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Gold gives it back as it tests technical support level again

Yesterday, as noted here at the time in an update, Gold managed to vault the $2,050 level as the US equity markets reopened. However, it was already falling back from above $2,055 ahead of the Fed policy decision and later ran into more trouble once the Fed boss, Jerome Powell sent the dollar higher later in the evening. That saw gold close out the month last night at $2,039.52. It has fallen back steadily so far today from an earlier Asian high at $2,049.57. The low seen not that long ago was set at $2,030.09. Hence, it has now dipped slightly below its 50 day moving average once more. You might remember that this price level perfectly capped the downside yesterday, but is higher today, currently in place at $2,031.10. For the most part it has just about capped the downside so far today, but that is not conclusive at all at this stage. Gold is currently trading at $2,031.95
 

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