The market continues to hold in the middle of the $535-$575 range that has held since early January, with the most recent price action suggesting a bias towards a move higher, rather than lower, within this trading band.
What seems more likely is that the markets, having enjoyed an almost uninterrupted rally since last summer, have been looking for an excuse to take a breather and consolidate the gains.
Yesterday's sell-off has stopped the recent uptrend in its tracks, with the (gold) price now squarely back in the middle of the broader $535-$575 range that has held since the middle of January.