Technical analysis: Gold breaks below support

All this hawkish talk from global central banks along with the unstoppable sentiment in stocks is an elixir for gold declines.

Today, the 200-day moving average and the trendline since January have both given ways. Gold is down $9.85 to $1231.71.

Watch out for more stops if $1230 gives way.

The only reprieve for gold is that it's a bit of a 'holiday' today with US desks not fully staffed. The close on Wednesday will be key but given the look of this chart and the fundamental backdrop, it's not looking pretty.

I spoke to Kitco recently and warned about a break to $1200 if these levels give way.