Gold is down for the third day and has completely wiped out the jump that followed the surprise FOMC decision not to taper.
You have to adjust based on how markets react to good news. The Fed decision was an electric jumpstart for gold and it failed to get out of neutral. I talked about selling a break below $1340 on Friday and the decline has been even faster than I expected.
gold daily
There is modest support ahead of $1300 but gold is in danger of a swift selloff to below $1280.
