Gold sold off sharply again this morning, extending the daily chart to nine consecutive down days. Even though oil is still trading below $100, other risk assets are already starting to wobble. Looking at the broader market action, there may still be downside risks that have not been fully priced in. It may not be time to panic yet, but a more defensive stance and readiness to exit are becoming increasingly necessary. It was somewhat surprising to see gold fail to hold its previous major trading range, especially since this latest leg lower came with almost no resistance at all. From a strategy perspective, one short and one long trade still ended up producing a profit overall, but the high-volatility range-trading logic has clearly broken down. The move to fresh lows not only opens up a n