Gives up on the topside as rates move higher
US rates continue to move higher and that is putting some pressure on the price of spot gold. The precious metal is also dipped back below the $1500 level which may be weakening the longs hands.
Looking at the daily chart, the $1485.56 level is a lower trend line. The consolidation over the last 3 months has also allowed for the 100 day moving average to start to catch up with the price. It currently is at $1474.26. The price has not been below its 100 day moving average since June 1, 2019 (back down at $1296).
