Gold Continues Drift Towards $1100

Gold futures are trading lower by $13.40 at $1122.50 in Tuesday's session. It has shed over $60 since closing at $1187.50 on October 15. The contract is moving lower for the fourth day in a row and is entering an area with limited intra-day support. If the current intra-day low is breached, the next daily support level may not be until its October 2 low ($1103.80). Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

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