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Analysts see technical levels broken; ‘bottom has fallen out’

SAN FRANCISCO (MarketWatch) — Gold futures on Tuesday settled at their lowest level in about three-and-a-half months as Ukraine’s election results, technical selling and equity gains combined to pull prices down by 2%.

Gold for June delivery GCM4 -2.04%  fell $26.20, or 2%, to settle at $1,265.50 an ounce on the Comex division of the New York Mercantile Exchange. Tracking the most-active contracts, prices marked their lowest close since Feb. 7, according to FactSet data. The session’s point and percentage losses were also the largest since mid-April.

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