Tests 50% retracement
Spot gold is trading at $1208 currently. The low extended to $1202.81. It is getting close to the key $1200 level. On election day (and into the day after election day) the price moved up to $1337. That is a 10% decline from the high.
ON the move lower, the price has moved below the 50% midpoint retracement from the Dec 2015 low. That level comes in at 1210.83. A move above will be eyed now to take some of the pressure off the sell side. Gold has been pressured on the back of continued dollar strength (and higher US interest rates).
