Gold prices are trading more than 1% lower on the day as the price action approaches the key short-term support around the $1700 mark. Two weeks ago, the price of yellow metal reached its highest levels since 2012. Fundamental analysis: Profit taking pushes prices lower Gold prices have lost around 2% in the past two days, most likely on some profit-taking activities from the early investors. Prior to this pullback, gold prices hit a 7-year high in May above $1760. “Every fundamental signal for gold was bullish earlier [Tuesday]. The sudden reversal is contrarian and profit taking. Gold has been
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