Gold was sold heavily early in North American trade, reversing earlier strong gains. It looks like it got caught in a risk-off downdraft as US equity markets have stumbled out of the gates.
Before this dip, gold was looking nice technically as it cruised through the $4200 zone of resistance. It’s choppy now and dipped won to the lows from late yesterday but is bouncing slightly. The short-term low yesterday was $4179 and that’s the level to watch right now.
This article was written by Adam Button at investinglive.com.