No end in sight for gold losses
Steady losses show no sign of stopping here, with the big question being whether the $1305 support level is broken. This is particularly vital, as the horizontal support from the lows of June and July meets with rising trendline support from the lows of December last year.
A break here would mark a definite departure for gold, with $1281 and then the 200-day simple moving average (SMA) at $1273 in sight. A rally needs to clear $1325 and break the sequence of descending highs.