Gold falls to $1284 from $1294
Gold is $10 off the highs in a quick move lower that accelerated after strong US initial jobless claims. The broader theme of optimism is diminishing the chances of a Fed rate cut and that makes gold less attractive.
Technically, there are some reason to think about being bearish. Gold is now just $3 away from the March low of $1280 and not far from the late-January low of $1276. The chart has also sketched out a rough head-and-shoulders pattern that could tee up a drop back to $1200.
