"The precious metals asset class had a tough time of it on Friday as money moved with great velocity out of this sector as the cash price of gold broke below its December 2014 lows on the idea that Federal Reserve would not be providing any further easing of monetary policy if they are strictly using the job's data as their economic proxy. The damage in both the Precious Metals and XAU advance/decline lines were all encompassing as both broke sharply to the downside with this pattern breakdown in the price of gold and are now within striking distance of challenging their December low points. Aside from any obligatory technical snapbacks we may see in this group next week, we will continue to be highly defensive toward this area of investment for the time being, with a downside price target for gold of around $1100 back on the front burner."
Fib
