Gold takes out first corrective target

Since the last update here looked at gold this morning, the metal has now fallen below any technical support noted at $3,132.17. Gold has not long ago hit a fresh interim low at $3,120.98. The move lower comes as it appears more longs are forced to bail. This is all about positioning folks and with so many holding the metal for all the good reasons in recent weeks, some are being forced out of the game now. That is what corrections to former trends are all about and this is no different. That said, gold is just now edging off the lows. As to whether that delivers something more meaningful in terms of a rebound is hard to gauge just yet. Gold is right now at $3,126.40