Gold is skidding in US trading, down $15 to $1268 after rising $22 on Friday.
Gold had an excellent January, rising 6% but it’s been volatile over the past week. The most recent highs have been trending lower. At this point, it’s unclear if it’s a turnaround or simply some consolidation in a $1250-$13000 range before another push higher.
In the short-term, there is a minor uptrend near the lows today. Beyond that is some support at $1260 and Thursday’s low of $1250.
Gold hourly chart
