Gold looks to close November near 1-month lows just days from being near 6-week highs. It's not that it has moved a lot, but the range is so tight. The Elliotticians are bearish on Gold here. With the bond market breaking down in price, and yields rising rapidly, Gold appears to want to follow bond prices lower. Then Yen also dropped which is a correlated trade with Gold.
I have been positioning for a bull run in Gold coming into the end of November. Seasonality for Gold in December is good. Obviously, the last two days brings that into doubt. Interestingly, the $USD has traded lower intraday for the last two days as well. That is a bit odd as they usually move in opposite directions.
First, look at GLD to get the price of Gold intraday today. It would be fair to say we are in a sideways trading range for the last two months. However, that is a pretty swift move from one side of the range to the other.