Gold back under its 200-day moving average and the $1,500 level
After a sharp fall yesterday, gold recovered to keep losses of just over 1% towards the close and more importantly held above its 200-day MA (blue line) and the $1,500 level.
However, those two levels are now giving way once again as gold falls by over 2% on the day to a low of $1,482.83.
There are still minor support levels around $1,448 to $1,459 - which helped to limit losses yesterday - but upon a break of the 200-day MA, gold could be in for more pain as liquidation trades continue to take place over the past week or so.
