Gold falls into six-month low
Gold has broken lower once more, with the short-term downtrend remaining intact. The fact that we have seen the price fall below the 76.4% Fibonacci support level means that there is a good chance we are seeing the beginning of a wider breakdown in the price for gold.
A move below $1236 would ultimately provide the signal to say that we have seen a bearish break from the long-term uptrend seen since the start of 2017. Aside from that, a bearish short-term outlook remains in place for the moment, with a break through $1272 required to bring a more bullish view into play.