Gold getting twitchy over Fed hike
The Fed theme is running rampant across markets today and gold is another asset that heads south when hike chatter heads north.
The 1250 area has been fairly decent S&R since Dec and the 38.2 fib of the Dec move higher sits there too.
Gold daily chart
What's also being noted is the break of the 200 dma at 1256. That's puts the price between two pretty narrow and well watched tech levels. A move back above the 200 dma would confirm the support there and may well be a base for some semblance of a retrace back towards 1300. If 1250 does break then that's where we should watch for resistance to build.
Update: What's also being pointed out is that gold miners aren't having the best of weeks either
Highlighted by @tbieheuvel
But on the flipside, Gold ETF's are running at the highest since 2013.
