Well, the chart and the dollar's run certainly seems to suggest so
Gold has been on a rather swift decline since mid-June and not even the prospects of geopolitical tensions have helped to give bullion any form of significant lift so far this year. With the Fed set to continue to hike raters further, it's only going to push further away the idea of gold's status as a safe haven more than it already has.
As mentioned several times before this year, the gold trade now is very much a dollar trade. It has almost nothing to do with safe haven or risk-on/risk-off trades.
So, as long as the dollar momentum to the upside remains intact then gold is set for more pain to come in the coming days/weeks.
Right now, price is closing in on the January 2017 lows where support can be found. There is some support at $1,184.50 followed by the 27 January low @ $1,180.66. But beyond that, it's pretty much one-way traffic lower towards the $1,150 level before the December 2016 low @ $1,122.89 comes in.
If you're looking for a reversal in gold back to the upside, look for a reversal in the dollar. Otherwise, much like the other major currency pairs against the dollar (EUR and GBP) it's better to stand out of the way at this juncture.
