Gold returns to $1200
The resurgence in the dollar and in equities has meant that gold is out of favour once again. The price has fallen through the $1214 support zone and moved back below the 50-day simple moving average (SMA) of $1210.
While oversold intraday, any rally that fails to move back above $1220 could be a selling opportunity, and even a sustained bounce needs to clear $1235 to suggest that the bulls really are back in charge. Further declines target $1190 and $1180.