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Gold Losing Luster to the USD

Gold price has been retreating this week. We can see in the 4H chart that towards the end of August, price rallied to 1170. After that we have been seeing a bearish correction, or maybe this is a sign of a another medium-term bearish swing to at least test the low on the year around 1077. 

Gold (XAU/USD) 4H Chart 9/4
(click to enlarge)

The 4H chart shows a market that has lost its August bullish momentum and bias. As price trades within the cluster of 200-, 100-, and 50-period simple moving averages (SMAs), gold is essentially at the neutral zone relative to recent price action. However, we do have some bearish price action since 1170, so we can expect more bearish bias ahead next week. 

Looking at the daily chart, it looks like price action has exposed at least the 1100 area if the 1077 low on the year seems too aggressive an outlook at the moment. 

Gold (XAU/USD) Daily Chart 9/4

(click to enlarge)