Gold Dips After the Spike Failed at the 100 SMA

Gold surged higher at the start of this week after tensions in the Middle East escalated once again, breaking the previous record high at $2,075 and establishing a new high at $2,144-45. But made a strong bearish reversal the next day and the situation is looking increasingly favorable for sellers. Today we saw a spike after the US employment claims, but that faded and another reversal followed, showing that sellers remain in control and are using retraces higher to get a better entry point.

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Gold Dips After the Spike Failed at the 100 SMA

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