Another leg lower for gold following breakdown
Gold has been selling off sharply since breaking the critical $1236 support level earlier in the week. That provides us with a medium to long-term bearish outlook.
For the near term, we can see that the somewhat gradual decline seen before breaking $1236 has given way to a more clear-cut downtrend. As such, further downside is expected, with a break above the swing high of $1228 required to negate that short-term trend.