Gold turning lower once more
Gold looks to be declining once more, following a resurgence in early trading yesterday. The current sell-off is very gradual, with volatility on the wane. However, for now it seems likely we will continue this decline, back towards the $1225 region.
That said, we would need a break through $1137 to portray any sense of a resurgence. It is worthwhile noting the $1125 support level underpinning the past week of consolidation is a major long-term 76.4% Fibonacci retracement, bringing about the potential for this market to turn higher. But, for now, we have not seen those signs.