March 31, 2020 (Gold Market Wire) - Gold's downtrend is starting to form as the quarter comes to close. Yesterday we recommended a small spec short and today we hold on to it. The market needs to reclaim $1635 on the close today to have a chance to turn back up and move higher, but a stronger US Dollar is going to make tough work of it.

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The morning's focus is all on the US Dollar, now 1% up against the British pound and .5% higher vs. the Euro. Gold has its work cut out for it. The power Uptrend failed yesterday and that means pressure on Gold.

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What refuses to go up will start to head down.

If you've been lucky enough to be short volatility the past week. It could be a good time to get flat.