Quick $10 fall in gold prices
The sixth day of losses for gold has sparked a small capitulation. Stops were run as gold busted below the Sept 1 low of $1302 and the $1300 level. The 100-day moving average at $1311 also gave out.
Last week, the uptrend this year gave way and now with $1300 breaking, the picture is darkening.
It's not clear why gold is being sold so heavily. The Fed remains relatively dovish and the US election is a reason for fear. The dollar isn't particularly strong either (although it's having a good day).
Technically, I don't see much in terms of support until the 200-dma at $1257.
