Dollar moves higher. Post Syria calm for now. Bond yields higher. China's Xi comes and goes. Gold back down
The price of gold raced up on the bombing in Syria and as the dust settled and other markets started to move in the other directions, so did gold.
The gains were pretty much erased.
Technically, the price of Gold is also looking like it might fail on its break above the 200 day MA. That MA comes in at 1258. We currently trade at 1256.66 (see chart below). The price has now moved above the 200 day MA 5 times in the last 5 weeks of trading and each breach has failed.
This is not the best of developments for the precious metal.
What makes it more bearish?
A move below the 1248.14 (midpoint of the move down from July 2016 high) would increase the bearish bias for the pair.