Gold breaks below key support level
Gold has retraced lower this week, with yesterday seeing a break below both the $1351 and $1335 support levels. With that in mind, there is likely to be further downside to come despite the current bounce.
The next notable swing high is around $1358, which would need to be broken to return the bullish bias of the medium-term. However, for the short-term, it seems likely that we will see further losses, with the 76.4% retracement (also at $1351) the most interesting resistance level in view.