Traders stampeded out of gold, emerging markets and bonds this month, setting record monthly outflows in June. Ever since the Federal Reserve hinted that signs of a stronger economy could allow for a slowdown of stimulus, markets have protested the news.
After having once again failed at the $1,696 resistance level on Wednesday, gold prices headed lower for a third straight session this morning. In the process, the pivotal 200-day moving average price near the $1,608 level was breached by sellers.
Gold continues to trade with the single currency with little physical interest. So far, gold has failed to attract any safe-haven inflows, instead trading as any other risk asset and in line with the broader market sentiment