Gold has taken a major hit and has fallen back towards the lows of the year, following another major advance in US bond yields on Thursday. The technical look very bearish for gold, a so-called death-cross has formed, which means that the 50-day moving average has crossed over the 200-day moving average. A large head and shoulders pattern is also looming over the price of gold, with the neckline of the pattern located at the $1,760 level.
XAUUSD is only bullish while trading above the $1,800 level, key resistance is found at the $1,815 and the $1,815 levels.
If XAUUSD trades below the $1,800 level, sellers may test the $1,760 and $1,730 support levels.
