Gold down 0.8% to $1,699 on the day
Gold caught a temporary reprieve after breaking below $1,700 earlier this month as it bounced back to hold around $1,720-40 levels. But without the attraction to turn investor appetite around, the outlook for gold still looks rather gloomy currently.
ETF holdings were shed for a sixth straight session to its lowest level since 28 May last year and unless something changes on that front, the path of least resistance for gold is likely to be lower until investors are willing to dip their toes back in.
As things stand, the push back below $1,700 will put the focus on the March low @ $1,676.86 and failure for buyers to hold above that as well as some swing region support around $1,670 may see price accelerate towards the downside to $1,600.
The shove higher in Treasury yields today only adds to gold's woes.
