Support at $1308 gives way
Gold is at the worst levels of the day, down $8 to $1307 as the US dollar catches a broad bid.
Chine remains on holiday and that's kept some buyers out of the market. The first half of the week of lunar new year holidays tends to be negative for gold but it tends to rebound afterwards.
Technically, the break of $1308 clears the way for a further retracement down to $1300/$1298. That will need to hold as we retest the top of the old range.
Seasonally, February is another positive month and there is some good momentum on the daily chart for a return to $1350/65 but the short-term question is when to step in and buy. I don't think we're quite there yet.
