Gold Sharply Lower But Off Lows

June Gold futures are trading lower by $20 at $1254.40 in Thursday's session. It has been under constant selling pressure since the Fed announced it may hike rates in June on Wednesday. Much of the damage was done in the after-hours and premarket trading as the contract never came near Wednesday's closing price of $1274.40, with the being only $1262.30. After breaching Wednesday's low ($1256), it did not find support until $1244.60, which is well ahead of its April 28 low ($1239.10). Since making the low it has rebounded back into the mid $1250 handle.