The intraday rally did not last long for gold, and it got under severe selling pressure during the EU and US sessions.
At the time of writing, gold was slightly lower on the day, trading at around 1,730 USD, having erased 30 USD of gains in a few hours.
The support now stands at around 1,730 USD and afterward at Friday’s lows near 1,717 USD. If bears push the price below 1,717 USD, we could see a sharp decline toward the psychological level of 1,700 USD.
We have been warning about the bear market in gold for some weeks now, and it looks like the long-term bull market is about to end as yields continue to rise and the USD is getting stronger.
Alternatively, the first selling zone is expected at today’s highs near 1,360 USD, and if this resistance is broken to the upside, gold could continue toward the 1,770 USD area.