Gold slides on the lack of action from the ECB

Mario Draghi teed up a September easing package but that hasn't been enough for the gold market. It hit $1433 after the initial ECB statement but the lack of action is dominant now and gold is down $9 to $1416.

Hourly chart:

gold hourly chart

The focus will soon turn to the Fed and the hopes for something there but with the strong durable goods orders report today, the case for something more dovish than 25 basis points is fading.

Watch support in the $1414 zone. If that breaks, it's not a good short-term sign.