Gold has been up to 1262.32 and just short of the July high of 1266. Traders are citing a slide in the DXY as the main catalyst.
As well as being the July high 1266 hold the 100 H4ma and above there we see the 38.2 fib from the June fall from 1423 at 1272.5.
I’m still a believer that the trend is lower. The spec players that got burnt from $1600 are out the game and I get the feeling that those still in big losing positions are still happy to wait on the sidelines for higher prices to get out.
The sharp moves come when the everyday events force their hand and they rush to exit at best price.
I may be enticed if we get up near $1300 but I expect these, big figure “stepping down” price moves to continue
