Precious metal is down over 1% now
Stocks are soaring. Yields are up as well. The risk on trades are on which means gold is heading lower.
Indeed,the price of the precious metal is currently down $-18.50 or -1.20% at $1520.14
Technically, the pair on the hourly chart above, has moved below its 100 hour MA at $1536.21 and is not down testing a lower trend line and the 200 hour MA (at $1518.33). The low for the day just reached $1519.86.
Decision time for the bulls and bears as it tests a key barometer. Move below increases the bearish bias and will have traders looking toward $1496 to $1500 area (38.2% retracement). Holding the level will have traders wanting to see a move back above $1525.11 (low from Monday), with the broken 100 hour MA another target on the topside.
