Gold prices fell to $2,304.60 today, within 0.2% of our previous $2,300 target. Gold at today’s low has fallen $144.20 or 5.9% from its intraday peak of $2,448.00 on 12 April, seven trading days ago.
The potential for another price spike higher remains, but possibly not in the next two weeks. Financial and political headlines could turn quickly supportive for gold as they did in March and earlier this month. There also is rising potential for another sharp fall as we have seen over the past two days. A firm break below $2,300 could push prices sharply lower once more, with technical levels of $2,285, $2,260, and $2,250 looming below current levels.
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