Gold slides below $3,300

An earlier update here this morning noted gold falling back towards the lows seen yesterday and the prospect of that low around $3,306 being taken out was highlighted, as was a potential fall back below $3,300. Well, as you can see both those have now happened and gold has fallen below $3,290 since then. The risk of a deeper fall towards the most recent low, around $3,260 are clearly on the table it seems, but at the same time not by any means assured. The price action so far this week does suggest that the peak at $3,500.10 might have reached something of a watershed. Of course this all remains at the behest of the US President and whatever outburst he delivers next. In the absence of that and what is right now a clearly more benign risk backdrop this morning, Gold is not shining as much as it was earlier in the week. The metal is just now trading at $3,297.90