Gold prices testing uptrend.
Gold prices are down $8 in the past 30 minutes.
A driver is broad US dollar strength but that doesn't account for the full move. So far, the uptrend since the stat of April is holding. If it breaks, look for a quick move down to the April low of $1180.
Overall, repeated tests of the topside of the recent range have failed and now the downside is in focus.
The demand for safety is collapsing. It's evident in bonds with 10-year yields up to 1.96%.
The catalyst was existing home sales, which is normally a low-tier indicator, but the market is hyper-sensitive to any economic news at the moment.