Gold struggled to capitalize on the flight to safety on Monday and turned sharply lower today as risk appetite returned. Earlier in the day, prices touched $1257 which was a one-month high but the trade has reversed and gold is at $1244.
So far it’s a modest retracement of the Fri-Mon rally but a close below $1243 would form a bearish outside day on the chart as traders grow more confident in the taper.
Gold technical analysis
