Gold's fall from grace extends to lowest since February 15

Gold down $11

Gold has slipped below the late-February low to the worst levels since Feb 15. The next layer of support is $1216, followed by the 100-day moving average at $1210.

It was the 200-dma that capped gold's run since the start of the year. It flattened out early this week and then spilled yesterday as the US dollar climbed.

The other factor is the turn of the month. Gold has perfectly followed the seasonal pattern this year. It was strong in the Jan-Feb period but March is the worst month on the calendar since 2000, something I wrote about on Wednesday.