Gold price sells off as the dollar rebounds

New York (Aug 28)  Tests 100 hour MA. The dollar is finding a bid vs the EUR, GBP, JPY (and others) and that has put the pressure back on gold.   The price of the precious metal is trading down -$10.50 and test $1200. It is also testing the 100 hour MA at $1199.90. 

The low has reached $1199.73, just below the level but we are seeing a modest rebound as traders lean against the low risk defining level. 

However, the dip buyers will likely sell out on a break with momentum so be aware...and beware.

For now however, the buyers are sticking a toe in the water against the support level.

FOREXLIVE

Silver Phoenix Twitter                 Silver Phoenix on Facebook