Gold broke below the last November and March lows (1146/1130 levels) hence confirming the Head and Shoulders formation previously highlighted. This downside breakout accelerated the down move towards 1080 levels which represent the median support line of the down sloping channel within which Gold has drifted along over the past 2 years (1268/98-1080/1042). More importantly, 1080 happens to be the multi-decade channel limit above which it breached in 2009 and the 50% retracement of the uptrend from 1999 low to 2011 high.