Gold breaks lower and finds new resistance
Yesterday saw gold close below $1178 for the first time in two and a half months. The daily close is the first significant signal that we are set to move lower. The second being a retest of $1178 as a new resistance level and has happened overnight on the intraday markets.
As such, I expect to see an extension lower, with the first point of call at $1170. Below this, the next support level to watch out for comes in at $1142. While price remains below $1178, I think $1142 seems likely.