Gold prices are down $15 to $1289 today in third day of declines. The fall knocks out support from the July low of $1292, the 55-day moving average at $1293 and the 50% retracement of the June-July rally at $1293.
Gold daily
The next levels to watch are the 200-day moving average at $1286 and the 61.8% retracement at $1280.
The downside in gold is beginning to look appetizing but the close today will be key with $1292/93 as the key level.
The Fed has remained dovish but the small spurt of dollar buying and bond selling has weighed heavily on gold in a sign of how fragile the market is.
