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Gold hits a new low on the day as it falls towards $1,985

Gold has just this minute fallen to fresh session lows, as it continues to languish so far today. The metal has just this minute dropped to $1,985.34. This is further evidence of a market this is stranded long and has no place to go at the moment. It is not not as if the USD/JPY is any higher than than it was earlier today, nor US treasury yields for that matter too. The observations made here last week and reported again this morning, are unchanged and the chart dynamic continues to favour more downside. That has come since the massive ket day reversal was reported on here last week. The final reversal support level of any note is now close by and that stands at 1,979.80. Gold is currently trading at 1,987.60

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