Breakdown in gold
Gold is crumbling, falling sharply for the second day and breaking the Nov/Feb double bottom at $1765.
The break has sparked a heavy wave of selling and a $38 decline to $1731, which is the lowest since late June.
There isn’t much standing in the way of a fall to $1700 or the June low of $1680.
The 100-day moving average will also fall below the 200-dma tomorrow, creating a death cross. In addition, seasonals are now negative for awhile.
This article was originally published by Forexlive.com. Read the original article here.