Gold falls as USD finds a floor and recovers

Gold price is weakening on Tuesday on the back of a rise in the US Dollar. The USD’s recent decline was due to weak US jobs data, but Fed commentary put a floor under the sell-off. Fed policymakers made it clear they are still not in a hurry to cut interest rates, boosting the Greenback. The Gold price trades down by roughly a third of a percent, in the $2,310s on Tuesday, as the US Dollar recovers, reducing the cost of Gold which is priced in USD.

Unfinished Measured Move Gold price is potentially still in the middle of unfolding a bearish Measured Move price pattern which began on April 19. Measured Moves are zig-zag type patterns composed of three waves labeled A, B and C, with C usually equalling the length of A or a Fibonnaci 0.681 of A. Price has fallen to the conservative estimate for wave C at $2,286, the Fibonacci 0.681 of wave A. Wave C could still go lower, however, and reach the 100% extrapolation of A at $2,245.

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