Gold looks lower once more
Gold is in the process of turning lower once more, in a continuation of the downtrend we have seen over the past week. There seems to be further in the tank for this move lower as we approach the bottom end of this three-month period of consolidation.
The long-term picture looks bullish, which points towards the potential for longs around the $1307-1310 region. However, for the short-term, further downside seems likely, especially given the break below $1319 this morning. A push back above $1325 would be a worry for the bearish picture, bringing a more neutral view.