The price of gold has been moving higher on the back of a lower dollar/lower rates as Fed easing expectations moved higher (and earlier). The price price moved from a base around $1266 to a ceiling around $1346. The high price on Friday reached a $1348.31 but quickly backed off.
Today a higher dollar (it is higher vs all currencies with the exception of the CAD), has pushed the price lower.
Drilling to the hourly chart below, the price has moved below it's 100 hour MA at $1332.24 (blue line at $1332.24. The contract trades at $1327). Getting below that 100 hour MA, tilts the intermediate term bias lower.
Failing at the highs from the daily chart is also indicative of more selling against the high. Sellers are making a play.
If the price can stay below the 100 hour MA (risk for shorts) and continue lower, the $1320.33 level is the next downside target (38.2% retracement), followed by the rising 200 hour MA at $1316.18 (green line in the chart below).
MOve back above the 100 hour MA, and the buyers are still in more control with eyes on the $1346-48 area as a key area to get above....