Gold slides on the dollars rise and tests the January 2017 low.

Stronger dollar is pushing the precious metal lower

As discussed in previous posts, gold is less interested in financial and trade turmoil and more focused on the dollar.

The dollar is higher but getting more mixed with the USDJPY and USDCHF starting to move lower now. Nevertheless, the EURUSD, GBPUSD, USDCAD, AUDUSD and NZDUSD are all in the favor of a stronger dollar in trading today and that is pushing the price of gold lower.

Technically, the dollars rise has gold down about -$12 and in the process, has the precious metal testing the January 2017 low at $1180. 48. T

he low price today reached $1180.21 so far, and we are seeing some modest buying off the level on some profit taking against the risk defining level. On a break, however, I would expect stops with $1172.08, the next target on the daily chart. The level represents the 61.8% of the move up from the Dec 2015 low (see chart above).