HK Stock Market Move | Gold stocks weakened and gold price plunged after Trump spoke out Analysts warned that the price of gold may fall to $3800.

Gold stocks weakened, as of the deadline, EVEREST GOLD (01815) fell by 5.61%, closing at 1.01 Hong Kong dollars; Chifeng Jilong Gold Mining (06693) fell by 3.75%, closing at 42.58 Hong Kong dollars; LINGBAO GOLD (03330) fell by 3.16%, closing at 27.6 Hong Kong dollars; CHINAGOLDINTL (02099) fell by 2.76%, closing at 158.3 Hong Kong dollars. On the news front, as US President Trump made a national address on the Iran issue this morning, gold and silver prices plunged. Spot gold continued to decline, briefly falling below $4650 per ounce, with a decline of 2%. According to reports, veteran technical analyst and founder of ElliottWaveTrader Avi Gilburt stated in a recent interview that he believes there are two drastically different technical outlooks, which may ultimately push gold prices down below $4000 per ounce, possibly nearing $3800. On April 1st local time, US President Trump claimed victory in the Iran conflict as "fast, decisive, and overwhelming." Trump stated that in the coming weeks, there will be stronger firepower against Iran. If an agreement cannot be reached, the US will launch fierce strikes against all of Iran's power plants. Furthermore, the US is closely monitoring and controlling these facilities through satellites. If any suspicious activity is detected, the US will immediately launch missiles for a "destructive" strike.