Gold back on its lows as USD dominates via ForexLive

Well, whaddya know ? The ol' shiny stuff is down amongst the dustbins again and once again testing good support between 1270-75 as we've highlighted on many occasions recently

I noted in that post to beware the offers between 1295 and 1300 and true enough we topped up there and have now posted o/n lows of 1274.50 as the greenback continues to rule the waves.

No reason to think we're going to break out of the range just yet but a drop below 1270 will surely confirm this current USD -positive sentiment. Jury out on whether that's as early as the ISM mftg data later today or Friday's NFP release. Currently 1275.25

Ok, so it's a simple analysis but what's not to like about that in these markets when many out there are trying to apply just a bit too much logic/techs to current moves , and being left as bemused as any.

Update: As if to prove my point no sooner had I posted this and Gold dropped $5 in secs!  Low post now 1268.20. next bids at 1260. Currently back to 1270.20. Roll up roll up !!

Gold 4 Hour 2 Sept

posted via ForexLive