Gold prices breach $1600 for first time since August

Gold prices have recently fallen off during the late morning of European trading, after a failure to stabilize at the 1606 region has led to a steep selloff that took the yellow metal below the 1600 barrier for the first time since mid August 2012. At the time of writing, Gold is trading at USD $1592.35 per oz Wednesday, well below its 20, 50, and 200-day SMA.