Gold tumbles. Down 1% on the day now.

Falls below $1265
The price of gold has tumbled lower and is now down 1% on the day.  
Looking at the hourly chart, the precious metal has moved below its 200 hour MA at 1276.18 and used that level to lean against. The fall has seen the price move below the 38.2% of the move up from the May low. The lows from the end of May into June at 1259.50 are the next target (see red circles in the chart below), followed by the 50% at 1256.51.