Gold savaged again as there is no hiding place from risk except bonds and cash

Gold has now fallen to below 2,400 and beyond that break below $2,410 noted here earlier. It has extended the fall to below $2,375. The further falls come against the backdrop of yet more stock market losses and further concerns over what might play out in the Middle East. The same dynamic as previously noted is impact gold prices and that is all about further forced liquidation as the stock market rout worsens. Gold is not attracting inflow and all the hot money is flowing into cash and US treasuries and so despite yields sliding even more gold is not yet reaping any benefit from that. The metal has now fallen to a low at $2,364.43 a moment ago. That low was just underneath the 50 day moving average, in place right now at $2,365.40. There is another support level around there, at $2,353.25, but a break below that level does risk a deeper move to the downside. Gold is currently trading at $2,373.80