Gold backs off further from the mid-March high as the worries mount

Gold down $15 to $1729 today

Gold challenged the mid-March high on Thursday/Friday but was rejected. I characterized the level as pivotal and with today’s continued decline, the outlooks continues to worsen.

Gold is down $15 to $1729 today and has cut through the lows from the latter half of next week. Last Monday’s low of $1721 is the last decent support level protecting a quick return to the March lows and potentially beyond.

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