Lower, lower, lower… the precious metals just can’t seem to catch a break. Gold has now traded lower in ten of the last eleven trading sessions. The only positive about gold’s price action today was that it managed to find bids and bounce off the huge support level at $1,075, the low from this year as well as the six year low. Given that the momentum in gold is clearly downward though, it seems like the $1,075 level will be tested and broken in the near term. Silver isn’t faring much better with this year’s and the seven year low closely in sight at $14.