Gold is down $3 to $1308 traders get a sense that tensions in Ukraine, Iraq and elsewhere are fading. On Friday as Obama launched airstrikes in Northwestern Iraq gold hit a three-week high of $1322 but it’s been sliding ever since.
The overnight low was $1305. More support is at Thursday’s low of $1302.
If anything, I expect that diminished tensions remain the most-likely trend and that will eventually send gold back down to $1280 or lower. In the bigger picture, gold is in the middle of a long-term wedge pattern.
Gold daily
