Gold tumbles on lower geopolitical risk. Where is the risk now? What are the targets? ...Middle East

The price of gold is down over $80 and 3.00% which would rival one of the largest declines seen in the commodity this year. The decline today, comes after five straight days of gains last week. Geopolitical risks have decreased with the chatter of a cease-fire between Israel and Lebanon. The price of gold is still up over 27.82% on the year which is on pace for its largest gain going back to 2010 when the price surged 29.6%, but sellers are making a play.With the declines today what is next from a technical perspective?On the downside, of importance is that the low price seen in November bottomed near its rising 100-day moving average (blue line on the chart below) on November 14 and Novembe

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