The price of gold is currently consolidating below the 100-day MA (in blue), ahead of the release of the May payrolls in the U.S. This looks like the peak of a minor pullback, which would allow bears to sell spot in anticipation for continued depreciation in the near future.
The 38.2 per cent Fibonacci retracement level seems like the most significant target for this new downtrend.
The 38.2 per cent Fibonacci retracement level seems like the most significant target for this new downtrend.