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Gold breaks below trendline support
Gold has broken below a notable support level this morning. There has been a rising channel being negated with a move below $1291, which points towards further downside. With gold showing some signs of bottoming out last week, we could be seeing the beginning of a retracement from the $1261 low.
As such, keep an eye out for the Fibonacci retracements between $1271 and $1283, as possible bullish reversal areas. However, while we could still see further downside, there is a strong chance that this weakness is a retracement, before we move higher once more.
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