On May 1, the gold erased all the gains made in the year 2018. The gold futures prices were down to $1307.72 for the ounce as of writing. Only for the previous week, the gold prices dropped by around 2% starting from April 23, when gold was at $1336 level.  Despite the strong support level at $1300 that may attract value seekers, the downward pressure could prevail.

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