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Gold pullback might prove to be timely for dip buyers ...Middle East
Gold is down another 0.7% today as a firmer dollar and higher yields since the election looks to be weighing. Alternative flows into Trump trades such as Bitcoin and stocks are also arguably in play, with gold not quite favoured as much in that sense. But how are things playing out on the charts?The drop today reaffirms some rejection closer to $2,700 again after a brief bounce following the election result last week. The most notable thing is that we are seeing gold hold back below the broken trendline support from August (white line). And that is keeping sellers in control, alongside a push back under both its 100 and 200-hour moving averages:That is keeping the near-term bias more bearish
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