Gold cracks the May low and sinks further

Gold is running stops after breaking the May 1 low. It’s now down $60 to $3187 after the May bottom of $3202 was breached.

Gold had tried to form a double bottom at $3200 but that effort has failed now in light of the climb-down in the trade war and ceasefire in India/Pakistan.

The early-April high should offer some modest support at $3167 with some at $3150 as well. Beyond that we’re looking at $3100 and the big figure.

Many assets have retraced the ‘Liberation Day’ moves and that would get back to around $3120 but technically, the post-Liberation ‘sell everything’ low near $3000 looks like it’s in play.

This article was written by Adam Button at www.forexlive.com.