Gold is down nearly 3% today, and as shown below, the move lower has resulted in a serious breakdown below the $1,300 level.  Look for $1,300 to now act as resistance instead of support.

gold-1004

The drop in gold today coincides with a rally in the US Dollar index.  As shown below, the Dollar’s jump has pushed it above its highs from the last few months, but it still has work to do to get back up to the high 90s that were last seen in July.

usd-1004

 

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