There was a sharp decline in gold price against the US Dollar, as the market opened with a gap down to $1265.
The decline was mainly due to French elections, and the market pricing in risk on outlook. All risky assets like the Euro gained and traded higher, and “safe havens” like the Japanese Yen, Gold and the US Dollar moved down.
The 30-min chart of the Gold price vs the US Dollar highlights how there was a setback for buyers. The price even formed a consolidation around $1275, but later failed. Now, it looks like the price may soon
resume the downside move and trade below $1270 in the short term.
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