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Gold bears dominate the scene

It has been a rough and rocky week for gold.

The precious metal was smothered by an appreciating dollar and is heading for its first weekly decline in five weeks. Mixed signals from the Fed on the size of September’s rate hike have left gold prices vulnerable to downside losses with rising Treasury yields rubbing salt into the wound. Given how bears dominated the scene, dragging gold over 2.5% lower this week, the negative momentum could rollover – potentially taking prices towards the $1740 support level. Expect the precious metal to display high levels of volatility closer to Powell’s speech at Jackson Hole.

Taking a look at the technical picture, gold remains under pressure on the daily charts. The strong close below $1770 signaled a move lower towards $1752. If $1752 gives way, prices may test $1724 and $1700, respectively. Alternatively, a move back above $1770 may encourage bulls to target $1800 & $1809, respectively.

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