Gold back down again to under $1,509
The pressure on gold amid liquidation trades is still acting out over the past week and today is not much different. In the commodities space, copper just fell off drastically but we are starting to see some moves across the board with gold now down by over 1%.
Asian equities are ending the day on a sour note and it looks like it is going to be a rough start for European stocks later as well.
Risk currencies are already seeing gains pull back with the aussie and kiwi now turning flat against the dollar as it looks like the market is facing another selloff.
For gold, price is now still bouncing in between the key daily moving averages but as downside pressure persists, keep an eye on the 200-day MA (blue line) @ $1,501.98.
Further support is then seen around the region of the lows this week at $1,451 to $1,465.
