Gold continues to drift lower
Gold never really managed to hold above $1208 when attempting to break higher from the recent wedge formation, with the price turning lower yet again this week.
The break below the recent lows points towards a possible drop into trendline support. There is still a chance we are seeing a retracement here, with a break below $1183 required to signal the beginning of another turn lower for gold. Until then, watch to see if the 76.4% retracement ($1190) is respected for a potential turn higher. Ultimately, we would need to see a break and closed candle above the $1204 swing high to negate the current short-term period of downside.