Gold threatens to break down
Gold has continued to sell off throughout the week, with the price falling below the 76.4%. The wider context is of a market which has moved into an absolutely critical area of support, at $1236.
A break below there would pave the way for a substantial breakdown in the price of gold. However, we are either going to see that break occur, or else find some support from these levels. As such, watch for a break below $1236, with a strong chance of a rebound if we cannot see such a downside break.