Gold nears the lows of the week as decline extends to $20

Technical Analysis

Author: Adam Button | gold

Strong dollar, weak gold

gold
Gold initially rose on Biden's stimulus plan but there's been a sharp turnaround on the 'sell the fact' trade across everything.

The US dollar is strong across the board and that's putting pressure on gold.

Monday's low of $1817 will need to hold to keep the bulls in the game. The lowest close since Dec 1 was also $1827, where it's trading right now.

Gold had been trading between the 55-dma and 200-dma but it's breaking to the downside now.  Those look on track to create a death cross.

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