Gold downturn continues apace
Gold’s post-election deterioration remains well established, with price action on a very consistent downtrend. With that in mind, further downside seems likely, where an hourly close above $1230 would provide a clue that we could be about to see some form of bounce.
However, even in that case, we would be looking at a likely retracement of the deterioration from $1265. That would need to be broken for things to truly start looking rosier.
Until then, investors are likely to continue selling havens.