As guest trader Grasshopper pointed out in his comprehensive gold review earlier the shiny stuff had a muted response to last night’s USD sell-off and has been drfting back lower all morning
The lack of upside momentum has encouraged the bears and it’s now down over 1% since its peak and posted session lows of 1310.26
Bids still being lined up at 1300, 1280 and 1275 ahead of the 61.8% fib retracement level at 1272.78 that GH highlighted
As I said on Friday we’re getting better value buy levels, but the lack of rally needs to be respected.
Gold bids 16 September
