Gold initially pushed higher on the flight to safety idea, but since the initial spike that took the price briefly above the 100 hour MA at the $1608 level (see blue line in the chart above), it has been the sellers who have taken control. The price has now moved below the 200 hour MA (green line in chart above) at the $1591.67 and this will now be eyed as topside resistance (watch up to $1595.44). The next target comes in at $1577.30.