Nothing working for gold
I’m taken aback by the weakness in gold over the past two days.
Yesterday, everything aligned for gold gains. The Fed eased heavily and the dollar sold off. Yet gold rallied to $1722 for a moment and then shot back lower.
Seeing how an asset reacts to news is often the most telling indicator and I believe that is the case with gold at the moment.
Gold weakness was confirmed today by a swift decline below the 100-day moving average.
There is scattered support down to $1674 followed by the 200-day moving average.