Gold tumbles to $1230, drops $15 from highs

Gold prices fell more than $10 from the highs in a few minutes and then consolidated losses. The metal made a sharp and quick bearish correction from 12-week highs after comments from Donald Trump, regarding taxes, that boosted the US dollar. 

XAU/USD was trading at the highest in almost three months at $1244 and tumbled to $1230 in a few hours. Currently is hovering around $1233, headed toward the first significant daily decline since January 26. 

The US dollar rallied as the Dow Jones jumped to fresh record highs and amid an extension, of the decline in US bonds. 

XAU/USD levels to watch 

The immediate support could be seen at $1230 (daily low), followed by $1225 (Feb 2 high) and $1220 (Jan 23 and 17 high). To the upside, resistance now might lie at $1236 (Feb 6 high), $1240 and $1245 (Feb 9 high).