Gold is once again nearing multi-year lows after a strong non-farm payrolls report increased the likelihood of the Federal Reserve scaling back asset purchases.
Gold fell to $1215 from $1240 after the report and is closing in on the June 28 cycle low of $1180. Selling has been relentless this year with the precious metal down 27% since January. The bounces are increasingly shallow as gold bugs scramble for the exits.
There is minimal support ahead of the June 28 low and broad dollar strength gathering momentum, there is little reason for optimism.
