Gold’s rebound runs into sellers
The US dollar has held a strong bid all day but gold held its ground for a time. In the last few minutes though, the sellers have finally gotten the upper hand.
Gold is now down $13 on the day to $1774, cutting through the low of US trading.
The S1770 level is the next one to watch on my chart, offering some support at the low of the week.
As for me, I don’t believe in this flow-driven dollar move today but there’s no good reason to buy gold either.