Gold breakdown could drive further losses
Gold continues to trade within a multi-month range, with yesterday’s early gains fading as equities rallied.
The drop below $1328 points towards the potential of further losses. Ultimately, this is a particularly choppy period given the influence of fundamental factors. However, look out for the potential of further downside, with $1321 being the near-term support. It makes sense to look for trades around the extremes of the recent $1306-$1360 range.