflation scare. The 10-year Treasury yield jumped above 4.9%, its highest since November 2023 and higher rates hit the high-growth, high-beta names hardest.
The ECB Hiked and the Euro Fell: Is 2.50% the Ceiling and Does the Dollar Now Hold the Pen?
The Decision: A Second Hike, Straight To The Top of neutral The European Central Bank (ECB) raised all three of its key interest rates by 0.25% today. The deposit rate, the one that really steers money markets moves from 2.25% to 2.50%. The main refinancing rate goes to 2.65% and the marginal lending rate to 2.90%, all effective Sept. 16. This is the ECB's second hike of 2026, after it lifted rates in June and then paused in July. The reason is simple: energy.
Yields and Oil Do the Damage: Can Nasdaq Hold Its 200-Hour Line Into CPI?
The Tape At Midday U.S. stocks are lower again at midday, with the same two culprits doing the damage: rising bond yields and rising oil. The Dow is off about 411 points (0.8%), the S&P 500 is down 0.5% and the Nasdaq has shed 0.5%, a second straight down day after the Dow's worst session in almost three weeks on Tuesday. The trigger was the bond market. The U.S. Treasury said it will triple its buyback of longer-dated government debt to $6 billion, a move meant to hold yields down.
Gold's Missing Bid: Why A Soft CPI May Be Needed For A $4,500 Return
Something looks off on the gold chart this week. Oil has just pushed back above $100 a barrel after U.S. strikes on Iranian tankers and attacks on Saudi oil facilities, exactly the kind of war headline that, in any normal cycle, sends gold flying. Instead gold (GC / XAU/USD) is fading, continuing a trend we have seen since the start of the U.S.-Iran. It is churning in the mid-$4,300s to around $4,420, unable to reclaim $4,500.
Nasdaq Presses Below the Session VWAP after the Open: Can the Bears Sustain the Move?
Nasdaq (NQ) walked into the U.S. open as the one green light on the board. Nasdaq 100 futures were holding a small gain while S&P 500 and Dow futures sat in the red. Chip names were doing the heavy lifting (the semiconductor ETF was up around 1.7%). But the tape is far from a clean breakout: after a wild pre-market that ran up near 29,760 and then flushed toward 29,480, price has broken below its session VWAP around 29,574 to trade down at 29,500.
The Crowd Is Already Long Gold: Does a Weaker Dollar Still Have Room to Run Before CPI?
Gold has walked into the new week on the back foot but swinging. The metal closed lower for a second straight week into Friday and slipped again on Monday. It tried to rebound early Tuesday, but has since drifted back to around $4,400, sitting right on its hourly 100-period average and just under the $4,437 line that has capped every bounce this week. In plain terms: sellers had control into the weekend, and the buyers keep stalling at the same ceiling.
Hot NFP Slams Gold 2% as Bulls Step In. Does the Selloff Have Legs, or Is CPI the Real Test?
Gold has turned sharply lower. After climbing back toward $4,500 earlier this week, the metal dropped about 2% on Friday, sliding to around $4,400 an ounce in the minutes after the U.S. jobs report landed. In a single move it handed back the gains made on Thursday, when dovish comments from a Fed official had lifted it close to $4,510. Why Gold Reversed The trigger was a much stronger jobs report than anyone expected.
Dow Jones Reclaims Both Moving Averages. Does the Bounce Run to 54,800?
US stocks jumped when the market opened on Thursday and held the gains, with all three major indexes higher as traders grew more hopeful the Federal Reserve will leave interest rates alone at its September meeting. Since the open, the Dow has led on points, up around 635, or 1.2% and was pacing for its best day since August . The S&P 500 added about 1%, while the Nasdaq 100 tracked the broader Nasdaq Composite’s roughly 1.3% climb as falling yields lifted tech.
NFP Preview: Hot, Soft, or Just Right? How Friday’s NFP Sets the Tone for the Nasdaq and S&P Into the Fed
Friday brings the August jobs report, the last big look at the US labour market before the Federal Reserve meets on Sept 15-16. In a normal year, a jobs report is a growth story: more jobs, stronger economy, higher stocks. This is not a normal year. Under new Federal Reserve Chair Kevin Warsh, the market is no longer trading growth, it is trading the odds of an interest-rate hike.
Nasdaq Lags the Bargain-Hunting Bounce: Can NQ Reclaim 29,265? Broadcom Slips 5% Despite Earnings Beat
The Session in One Read U.S. stocks snapped a three-day losing streak on Wednesday as the recent oil rally paused and Treasury yields eased back from multi-year highs, tempting bargain hunters after a bruising start to September. The Dow rose 0.56% to 53,061.95, the S&P 500 added 0.46% to 7,666.60, and the small-cap Russell 2000 led with a gain of about 1.2%. But here is the catch for our desk: the Nasdaq was the laggard.
Gold Bounces Off $4,300 as Yields Cool. Is This the Bottom, or a Bounce to Sell Before Friday’s Jobs Report?
The Selloff Found Its Floor, Right Where We Flagged It On Tuesday we asked how far gold’s selloff could run. We now have an answer, at least for today. The bearish path we mapped out played out almost to the level: gold broke below $4,363 and slid straight into the $4,317–$4,300 demand zone and that is exactly where buyers finally stepped in. Price touched its lowest level since early August near $4,282, then snapped back above $4,390. Volatile markets? Trade with confidence.
The September Curse: Does Seasonality or Sentiment Decide the S&P 500 in September?
The Reputation: September is the Market’s Worst Month The data is not kind to September. It has the weakest average return of any month for U.S. stocks going back to 1950. Narrow the window and the picture holds: Since 1964, the index has averaged a roughly 0.7% decline in September and ended the month higher only 46% of the time, making it the only month where losses have historically been more common than gains.
Gold Down Over 2% as the Rate-Hike Trade Returns. How Far Can the Selloff Run?
Gold started September on the back foot. Spot prices fell more than 2% on Tuesday morning, dropping to around $4,354 an ounce, the weakest level since early June. The move extends a sharp slide that began late last week and puts the metal firmly back under pressure just as traders brace for a run of important U.S. jobs data. Why Gold Is Falling The main driver is a jump in US Treasury yields.
Back Below the Averages: Can the S&P Futures Defend 7,643 and Keep the Path to 8,000 Open?
E-mini S&P 500 futures are trading around 7,686 late Monday, lower on the day after the S&P 500 cash index slipped about 0.4%. The pullback followed weekend news that the US and Iran traded fire for the first time in a month. But zoom out and the picture is less grim than the red screen suggests: the S&P is still on track to finish August up roughly 2%, and both the S&P and the Dow printed record highs earlier in the month. In short, this is a pullback inside a strong month, not a breakdown.
Warsh and Iran Knock Gold Off Its Highs: What Are the Next 24 Hours Telling XAU/USD Traders?
Gold is struggling on Monday, with a retest of $4,000 an ounce growing more likely after a brutal end to last week. The metal shed more than 4% across the back half of last week, including a near-3% drop on Friday and slipped to an eight-day low near $4,400 early today before clawing back some ground. In plain terms: the strong August run has stalled, and gold is now hunting for a floor rather than pushing for new highs.
Tim Cook Grew the Apple Machine, Can an Engineer Reinvent It? What Apple’s Handover Means for NQ and ES
ARTICLES/ANALYSIS/US CONSUMER/INDEX PRODUCTS Apple’s first CEO handover in 15 years puts John Ternus in charge as traders weigh whether continuity, AI risk or product momentum drives AAPL, NQ and ES next. AUG 31, 2026··3 MIN READ· AIAPPLEES FUTURES Table of contents 1. 2. 3. 4. After 15 years, Tim Cook’s run as Apple’s chief executive ends this week. On September 1, John Ternus, the 50-year-old engineer who has run Apple’s hardware for years takes over as CEO.
S&P 500 and Dow Jones Futures Surge Post-Warsh Address: Fundamental & Technical Overview
U.S. equity futures surged following Federal Reserve Chair Kevin Warsh’s inaugural keynote address at the Jackson Hole Economic Symposium, as market participants digested a speech balancing hawkish inflation warnings with optimism surrounding AI-driven economic productivity. Initial intraday volatility quickly gave way to aggressive buying across both S&P 500 (ES1!) and Dow Jones Industrial Average (YM1!) contracts.
The Gold (XAU/USD) Dilemma: Boxed Between the MAs, Can Warsh Deliver a Decisive Breakout?
Where Gold Stands Right Now Gold (XAU/USD) is trading near $4,592 on the one-hour chart, and it is stuck. Price is sitting in the middle of a tight band, with a clear ceiling above and a clear floor below. The ceiling is the 100-hour moving average at about $4,625. (A moving average is simply the average price over a set number of hours, traders watch it to read the short-term trend.) That line has flattened out and is now capping every bounce.
Nasdaq's Second Shot at 29,655: Does the Post-Nvidia Recovery Break the Ceiling?
Since our “moving-average vice” call, NQ has done what a genuine recovery does: it reclaimed the wall that was capping it and pushed the fight one level higher. After Nvidia’s print, price spiked to about 29,680 overnight, faded, and is now grinding back to press the last barrier overhead, the 4-hour 100-period average at 29,655. The three timeframes agree on direction but disagree on how much room is left, and that gap is the whole trade.
Hawkish Chair, Softening Data: How to Trade Warsh’s Jackson Hole Debut
Friday at roughly 10:00 a.m. Eastern Time, Federal Reserve Chair Kevin Warsh steps up to the Jackson Hole lectern for the first time as Fed Chair. For an ordinary chair, that speech is a big deal. For this one it is bigger and here is why it matters for the contracts on your screen. Why this speech carries more weight than usual Warsh runs the Fed differently from his predecessor. He scrapped the “dot plot” of rate projections and dropped the habit of steering markets with forward guidance.
Beneath a Sleeping Index, the Stocks Are at War: Do the S&P and Dow Jones Break the Coil at Jackson Hole?
On the surface, Wednesday looks like a nothing day. S&P 500 futures (ES) are pinned near 7,68 and Dow futures (YM) are hovering around 53,500 both barely moved, both coiled inside their moving averages. But look one level down and the tape is anything but calm. Individual stocks are moving 5%, 8%, even 37% in a single session, and in both directions. That gap, a quiet index sitting on top of violent single-stock moves is the real story for futures traders today.
Gold Drops 1% in $4,600 Retest as Traders Weigh Break or Bounce
Gold (XAU/USD) experienced a noticeable pullback, dropping 1% after the release of in-line U.S. inflation data. The decline comes as market participants digest a batch of stronger broader U.S. economic figures. With inflation arriving precisely as expected, the lack of a downside surprise prompted a reaction in the bond market, where U.S. Treasury yields edged higher as markets continue to weigh the inflation and Federal Reserve outlook.
Nvidia Earnings Preview: NVDA Beats Every Quarter, So Why Does the Nasdaq Keep Selling the News?
Nvidia reports second-quarter results after the U.S. close on Wednesday, the same day as the July PCE inflation and the revised Q2 GDP reports, and two days before new Federal Reserve Chair Kevin Warsh’s first Jackson Hole keynote. For the Nasdaq, this is not a single-stock event. At roughly $5 trillion, Nvidia is one of the two or three heaviest weights in the Nasdaq 100, so its after-hours move mechanically drags NQ futures with it.
Gold (XAU/USD) Analysis: $4,700 Tested as Gold Pulls Back, But Bullish Potential Remains Intact
Gold (XAU/USD) saw a sharp pullback during Tuesday’s European trading session after testing the key psychological $4,700 mark and reaching a multi-week high near $4,697. A modest recovery in the U.S. dollar alongside rising Treasury yields triggered profit-taking, dragging spot prices back toward the $4,635 region. However, despite the intraday retracement, gold’s overarching technical structure and broader market momentum remain firmly bullish. Fundamental Drivers: Dollar Recovery vs.
Nasdaq Slides as the Rotation Bites: With 29,265 Gone, Bounce or Break in the Next 24 Hours?
The Nasdaq spent Monday in the red while the Dow climbed and that split is the whole story. This was not a broad selloff; it was money rotating out of tech and into defensives, which left NQ as the funding leg of the move. The index has now slipped below the support shelf we have been tracking, and the next 24 hours comes down to whether an oversold bounce or the rotation wins. The Tape Today: A Rotation, Not a Rout Monday's headline numbers hid what was really going on underneath.
Canada's 50% Tariff Shock Hits the Loonie: Does USD/CAD Break 1.39, or Does Oil Cap It?
The US–Canada trade fight stopped being background noise this weekend. Washington's 50% tariffs on a wide range of Canadian goods went live, Ottawa set a retaliation date, and the loonie finally moved. USD/CAD is caught between two opposing forces: tariffs pushing it up, oil pulling it down and which one wins is the real trade here. What Just Happened Over the weekend the U.S. switched from threats to action.
Exclusive: From the Sport Field to the Trading Screen. James Bruce on Risk, Execution and the Trader in the Mirror
James Bruce explains how trading discipline, self-control and risk management matter more than prediction, drawing on lessons from rugby and markets. AUG 24, 2026··7 MIN READ· TECHNICAL ANALYSIS Table of contents 1. 2. 3. 4. 5. 6. James Bruce swapped professional rugby for full-time trading and now coaches others. In this Market Framework exclusive, he explains why the hardest part of trading isn’t reading a chart, but managing yourself: your discipline, your risk, and the urge to prove you’re right.
Gold (GC) Whipsaws Around $4,500 After Poking a Two-Month High: Does the Buyback Rally Have Legs?
Gold gave traders a round trip on Thursday. After surging more than 4% on Wednesday, the metal pushed to an intraday high of about $4,527, its strongest level since early June before reversing and slipping back under $4,500, ending the day slightly lower near $4,481. That is a classic whipsaw: a sharp move in one direction that quickly snaps back the other way, leaving both bulls and bears bruised.
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