It is clear that the 20 DMA is providing strong resistance and, as the moving average is falling rapidly, the price is being pushed down with it. Gold needs to break last week's high at 1484 to resume the rally, though this is looking less likely as momentum wanes.
Oil has rebounded strongly after selling off hard last week, equities continue their inexorable rise towards all time highs and the dollar has fallen back from resistance at 83. We maintain that further strength in equities will be bearish for gold, as would a move above 894 in the dollar.
Today's video for subscribers contains our thoughts on the recent rally and our strategy for our next trade.