Gold under pressure

Gold is coming under concerted and quick selling pressure. However we remain bullish of gold, but mainly in EUR terms, our members have heard me discuss owning Gold in terms of EUR continually over the past 12 months. This decision has been serving us very well, and it has served us particularly well over the course of the past twenty four hours, for as gold has fallen $16 oz in USD terms, however it has held steady in EUR terms. Where gold was trading €1015 oz yesterday morning ,it is trading at €1013 this morning. Gold has fallen 1.3% in USD terms; it has fallen 0.01% in EUR terms. We’ve received emails asking us “what’s happening to gold?” Nothing,  really, unless you are a hard core technician, gold has traced out a reversal to the downside in USD terms, having previously made a new high yesterday and then again closing lower and well below the previous day’s lows in the process.  We did take a small swing long position in USD terms on the 21^st May at 1072, we are holding the final third of this profitable trade and have now bumped our stop up to 1025 ish just below the trend line you can see on the daily chart of Comex Gold Futures below. Also you can see a quadruple top has formed, if indeed there is such a thing? We suggest you pay attention to this if you are long Gold in USD terms and bump up your stop or take some profits now.