Gold's Outperformance and Huge Reversal

Several things happened on Friday and the markets reacted to them, so it's not easy to interpret the final outcome. Was the reversal bearish or was the session bullish as gold didn't decline substantially even though the USD rallied? Was gold's reaction adequate, too small or too big? Let's start the discussion with a reminder of one of the reasons for Friday's pre-market rally. In Friday's Gold Trading Alert, we wrote the following:

First published here: Gold's Outperformance and Huge Reversal