We saw a $40 plunge on Friday and whilst the metal does look a secure long term bet, it’s recent drop has left it perilously close to the 100 and 200 day SMA’s around $1669 and $1664, and currently nudging towards the base of the daily Ichimoku cloud around 1677.
A break could signal further downside potential in the coming months with one analyst seeing room for another 10-15% slide
( Seeking Alpha)
Spot Gold is presently trading around $1680
