It didn’t take much to spook the gold bugs. The bond market has shown a steady hand on tapering and now gold is down $16 on the day to $1254.
The 10-minute chart shows a head and shoulders top that targets a full retracement of the latest move, down to $1235.
gold 10 minute chart
The worry is gold buying on the Chinese New Year holidays but that’s largely been priced in at this point.
