"Just another buying opportunity!!"
How can you be so sure? Sometimes - in difficult times - the sentiment swings from "buy the dips" (as you are suggesting), to "sell into the rallies". As a holder, and close observer, without making predictions (always folly), we see gold price falling through successive support levels as I anticipated last night in "chart thread"...which now includes the much beloved AUD 1,700 level.
The longs (including myself) are in a position of weakness now...especially as there's rarely ever any strength into which to sell. The brief test of 1,300 failed (Martis quickly disappeared... tho it took months to do so "We don't await" more such drivel), and it's long way back to the great round psychological top of $1,303 of 2 May. We're much close to $1,200 than the higher round number.
Looking at DAILY XAUUSD, chart (image below), and only that, I don't see obvious (or even subtle) signs of reasons to expect dip buying to be productive. All I see is a reflection of selling pressure, and breaks of doubly tested Chart Support, on high volume selling.
Which is not to preclude a respite - nothing goes in a straight line, it's all about odds, and it seems the odds in this round are not favoring the bulls - but read my signature. Who knows, the USD may fall after release of the Int. Trade Report 10:30 pm AEST and push commodities up (tho a {marginally} rising dollar last night led to Oil rising - counter-intuitive).
I'd count this round for the bears
