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Gold selling-off, en-route to $1,230

FXStreet (Bali) - Gold is being sold yet again along Asian hours, currently at $1,232.00 lows, following the key breakout of support at $1,240, which now paves the way for further losses.

From a technical perspective, on the monthly timeframe, one can notice the breakout of a bearish pennant formation, wit the downside resolution now targeting $1,225 as immediate support, although in the big scheme of things, it may be the onset of a new multi-month bear run to eventually see a break of $1,177 to see extensions into fresh multi-year lows.

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