Gold has been in a steep decline for the past few days, making a low of 1369 yesterday morning before recovering in the afternoon session to touch 1390.
Overnight, gold attempted to go higher still, though the selling has re-emerged this morning, pushing gold back down to 1375. The market is in a clear downtrend and the April recovery rally now seems a distant memory - if gold cannot hold support at 1365, a retest of 1322 becomes the most likely scenario.
The dollar is moving higher again this morning after flirting with the 84 level yesterday - a break of 84 will be very bullish for the dollar and bearish for gold. Oil is trading in a highly volatile range, though the trend is clearly down and a retest of $92 looks to be likely from here.
For all the conspiracy theories and unlikely explanations given by online commentators for gold's downward break through 1525 in April, it was clear to us that this move was a "game changer" for gold and further, possibly significant, declines are likely in the yellow metal.
We remain bearish whilst gold trades below 1525, with a bias to short into strength rather than buy weakness.
Today's video for subscribers looks at yesterday's trading in more detail and our strategy for our next trade.
Overnight, gold attempted to go higher still, though the selling has re-emerged this morning, pushing gold back down to 1375. The market is in a clear downtrend and the April recovery rally now seems a distant memory - if gold cannot hold support at 1365, a retest of 1322 becomes the most likely scenario.
The dollar is moving higher again this morning after flirting with the 84 level yesterday - a break of 84 will be very bullish for the dollar and bearish for gold. Oil is trading in a highly volatile range, though the trend is clearly down and a retest of $92 looks to be likely from here.
For all the conspiracy theories and unlikely explanations given by online commentators for gold's downward break through 1525 in April, it was clear to us that this move was a "game changer" for gold and further, possibly significant, declines are likely in the yellow metal.
We remain bearish whilst gold trades below 1525, with a bias to short into strength rather than buy weakness.
Today's video for subscribers looks at yesterday's trading in more detail and our strategy for our next trade.