I wasn’t keen on a gold bounce yesterday and it hasn’t taken long for the support to be cleared. The 100 dma got put away and Gold fell to the 55 dma at $1325.
Gold daily chart 12 09 2013
The short term August fib got trashed as well and so we look to the longer term Jun/Aug fib. We’ve done the 38.2 level and the next is down at the 50.0 fib at $1306.
To the upside look for the prior supports to become minor resistance.
It’s not looking good for gold particularly with the FOMC next week. If we break that August low at $1272 then we could well be on the way to testing the years low at $1179
