Up $5 or 0.44% on the day
Spot gold fell to a 10 month low at 1151.26 earlier today but has bounced back and currently trades up $5 or 0.44% at $1165.
Technically, the gains for the year have dwindled down to about a 10% gain on the year. That sounds ok but at the highs in July, the gain for the year was close to 30%. The move lower has retraced more than 61.8% of the move up from the December 2015 low. That comes in at 1172.94. That is a topside target that might lessen some of the bearishness, if traders can get the price back above the level.
Looking at the hourly chart (see below), the price has been tracking mostly below the 200 hour MA since the US election. Last week, there were times when the price went above the MA line (it currently comes in at 1170.23 - top MA line in the chart below), but each attempt failed.
If gold is to bottom, the price needs to get and stay above that MA level.
Gold is finding a boost today as the dollar corrects lower. The dollar index is testing the 100 and 200 hour MAs at 100.80-878. The low today today stalled between the levels at 100.84.
