Downward move on the gold market accelerated in February as US yields began to rise quickly. Gold price is dipping below $1,700 today as market rates continue to rise. The support zone ranging between $1,690-1,700 is marked with a 61.8% retracement of the upward move launched in March 2020 as well as the lower limit of the downward channel. This is a key hurdle for bears in the short-term. However, in order for bulls to defend it, a drop in US yields would be needed. US Treasury yields sit at the highest level since the end of February 2020. EURUSD is also feeling pain from stronger USD as the pair is dropping further below 1.19 mark.
In case gold moves below the $1,690-1,700 zone, the next support to watch can be found in the $1,600-1,575 area, where the 50% retracement can be found. Source: xStation5
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