A perfect storm is brewing in the gold market as a technical breakdown and shifting market fundamentals outweigh gold’s safe-haven appeal as the U.S. and Israel continue to wage war against Iran, creating a global supply-chain bottleneck. In the last week, Ole Hansen, Head of Commodity Strategy at Saxo Bank, has been watching gold’s 50-day moving average just below $5,000 an ounce as an important line in the sand. That initial support level broke at the start of Wednesday’s European trading session and has dragged gold prices to a six-week low. Spot gold last traded at $4,888 an ounce, down more than 2% on the day. ... (full story)