Gold Fell Below $1,300

After months of consolidation yesterday Gold surprisingly moved to the downside and decisively broke below the support at $1,300 which it had tested many times in the past weeks, then it reached a new low at $1,266. Gold is currently retracing from that level, but so far there are no reliable signals that a reversal is about to occur. Depending on whether Gold breaks below the aforementioned support at $1,266 and on the US Non-farm Payrolls on Friday we will likely see further drop towards the next considerable support level at $1,245, which coincides with the (MA)89 indicator on the weekly time-frame.