It's a rough start to the new year for gold as it is down 0.8% in the last two days, not really setting itself up for the usual January seasonal tailwind. There were some doubts already considering that we are at a technical top but the latest dip today now sees gold also fall below key near-term levels. In particular, the 200-hour moving average (blue line) is now being cracked:This now invalidates the recent upside momentum, with the near-term bias now favouring sellers instead. That comes as price is now trading under both the 100-hour (red line) and 200-hour moving averages.That presents quite a bit of a challenge now for gold to try and build on its usual January seasonal tailwind. Dece
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