Gold falls by 0.7% to $1,813 on the day
Gold is trading to fresh lows on the day as the dollar is keeping firmer to start European morning trade, as price starts to potentially look towards $1,800 again.
The drop in gold over the past two days comes after the rejection at the 200-day moving average (blue line) as well as broken trendline support - now turned resistance - just above the $1,850 level.
That has seen gold retreat and breaking below its key hourly moving averages ($1,830-34) now as the near-term bias switches to being more bearish.
This puts the focus back on $1,800 as well as the early February low @ $1,785.00.
A break below those levels will pave the way for a move towards testing the 30 November low @ $1,764.80 next.
As much as gold remains a prime candidate to outperform in the big picture, the technical outlook isn't looking too bright at the moment.
That said, as long as real yields keep lower in general, gold is likely to find its way back higher but that doesn't rule out a bit of a flush lower in the short-term.
