From a technical point a view, it is not looking very promising for gold price that started with a downtrend when the price was heavily rejected at the $1,360 mark and fell all the way down to $1,315 before finding support. The price then rebounded but as we can see on the chart, it was heavily rejected again at similar levels but the point to take from this is that each resistance point was a lower high. The same can be said about the four support levels which started at $1,315, which made lower lows and then finally the price broke through to the downside and apart from some short bouts of resistance, it tumbled to around $1,240 where we currently sit today.
This price was the low formed at the end of last year and if this fails to hold, the chances of gold suffering further losses are pretty significant.
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