Gold Below Support Level

Gold is now trading below the support level of $1,288 as the price of the precious metal has been slipping and sliding for the past month and a half. Gold reached it's highest high in the first third of April at $1,363 amid geopolitical tensions and uncertain outcomes.

Eversince, Gold has been dropping to current lowest low of $1,283 which was reached in the early trading hours of the European session today.

Gold broke the medium term support at $1,290 and now the way South is open as this medium term upper trend is broken.

If Gold continues to slide down the way bears could try to take it to the long term support level at $1,230.

Chart: XAU/USD D1