Taking advantage of negative sentiment towards Gold - or it could be a prelude to what is about to happen to the Gold price as most are predicting 800-840 drop in coming weeks.
US Economic data I would say won't be too favourable to a massive rally in the dollar, but many believe it is in the process of bottoming - reducing the cuts in interest rates is not the only impact on the dollar - all of this weighing on Gold.
If it holds above 850 by 1st or 2nd week of May, then we've probably had the bottom as the Indians will be in marriage season and buying it up at whatever cost. Fingers crossed because it would be a shame to see it go down below its 200 MDA.
Just my thoughts - others might have a better explanation.
