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Gold failed to extend past the psychological level of $1,800 and is now moving lower towards the first level of chart support just above $1750 and extending down towards $1725 – $1720.
It was to be expected such a large rally in the US Dollar during today’s session (Wednesday) would provide some strong headwinds to any move higher in gold. That and the fact that the CCI was hammered lower today as anything remotely resembling a risk trade was yanked off.
This evening, gold is moving lower as there is follow through selling across both the base metals and the precious metals with only slight weakness being seen in the Dollar. Clearly traders are concerned about the woes in Europe.
As long as any setback in gold holds ABOVE $1680, the pattern that will develop is more consistent with a market taking a breather. A drop below this level, that cannot recover it within the same session, will forebode a drop back towards $1640 – $1625.