Gold shows initial support at $675

Gold price dropped from its 25 years record high from USD $730 to $675 in a few days, the correction has been $55 or 7.5%.

Spot gold starts to show support at $675, at which it was the last top before Gold broke and surge to above $700. Now it is trading at $685 in the US morning session.

If it does not drop below $675 support, further drop seemly unlikely. Otherwise it may test for support at $630 which was the lower bound of the previous trading range.