Gold is being pressured lower by surging US bond yields (10-year yield above 2.44% as I write this) and faces a critical moment as it dips under $1170:
Gold (Daily)
A layer of support/resistance between $1140 and $1170 should offer gold some support, however, a breakdown below $1140 likely means that $1080 and even the December 2015 low at $1045 comes into play.
This is a critical moment for gold because sentiment is depressed enough to create a sharp upside reversal given even the faintest bullish catalyst. On the other hand the deeper gold submerges below the key $1200 level, the longer it will take for the chart to repair itself and for the yellow metal to dig itself out of the hole.
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