Quiet market all around in US afternoon trading but a round of gold offers and stop losses below $1615 conspired to knock the precious metal down to $1607.
The drop wipes out Friday’s gains and puts the focus back on $1600. A drop below there clears the way for a retest of $1580.
Overall, gold will continue to be supported by central bank easing but it’s not yet ready to break resistance at $1630/40.
Greg preached patience and range trading in a post earlier today.