Gold hasn’t been able to take advantage of a safe-haven bid or the continued dovish tone from the Fed. Prices are down $13 today to $1283 and trading below the 200-day moving average for the first time since June 19.
Gold daily with 200dma
Technically, the fall today (if sustained through the close) leaves very little support until the trendline from December.
Fundamentally, you could argue that gold bulls are worried about a strong non-farm payrolls report tomorrow. That would solidify the Fed case to more toward a more hawkish policy.
