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Gold takes out technical support as relapse on the day approaches $100

Gold has now fallen back further. As covered here earlier today, the metal did initially hold a technical support level, at $2,057.59. The rebound that unfolded took it back to around 2,075., but since that intraday bounce it has fallen back again and now it has taken out that support level. The fall has extended to a low so far at 2,042.60. The main reason for the fall once again seems to rest with the US bond markets and market that is surely wrong-footed on the day. It is hard to gauge how far this near $100 sell-off from the overnight highs might lead to, but it is very much in contrast to what played out overnight. The next support level for gold could be 50% pullback level of the move from 1,931.74 to 2,135,39. That comes into play at 2,033.56. Gold is currently trading at 2,045.60
 

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