Gold falls below the $1,700 level
Sellers are exerting more dominance as price action now falls below key near-term levels around $1,700-05 pointed out earlier. The next key level to watch will be the 200-hour MA (blue line) at around $1,690.71.
If that gives way, sellers will seize near-term control and the downside momentum will build further for gold in the sessions ahead.
It’s all about risk appetite right now and the market is continuing to keep a more risk-on mood as we begin European trading. US futures are still up by over 3% while bond yields are also tracing higher, with 10-year Treasury yields up by 3.4 bps to 0.66%.