Gold price continue to decline after the bounced on Friday Non farm payroll number, gold struggled to break above 1400 level and now it just broke 1372 key support level. Frankly I don't see any support until 1360, the 100 days SMA as the graph below indicated. I don't think we will see any meaningful rally until Fed decision on QE, its very interesting to note that Bond market is pretty much already priced in Fed taper, Gold looks undecided at this point, Equity market, however rallied as they believed the Friday's Jobs number will stop Fed tapering.
Only one can be true, my feeling is Equity market got this complete wrong, Fed will taper and I think Equity will suffer, bond market wont have a huge reaction as it already priced in. Gold, hmm, I am not sure at this point, I will buy it if the price drop below 1330, I will sell any rally above 1400 before the Fed