Gold as at the lows of the day, down $18 to $1595.

Looking at the gold chart, almost everything points lower. The four-day rebound prior to today fizzled at $1620, which was the 50% retracement of the February drop. The market has also dropped below the six-month channel and is trading below the 200-day moving average.

Fundamentally, the Fed is maxed out on QE. The BOJ, BOE, and ECB could ease further but I don’t see it being enough to boost gold.

Gold daily ending February 27, 2013

Gold daily