Spot gold dropped further and test $635

Last Friday was a poor day for commodity gold. Price dropped from $680 to $655. The new week comes with a further drop, and it continued to drop during Asia market session, lossing another $18 to day low around $637.

Gold showed a slight rebound to above $650 during US morning session. According to HKEJ, the recent surge of Gold started from $560 and reach $730 in 2 months' time. For a 50% correction, gold should reach $645 which is the current level. A 61.8% correction should reach $625. This is still in a healthy correction range, yet the correction often comes in a fast and unexpected manner.