Gold takes out $3,260 and extends on the downside

The price action on Gold since the last update has delivered some rapid moves. Yesterday afternoon Gold hit a fresh low on the week, when it fell to $3,267.02. However, it shot higher from there after the US GDP and PCE data. That saw the metal rebound to $3,320. Well, it was not done there, because it subsequently fell back as the US stock markets rebounded. The metal later closed in the US at $3,288.71. That close came after the Q1 earnings from Meta and Microsoft pushed it lower. That was noted here at the time and the price action since has seen it slide below the previous interim low just above $3,260. That breakdown clearly tripped stops and almost certainly saw momentum and system players join in on the break. That has delivered a low so far today, at $3,221.32. The push above 144 now in the USD/JPY has added to the downside pressure. However, if it is to rebound further from that fresh interim low, then we could assume there might be resistance in place now around that $3,260 level. Gold is currently trading at $3,234.75