Unless an unexpected rally materializes this month, gold prices will fall this year for the first time in 13 years.
The start of the new month has brought selling, with prices down $16 to $1237.In November, prices fell 5.5% in the worst November decline since 1978. After tumbling early in the month, prices stabilized in the $1225-1260 range.
Gold hourly chart
Watch for a break of that range — probably on non-farm payrolls or other economic data — to spark the next sustained move.
Update: After the ISM manufacturing numbers, gold touched as low as $1226, narrowly above the Nov low.
