The technical charts on gold are suggesting the start of a fresh leg lower in price. The loss of chart support near the $1075-$1070 level, and the subsequent inability of the metal to move back above that level, has led to both long liquidation on the part of the specs as well as fresh shorting.
On the intermediate term chart ( Weekly) price appears headed for the
lower line of the downtrending price channel that has contained gold
since April of 2014. Currently, that targets a potential move to down
As noted in a previous post detailing this weekly chart, the metal
has actually formed a new and steeper downtrending channel since
March/April of this year. (more)