G'Day @martis
"As mentioned in earlier posts ...Gold will have some large gyrating swings"
You are in the very best of company here.
As you know, when JP Morgan was once asked what the stock market will do, he is said to have replied:
It will fluctuate.
I think gold has met an intermediate resistance, which was (sadly) decisively rejected last night (decisive per the bearish upper shadow - bulls couldn't win the day - see below). Perhaps this is not a surprise, given that there's been an extensive bull swing since December, there are interest rate worries as you say (fundamentals), and God knows what else.
People sell into strength (not just any strength, but strength at key levels), and vice versa.
The frothiest performers (of the majors) have sold off the hardest today (ASX /200 gold + 1 other)
The swing remains intact, so long as whatever it does, it maintains a higher low on any pullback, as you know.
XAUUSD - DAILY - an (intermediate) resistance level, as I see it - crimson shaded areas.
Gold majors (+ 1 other ) just before ASX Close today (3:59 pm) - sorted descending, worst to "best", by percentage move. The bigger they are, the harder they fall...not new news (bigger, as in most rapid rise, not M/Cap)
