For the last three or four trading sessions gold has found resistance at either the 20 DMA or 50 DMA and any attempted rally has been used as an opportunity to sell for many weeks now.
Gold is under pressure this morning along with equities and other commodities, as it is acting more like a "risk asset" at the moment than a "safe haven", counter to the movement in the dollar.
On a short term basis, gold is breaking down through the bottom of a triangle pattern that has formed over the last couple of weeks and we maintain our stance that a retest of 1525 is likely in the coming weeks.
Gold is under pressure this morning along with equities and other commodities, as it is acting more like a "risk asset" at the moment than a "safe haven", counter to the movement in the dollar.
On a short term basis, gold is breaking down through the bottom of a triangle pattern that has formed over the last couple of weeks and we maintain our stance that a retest of 1525 is likely in the coming weeks.