Gold suffers intraday flash crash, off $12 from 1238.00 to 1,226.00

FXstreet.com (Barcelona) - Gold prices were smashed over $12 in a matter of seconds, as a massive selling wave took the price from $1,240 all the way to $1,226 on no apparent news trigger.

The technical read on Gold is bleak to say the least, with the latest breakout of a 2-day inside day allowing now next downside target at $1,220/22 ahead of $1,208.00 and $1,200, intraday level and round number respectively. On the upside, recoveries are perceived as opportunities to reinstate short positions, with $1,235 and $1,250 immediate resistances.