On Friday of last week, we spoke about the fact that over the last two trading days (Thursday and, Friday) we had seen the first real signs of gold pricing finding support and reaching a potential bottom.

Make no mistake about it; this was a terrible week for those wishing to see gold prices move higher. In fact, gold prices lost almost 3% on the week - one of the most significant weekly drops in over a year.

Gold continues to trade lower, effectively trading and closing at the lowest price point this year. In trading overseas, last night gold futures hit a low of $1,167.10 before recovering.