Gold down $9
Gold is mired in the fourth consecutive day of declines as it drops $9 to $1284.
The February rally is now completely erased and the late-January lows are in the crosshairs. The bottom on Jan 21 was $1275.90.
It's been a sharp retreat for gold after a three-month rally beginning in December as the Fed made a U-turn on monetary policy. The seasonal tailwind for gold also evaporated at February month-end.
Technically, the momentum is clearly lower. The 55-day moving average gave way on Friday and the 100-dma is at $1266 and the 200-dma at $1247. Both will act as support if $1275 breaks.
