Gold back at key support level
Gold is heading back into the $1219 support level once again this morning, with another breakdown looking highly likely from here on in.
Recent consolidation has given us little upside, and with flatlining tops giving way to flat lows, we are awaiting a break below $1218 or above $1236 to establish a breakout direction. With that in mind, watch for an hourly close below $1218 this morning as a signal of further downside. Should that not occur, we could be looking at a short-term range coming into play.