Technicians See Gold Melting Down to $1,200 an Ounce:

NEW YORK (TheStreet) -- The gold charts are not glittering for traders. In fact, most technicians on say the shine is off the yellow metal and prices will fall further.

Traders watching the SPDR Gold ETF  (GLD) see the price-per-ounce dropping another $10 or more in the near future now that gold has broken through a key support level of $1,300-per-ounce. Gold traded at $1,267.10-per-ounce this afternoon.

$GLD On a sell now whilst its under 123.46 target 116 #elliottwave

? (@Wavepatterntraders) May. 27 at 01:17 PM

#Gold is breaking below its 6-week symmetrical triangle pattern today - bears may now look to target the 3.5-month lows at $1268 next $GLD

? Matt Weller (@MWellerFX) May. 27 at 08:37 AM

The gold exchange-traded fund has fallen 6.5% from a six month high of $133.10. Sentiment on the ETF is 49% bearish, according to

$GLD I guess no more support for gold one way only down down down

? Al (@Manonsf) May. 27 at 08:06 AM

Fundamental traders also see few positives on the horizon for gold. Better-than-anticipated U.S. economic data has decreased demand for the safe-haven asset. The Conference Board said today that U.S. consumer confidence improved in May. The index tracking consumers' feelings about the economy, personal consumption, and future income expectations rose to 83 from 81.7. It had dropped in April. U.S. factory orders for durable goods also unexpectedly rose in April. Economists had expected a drop.

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