Gold slumps due to rising US Treasury yields. The demand zone around 1745 has failed to contain the market’s pessimism.
The latest bounce has been an opportunity to sell into strength, reinforcing the bearish bias. A combination of loss-cutting and fresh selling would raise the downward momentum.
The precious metal is heading towards 1720. A breakout would trigger an extended sell-off to the August low at 1680. The bulls have the daunting task of lifting 1760 before they could expect a meaningful rebound.
