The margin call excuse has been used for a very long time when gold moved down in sync to risky equity. It only makes sense logically, one will never know but if the cycle keeps repeating over time, the relevance is extended.
The gold volatility index is rising but currently in no man's land relative to the march pandemic 'everything' sell-off. Interesting to note that both VIX & GVZ spiked then recovered yesterday in a similar fashion to SP500 index! SO from this ST measure, both instrument is very much correlated. DXY has bottomed out and made a comeback which usually spells danger for equity by the assumed extension, Gold.
Gold is in a descending triangle ST and should $1864 gives way, it would trigger sell stops from bulls and bears. I got $1820 & $1767 which roughly confluence to the 38 & 61 Fib % retracement. Gold equity is leading the fall naturally because it is much more leveraged so the next few weeks on TA is crucial then it is the US election result. I have no idea how market participants will react to a Trump or Biden win. Coin flip. I suspect the jockeying for positions between the bulls and bears are full steam ahead.
