There is obviously some decent selling interest in gold ahead of the 21-DMA. Gold rallied back towards the day’s highs following the GDP numbers and having failed to break through is continuing to head lower. Gold was last around 1,451. The 1,439 high from Apr 22 is the support to watch with stops expected below. A close back below this level sees immediate focus turn to the 1,405 level and then back to 1,300/20. I still expect to see a 1,310/1,525 range to define in the coming weeks.
