Gold extends downside move to more than $100 from the record seen earlier

Much earlier today Gold was already tracking back from its newly established record above $3,167. The reason for that was clearly explained here and it was all about forced profit-taking on profitable gold trades needed to cover margins calls and mounting losses in the equity space. Well, once gold took out that noted double bottom around $3,100 it has extended the fall and hit a session low at $3,062.44. That means it has now fallen more than $100 on the day, from the top to the bottom and this move does risk a serious outside day reversal for the metal, if cannot recover back above where it closed last night, at $3,134.17. Gold is off the session lows now though, currently trading at $3,077.70