Rollercoaster starts... Gold falling from $640 to $608

Recently Gold continued to test new high after breaking the $600 barrier. It has reached its recent high of about $642, finally retreated today.

The drop was like free fall, in 2 hours time, CMX gold falls without support to $608.

An initial support was found on $610, and quickly rebound to $620, and struggling around this level during US morning session.

The sell-off is broad based. No major cause is found but only due to a heavy profit taking. Besides Gold, most of the commodity futures drop, with silver lossing 13% in a single day. The accumulated gain has been huge and the sell-off is always fast and severe.