Gold falls below $1,220, lowest levels in more than a year
That said, gold is one of the less heavy losers on the day in the metals space as copper (-2.4%), zinc (-3.4%), and nickel (-2.6%) among others are seeing much bigger losses. Against the dollar, gold is "only" down 0.7%.
Technically, gold looks to move towards the support level around $1,216.78 next after breaking the December low. It has turned into a slippery slope since then, with further support beyond the above seen at $1,204.90 and then the $1,200 handle.
As mentioned yesterday, gold's performance is going to be heavily tied to the dollar and the dollar is wrecking everything across the board today so far. If the dollar index manages a break of the 95.53 level, expect things to get really ugly, really fast for gold.
