Gold Prices Sink Below $1,200

Gold tumbled below the $1,200 level today as safe-haven buying in the precious metal dried up amid a recovery in global equity markets. Last Thursday, Gold made a year high of $1,263 boosted by a flight to safety. Today, Gold went to $1,190 as profit takers seemed satisfied with the last high.

Currently, Gold is trading at $1,214 which appears to be in the ascending channel seen best on the daily chart. Its massive rally does not seem to be over as we witnessed a very sharp recovery from the last low of $1,190.

Main trend remains bullish since $1,048, making Gold one of the best investments, already up 13% this year.

Chart: XAU/USD D1