No flight to safety in gold

The price of gold is tumbling and now down $67 (and moving) as I type. There is no safe haven bid into gold as investors may be using the recent upside gains to cover margin losses in overleveraged equities (perhaps?).

Technically, the price has moved back below the swing hi from January at $1611.42.The 38.2% retracement of the move up from the November low has also been broken at $1596.25. The 50% retracement of that same move to the upside comes in at $1567.51. That level and the September swing high at $1557.11 are targets on more weakness.

No flight to safety in gold