A lack of patience does weigh on Gold

Yesterday an update here noted how short term traders patience with their gold holdings was being put to the test and subsequent to that update it seems that patience wore a little thinners because gold fell back into and after the 4pm London FX fix. Gold dropped back to test the noted 21 day moving average (in place then at $2,614.20), but that level did not cap the fall and it seems that stops were tipped below the level, as gold slid to a low at $2,604.87. The existence of stop below the 21 day moving average has been made all the more likely by the price action since. Gold rebounded into the US close, ending that session at $2,621.83. The range seen so far today has been covered by $2,615.06 to $2,624.36. The overall risk dynamic is pretty benign right now, but still subject to change at very short notice, The gains in the USD/JPY so far today are not helping the metal either. Meantime, that 21 day moving average is still rising and in place right now at $2,618.67. There will more more insights to add on Gold later today. It is currently trading at $2,621.20