Gold losses deepen towards $2,600

Earlier today the drop below the important $2,643 level was covered in an update here. In that update the risks of further downside was mentioned. Well, since then the metal has fallen further and just now it dropped to a session low at $2,614.85. In terms of immediate technical support levels this side of $2,600, or even below it, there is nothing to report here. That is not to say Gold will continue to crumble, but there are just now nearby levels to for it to potentially find support. On the topside the 50 day moving average is in place now and not far above the 2,643 breakdown level. It is just now at $2,645.80. Gold is currently trading at $2,615.15