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.

Gold daily.

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.