Could the 78% retracement level be the technical level in which gold finds a supportive price point, at least on a tentative basis? Gold opened this morning in New York, trading under pressure and then moving intraday to a six-month low.

Gold prices continue to erode as market sentiment continues to favor risk-on investments. U.S. equities continue to gain ground moving to new all-time record highs and leaving the precious yellow metal behind.

As of 3:30 PM Eastern standard time, gold prices remained relatively unchanged with the most active February futures trading down $2.50 to be currently fixed at $1250.60.