Gold flirting with year lows, taper weighs

FXstreet.com (Bali) - Gold prices came into close contact with June lows, finding its lowest level at 1,187.00 as opposed to 1,181.00 low printed back then, as the taper trade is well exploited by the spec community.

Technically, the hourly chart shows prices under correction mode off lows, with current price slowly approaching round number 1,200.00, currently at 1,195.00. Ichimoku indicators across all timeframes are indisputably bearish, with momentum having accelerated after a break of a $50 range from 1,265.00-1,215.00.