Something that can't gain on good news, can't gain at all
Gold is barely positive today. It surged to $1260 from $1245 after the Belgium terrorist attacks but it's slowly fallen all the way back.
Last week, the Fed delivered a shockingly-dovish FOMC statement and gold shot $40 higher, et most of those gains have faded as well.
A dovish Fed and geopolitical unrest are the two types of news that are best for gold. The inability to sustain gains afterwards should make gold bulls worried.
On the days when there hasn't been an unforeseen news event to drive gold, the path has been consistent. Before today, gold was down in 6 of the past 7 sessions with the Fed day as the only exception.
What's even more concerning about the gold chart is the series of lower highs. That's somewhat balanced by higher lows since the Fed but a break of $1240 might ignite the downside.
