The spot gold price previously generated a technical sell signal at US$1321 on 25/8/16. This was identified as the (negative) technical turning point in the gold price. The minimum downside technical price target located at US$1265 was subsequently reached on 5/10/16(VIEW LINK). The decline on Friday night has resulted in the gold price closing below further key technical support.The expectation is for further downside to occur. Major subsequent support is now located at US$1200.