why the sell off, page-3

It seems traders were looking at Gold breaking resistance at $1260 for a confirmation of further upside to the price.


http://www.firstpost.com/fwire/gold-drops-on-technical-weakness-dollar-fed-eyed-1354697.html?utm_source=ref_article

Quote:

Gold's repeated failure to break above key technical resistance at $1,260 an ounce prompted investors to take profits. On Tuesday, gold reversed early gains to end nearly 1 percent lower for its biggest one-day drop so far this year. "Having once again seen that the 'seller' at the $1,250-1,255 level was formidable ... we have no choice but to reduce our exposure a bit," said independent trader Dennis Gartman.