Gold continues to stagger lower on the back of a firmer US dollar, and decreased gold volatility.
XAUUSD had been struggling to stay above $1800, and the outlook for the future had already worsened as confirmed by the 200-day MA turning lower from April-May of this year (See the XAUUSD daily chart below.
Gold will need to stay above $1750 at best , and above $1700 at worst.
Gold bulls may want to check out the probable turning points in the lower timeframes below.
In most mature trading pairs, price spikes up or down don’t usually last long.
