Gold tumbles sharply today on the back of broad based strength in USD. 1300 handle is now at risk . And, considering the break of 1307.32 support, a double top bottom should be formed (1366.06, 1365.23). 1300 will likely be taken out with relative ease.
More importantly, gold could have been rejected by key fibonacci level of 38.2% Retracement of 1920.94 (2012 high) to 1046.54 (2015 low) at 1380.56 again. 55 week EMA (now at 1296.08) is the first point of support. 1236.66 is the second point of key support. It’s early to say, but firm break of 1236.66 will pave the way to retest 1046.54 low.
